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Famous Bitcoin pioneer Samson Mow is confident that the price of the largest cryptocurrency will reach one million dollars in the near future. Mow suggested that this prediction coming true sooner than expected could be extremely painful for some. The Bitcoin pioneer mentioned several scenarios of what could happen if the price were to skyrocket to this level, indicating that Bitcoin could do the most unexpected thing in the most devastating way.
The Million Dollar Bitcoin Prediction
As the CEO of JAN3, a company dedicated to helping nation-states adopt Bitcoin and Blockchain technology, Mow made interesting predictions that a rapid price increase to one million dollars would derail most plans and meetings set for 2024. He suggested that such a quick rise in price would not leave his company enough time to get nations on board, and from that moment on, up to 50 nation-states might start buying BTC frantically.
Mow added that as a result of such a massive surge, the Bitcoin scaling solution Lightning Network (LN) would not be suitable for anyone without a custodial wallet. He emphasized that fees would be ridiculously high in dollar terms, preventing any new Bitcoin users from conducting transactions on the network using LN.
According to the Bitcoin pioneer, another consequence of the price reaching the target level of one million dollars would be that many transactions would get stuck with unspendable UTXOs (Unspent Transaction Outputs) valued between 500 to a thousand dollars. He claimed that the most painful aspect of reaching the target level so quickly would be the regret of those who missed the opportunity to buy cheaply, saying:
Out of the 8 billion people on this planet, they missed the most significant opportunity to make an economic difference in their lives with Bitcoin. From now on, they will only work to earn BTC. In my opinion, this would probably be the most painful issue.
On the lighter side, the stock-to-flow model will collapse, gold enthusiast Peter Schiff will have a mental breakdown, and MicroStrategy will become one of the world’s most valuable companies.
Current Bitcoin Price Situation
Aside from hard-to-believe price predictions from leading figures like Mow, the largest cryptocurrency is currently trading at $46,553, up 5.75% in the last 24 hours.
The U.S. Securities and Exchange Commission (SEC) is expected to approve at least one of the pending spot Bitcoin ETFs today or tomorrow. Market experts believe that the SEC’s approval could push the price of the largest cryptocurrency above $50,000.
