Bitcoin Could Hit $1 Million in 5 Years Due to Collapse of Fiat Currencies, Says Samson Mow

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Despite the ongoing bear market, Samson Mow, CEO of Jan3 and promoter of Bitcoin (BTC), believes that the major cryptocurrency could reach the benchmark price of $1 million in the next five to 10 years. The collapse of major fiat currencies will be a major catalyst, which he says can happen very quickly and is not expected.

It sort of happens overnight, and then you shovel money into a wheelbarrow, he said in a recent interview with Cointelegraph.

Mow made his prediction while commenting on the current state of bitcoin adoption in El Salvador, about a year after it was adopted as legal tender. Mow said he considers El Salvador an overall success, despite the relatively low usage rate and patchy availability of bitcoin payment infrastructure in the country.

You are essentially recreating the country’s traditional banking infrastructure. So it’s bound to take time and its rollout is bound to be uneven, he said.

According to Mow, Bitcoin’s high volatility is one of the reasons Salvadoran citizens still rely on cash to get by in their daily lives instead of cryptocurrency. Mow sees this as a temporary issue, as volatility is bound to decrease as Bitcoin approaches the $1 million benchmark.

Even now, Mow believes El Salvador can play a role in inspiring other countries to follow its lead. In particular, he sees the vibrant and popular local Bitcoin community in El Salvador playing an important role in driving adoption.

A mix of top-down and bottom-up initiatives is needed to balance in any country that wants to successfully adopt Bitcoin.

For more on the current state of bitcoin adoption in El Salvador, check out the full interview on Cointelegraph’s YouTube channel, and don’t forget to subscribe!

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