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Samson Mow said that Bitcoin (CRYPTO: BTC) could grow to a staggering $3 million per coin over the next 10 years, based on an annual growth rate of 60%.
What happened: In a conversation with Benzinga, Bitcoin Mow’s attorney, highlighted his belief in its uniqueness and the growing institutional demand for the leading digital currency.
Mow, the CEO of Hong Kong-based Bitcoin company Jan3, is dedicated to educating governments about Bitcoin. He previously served as Chief Strategy Officer of Blockstreams for five years. While at Blockstream, Mow provided advice to Salvadoran President Nayib Bukele on their $1 billion bitcoin-backed bond.
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He said: So for me it’s all about bitcoin. And I think all the big institutional investment firms coming into this space are also interested in bitcoin. This shows that there is a lot of institutional demand for Bitcoin.
Bitcoin ETF and market impact: This statement comes as BlackRock has re-filed its application with the SEC to launch a bitcoin exchange-traded fund (ETF), addressing concerns raised by the regulator. The asset manager has chosen Coinbase as a marketplace for monitoring sharing agreements to detect fraud. Additionally, Cboe Global Markets also completed the paperwork on behalf of Fidelity Investments for a spot BTC ETF.
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Regarding the potential approval of a Bitcoin ETF, Mow expressed optimism, stating that billions of dollars are waiting for pension funds and others to enter the market.
Mow speculated there are probably billions of dollars waiting on the sidelines to enter an ETF from pension funds and so on. And I think if this were approved, we would see the price of bitcoin skyrocket, possibly up to $1 million per coin.
When talking about the crypto market, Mow does not consider altcoins like Ethereum (CRYPTO: ETH), Ripple (CRYPTO: XRP) or Stellar.
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If you want to sell to the public, you need to register and have disclosures and transparency. A lot of these cryptocurrency projects are essentially unregistrable and that’s why the SEC is shutting down and cracking down because these things usually just hurt investors.
Memes and distractions: Mow also brought up the phenomenon of meme coins like Pepe Coin (CRYPTO:PEPE), Dogecoin (CRYPTO:DOGE), Shiba Inu (CRYPTO:SHIB), dismissing them as mere distractions and jokes. He said: “It’s just a joke. If you want to play, you can always go to the casino and play.
Finally, the discussion turned to the upcoming Bitcoin halving events. Mow acknowledged historical patterns but cautioned that Bitcoin has a way of surprising you. So it doesn’t always do what you expect it to do.
Read Next: Bitcoin, Ethereum, Dogecoin Fall As Labor Market Remains Tight: Analyst Says Explosive King Crypto Rally Could Follow If SEC Approves Spot ETF
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2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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