Why Bitcoin (BTC) at $1 Million Could Cause Max Pain for Some
Bitcoin pioneer Samson Mow is confident that the price for one BTC will reach a million dollars in the future.
However, he also thinks that if this happens sooner rather than later, it will cause “max pain” for some people.
“Bitcoin has a way of doing what we least expect and in the most disruptive way,” he said before providing a few examples of what may happen if prices skyrocket.
Here’s why we’re going to $1M #Bitcoin in DAYS to WEEKS: it’s MAX PAIN pain for the most people.
Bitcoin has a way of doing what we least expect & in the most disruptive way. For example, at JAN3 we have many plans & meetings set for 2024. $1M BTC would derail everything.
— Samson Mow (@Excellion) January 9, 2024
Million Dollar Bitcoin
Mow is the CEO of JAN3, a company dedicated to helping nation-states adopt Bitcoin and blockchain technology. He said that a $1 million BTC would derail a lot of those plans and meetings scheduled for 2024.
A fast $1 million BTC means the firm would be out of time to onboard nations, he said, adding that 50 countries could reach out frantically.
He also pointed out that the Lightning Network would not be viable for anyone not using a custodial wallet. Fees would be ridiculously high in dollar terms, so no new Bitcoin users would be able to transact using the LN.
Another outcome could be that many transactions would be stuck with unspendable UTXOs (unspent transaction outputs) worth $500 to $1,000.
He added that the biggest max pain would be from all the people who missed out:
“8 billion people on this planet just missed the most important opportunity in their lifetimes to get into Bitcoin when it would’ve made a significant economic difference. They can now only work to earn BTC. I think this is the biggest one.”
On the lighter side, the stock-to-flow model would break, gold-bug Peter Schiff would have a “mental breakdown,” and MicroStrategy would be one of the world’s most valuable companies.
What Mow didn’t mention is that the whales that control a significant portion of the circulating supply would become more powerful than most governments.
Just making sure here, I’m still the only one saying #Bitcoin can go to $1M in days to weeks right? Because when it happens I don’t want any of you bearish MFers saying you also called it.
— Samson Mow (@Excellion) January 8, 2024
BTC Price Outlook
Wild price predictions aside, the asset is currently trading up 7.5% on the day at $46,748 at the time of writing.
The big jump has come when highly anticipated and expected spot Bitcoin ETF approvals are imminent.
A move above $50,000 would not be unexpected should the SEC approve the list of pending applications today or tomorrow.
However, a sea of red will flood crypto markets if there is a denial of the Ark 21Shares product on Jan. 10.
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