BTC-Newswire

What Will Happen If Bitcoin Price Reaches $1 Million

Press Releases Crypto News BeInCrypto What Will Happen If Bitcoin Price Reaches $1 Million

In a recent, intriguing statement, Samson Mow, the CEO of JAN3, boldly predicted a meteoric rise in Bitcoin’s value to $1 million, suggesting this could happen “in days to weeks.”

This forecast, while startling, is not baseless. Mow elaborated that Bitcoin often defies expectations and causes disruption, especially when it’s least expected.

Bitcoin Price Prediction: $1 Million

At the core of Mow’s argument is the concept of “max pain” for the majority. Bitcoin’s unpredictable nature, as Mow noted, is its hallmark. This unpredictability could lead to a rapid increase in Bitcoin’s price, disrupting not just individual plans but entire economic systems.

For instance, JAN3, under Mow’s leadership, has been planning to onboard nation-states into the Bitcoin ecosystem. This is a process that would be severely impacted by such an abrupt price hike.

Mow also discussed the Plan B’s Stock-to-Flow (S2F) model, a popular method for predicting Bitcoin’s price, which would break under such circumstances. Additionally, the Lightning Network, designed to enable cheaper and faster Bitcoin transactions, could become impractical if Bitcoin’s price soared to $1 million.

The assumption of “cheap” transaction fees would no longer hold, rendering current lightning channels potentially useless.

“The main problem with Lightning is that it was designed to interact with the main chain under the assumption that fees would be ‘cheap’ ish (potentially with bigger blocks down the road). But it breaks down when fees are not cheap… And the problem is that fees are not going to get cheaper. Bitcoin transaction fees are only going to get more expansive both in BTC and dollar terms,” Mow explained.

Go to Source to See Full Article
Author: Bary Rahma

Did you like this?
Tip BTC Newswire with Cryptocurrency