{"id":184796,"date":"2023-12-15T19:39:05","date_gmt":"2023-12-15T19:39:05","guid":{"rendered":"https:\/\/precoinnews.com\/?p=184796"},"modified":"2023-12-15T19:39:05","modified_gmt":"2023-12-15T19:39:05","slug":"jan3-ceos-2024-bitcoin-price-target-1-million-post-spot-etf-approval","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/jan3-ceos-2024-bitcoin-price-target-1-million-post-spot-etf-approval\/","title":{"rendered":"JAN3 CEO's 2024 Bitcoin Price Target: $1 Million Post-Spot ETF Approval"},"content":{"rendered":"
Samson Mow, the CEO of JAN3, in a recent interview with Cointelegraph, shared his bold prediction for Bitcoin\u2019s future, envisioning a scenario where its value could skyrocket to $1 million. This dramatic increase, according to Mow, could happen rapidly, within days or weeks, following the potential approval of a spot Bitcoin ETF in the U.S. in 2024.<\/p>\n
According to a report by Marco Castrovilli for Cointelegraph, Mow believes that the next crypto bull market will be unlike any seen before, breaking the typical four-year cycle pattern. He attributes this potential surge to a combination of supply and demand shocks, leading to a significant price shock. He argues that the approval of spot ETFs will unlock a massive influx of capital into Bitcoin, as institutional investors in the U.S., who have been eagerly waiting for such an opportunity, will start pouring billions into the cryptocurrency.<\/p>\n
This influx, Mow explains, will collide with the limited supply of Bitcoin available on exchanges, creating a perfect storm for a dramatic price increase:<\/p>\n
\u201cYou\u2019re hitting a very limited supply of Bitcoin on the exchanges and available for purchase with a torrent of money. This is why you can go really high all at one time.<\/em>\u201c<\/p>\n He recalls Bitcoin\u2019s history, noting its ability to appreciate 20x in about nine months during the 2016-2017 period to illustrate the cryptocurrency\u2019s potential for rapid growth:<\/p>\n \u201cThe run-up in 2017 was nine months to 20X. Given that we\u2019re going to have billions and billions pouring in all at once on ETF approvals, I think it\u2019s going to be a much shorter time frame.<\/em>\u201c<\/p>\n Addressing skepticism about such a high price target, Mow acknowledges that while Bitcoin has shown diminishing returns in each cycle, the current situation is different. He points out two new factors: Bitcoin\u2019s newfound compliance with environmental, social, and governance (ESG) standards, and the entry of new capital. These elements, he believes, change the game, providing a fresh impetus for Bitcoin\u2019s growth.<\/p>\n Mow also discussed the recent trend of ordinals, or NFTs, minted on the Bitcoin blockchain. He remains unenthusiastic about this development, viewing it as a temporary trend driven by a small group of enthusiasts rather than a fundamental shift in the Bitcoin ecosystem.<\/p>\n https:\/\/youtube.com\/watch?v=HUJAw1UTHeo%3Ffeature%3Doembed<\/p>\n Bitwise Asset Management, through their Senior Crypto Research Analyst Ryan Rasmussen, has recently shared a set of forward-looking insights for the cryptocurrency market in 2024. These insights cover a range of topics within the crypto sphere, including the projected path of Bitcoin\u2019s value, the anticipated success of ETFs, developments in Ethereum, and the growing significance of stablecoins.<\/p>\n The company predicts that Bitcoin will reach new heights, potentially surpassing $80,000. This surge is expected to be fueled by two major developments: the anticipated introduction of a spot Bitcoin ETF in early 2024 and the Bitcoin supply halving expected towards the end of April.<\/p>\n Furthermore, Bitwise foresees the approval of spot Bitcoin ETFs, predicting that they will collectively mark the most successful ETF launch in history. These ETFs are projected to capture about 1% of the massive $7.2 trillion U.S. ETF market, which would translate to approximately $72 billion in managed assets.<\/p>\n