Samson Mow, a well-known Bitcoin maximalist and CEO of Jan3, recently took to X to share his extreme-bullish stance on BTC’s future.
With the crypto industry awaiting the US Securities and Exchange Commission’s (SEC) decision on a spot Bitcoin exchange-traded fund (ETF), Mow’s post on X has stirred significant discussion.
Mow’s assertion that Bitcoin could unexpectedly surge to $1 million has intrigued and surprised many. His post, suggesting this monumental rise could occur “basically at any time,” aligns with the pending approval of a spot Bitcoin ETF by the US SEC.
The post was mainly part of a broader series of posts where Mow elaborated on the potential repercussions of such an unprecedented price hike for Bitcoin.
Impact Of A Sudden Bitcoin Spike – ‘Max Pain’ For The Unprepared
Mow’s posts on X delved into the potential impacts of a rapid BTC ascent to the $1 million mark. He highlighted that this dramatic increase could disrupt the plans of various companies, analysts, and market players.
Among those potentially affected is Mow’s company, Jan3, which aims to assist nation-states in adopting Bitcoin as a national currency. He pointed out that a quick surge to $1 million would overwhelm the company with requests from countries, disrupting carefully laid plans and proposals.
5️⃣ El Salvador (and other countries) miss the window to issue #BitcoinBonds and accumulate substantial stacks of #Bitcoin at sub 100k. IMF debt still looms. Max pain.
— Samson Mow (@Excellion) January 9, 2024
According to Mow, other notable figures in the crypto space who might face challenges include Plan B, known for the Stock-to-Flow (S2F) model, and MicroStrategy, which aims to accumulate 1% of BTC’s supply. Mow disclosed that BTC’s swift rise to $1 million would mean that Pan B’s S2F model “breaks again, just when it looked like it was going to track correctly.”
El Salvador, another example cited by Mow, could miss the chance to issue Bitcoin bonds and accumulate more BTC below $100,000. Mow emphasized that BTC’s unpredictability makes a rapid move to $1 million likely, causing “max pain” for the most significant number of people.
Community Reaction To Mow’s Prediction
While many in the crypto community appreciated Mow’s bullish outlook, some expressed skepticism about the feasibility of such a quick rise to $1 million. Responding to these doubts, Mow mentioned the multiplier and Veblen effects as factors that could drive this rapid increase.
Don’t need much. There is the multiplier effect and the Veblen effect.
— Samson Mow (@Excellion) January 9, 2024
Additionally, an X user, Peter, echoed the sentiment of many who would prefer a more gradual price increase, allowing for more accumulation at current levels and broader adoption among the unbanked.
Featured image from Unsplash, Chart from TradingView
from Bitcoinist.com https://ift.tt/CAH0IXn
https://ift.tt/IdWlfcj January 10, 2024 at 02:00AM