Samson Mow, CEO at Jan3 and a staunch Bitcoin advocate, recently sparked a discussion among the crypto community, suggesting that Bitcoin’s journey to reaching a valuation of $1 million is still plausible.
Mow’s statement comes from views and predictions on BTC within the crypto community, including Balaji Srinivasan, a former a16z partner and Coinbase CTO.
Balaji’s Initial $1 Million BTC Outlook
In March, amid a tumultuous financial environment marked by the bankruptcy and subsequent rescue of several US banks, including those with ties to the crypto world like Silvergate and Signature Bank, Balaji Srinivasan placed a $2 million bet on a similar million-dollar trajectory for BTC.
The former Coinbase CTO mainly bet that BTC would hit a million-dollar price tag in 90 days. Balaji based his forecast on the rampant money printing by the US Treasury and Federal Reserve and the ongoing banking crisis.
While agreeing with Balaji’s price target, Mow noted that these events hadn’t sustained enough momentum to propel BTC to such heights. Though the former Coinbase executive eventually exited the bet, Mow disclosed that Balaji was never wrong about the $1 million BTC price target “but was wrong on the timing and the catalyst.”
Mow pointed out that the “normies,” or average people yet to embrace crypto fully, sought refuge in other banks instead of turning to BTC.
Balaji wasn’t wrong about #Bitcoin going to $1M, but he was wrong on the timing and the catalyst.
My $1M call is based on a massive rapid influx of institutional capital while Bitcoin available for sale is at historical lows, compounded by the halving.
His $1M prediction was…
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