Bitcoin (BTC) Could Hit $1M Sooner Than Expected, Predicts Jan3 CEO Samson Mow

Popular Bitcoin advocate and CEO of Jan3, Samson Mow, has reaffirmed his belief that Bitcoin could reach $1 million sooner than expected.

Popular Bitcoin advocate and CEO of Jan3, Samson Mow, has once again expressed his belief that Bitcoin (BTC) could reach the $1 million milestone sooner than anticipated.

His remarks come in response to the White House’s official X (formerly Twitter) account promoting Bitcoin. Mow had previously predicted BTC to hit $1 million by 2031 but has adjusted his timeline.

Samson attributes this shift to the rapidly evolving U.S. crypto policies under President Donald Trump’s administration. He highlights that government support is a key catalyst for Bitcoin’s price surge.

With the White House adopting a pro-crypto stance and macroeconomic conditions setting the stage for exponential growth, things are unfolding faster than expected, according to Mow.

Since getting into #Bitcoin, what I’ve consistently found is that everything always happens faster than I expect.

And now we have the White House promoting #Bitcoin. That’s why my prediction is for a fast run to $1.0M. I’m front-running my own model which indicates $1.0M in 2031.

— Samson Mow (@SamsonMow) March 8, 2024

An X user recently suggested that BTC reaching $1 million by 2031 is a conservative estimate. To this, Mow replied that considering the accelerating pace of adoption and policy changes, Bitcoin’s price may reach the target even sooner.

Since early March, BTC has traded between $80,000 and $90,000 as institutional interest heats up.

Growing adoption, particularly through spot Bitcoin ETFs, is impacting global markets. With more businesses and countries engaging with BTC, analysts predict that the U.S. government’s latest position will encourage international adoption.

The momentum could propel BTC's value further, boding well for the cryptocurrency domain and sparking bullish sentiments among traders.

BTC is currently trading at $86,073, reflecting a 0.15% decline over the past 24 hours. Despite minor fluctuations, analysts remain optimistic about its long-term trajectory, attributing it to increased government backing and rising institutional demand.

Matt Hougan Highlights $20 Trillion Market Opportunity

On March 8, 2024, Matt Hougan, a renowned cryptocurrency analyst, took to X to comment on Bitcoin’s potential to tap into a market exceeding $20 trillion. His statement coincided with a surge in Bitcoin’s price from $64,500 to $66,800 over a few hours.

The trading volume also shot up to $23.5 billion, indicating heightened interest in the cryptocurrency market.

Following Hougan’s statement, BTC's price went up 3.6% within hours, boosting investor morale. Meanwhile, trading volumes across major exchanges surged, with Coinbase witnessing a 20% increase in activity.

The interest in BTC futures also soared, pushing up open interest from $18 billion to $20 billion, highlighting the growing presence of institutions in the cryptocurrency domain.

The White House’s recent support for BTC has fueled optimism. President Trump reaffirmed his commitment to making the U.S. a global crypto leader at the first-ever White House Crypto Summit.

His administration’s move to cancel regulatory crackdowns and establish a Strategic BTC Reserve has contributed to the bullish narrative.

Trump’s executive order ensures that the U.S. government will hold BTC rather than sell it while the Treasury explores methods to acquire more. It marks a stark shift from the previous administration’s limited role in crypto, positioning the U.S. as a major player in the global cryptocurrency landscape.