Reserve

HODL

Waves

Samson Mow, CEO at Jan3 and a staunch Bitcoin advocate, recently <a href="https://x.com/Excellion/status/1732222966862151806?s=20" target="_blank" rel="noopener nofollow">sparked</a> 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. 
<h2 id="balaji-s-initial-1-million-btc-outlook">Balaji’s Initial $1 Million BTC Outlook</h2> 
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 <a href="https://bitcoinist.com/former-coinbase-cto-places-2-million-bet-that-bitcoin-will-hit-1-million-in-90-days/" target="_blank" rel="noopener ">placed a $2 million bet</a> 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 <a href="https://bitcoinist.com/coinbase-executive-exits-from-bitcoin-bet-quit/" target="_blank" rel="noopener ">exited the bet</a>, 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. 
<blockquote class="twitter-tweet"> 
 Balaji wasn’t wrong about <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Bitcoin</a> 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… 
 — Samson Mow (@Excellion) <a href="https://twitter.com/Excellion/status/1732222966862151806?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">December 6, 2023</a>
</blockquote> 
<h2 id="path-to-a-million-institutional-capital-and-bitcoin-halving">Path To A Million: Institutional Capital And Bitcoin Halving</h2> 
Delving deeper into the mechanics of BTC’s potential rise, Mow attributes the potential surge to a significant influx of institutional capital, coupled with the scarcity induced by BTC halving events. 
The Bitcoin advocate&nbsp;anticipates that as <a href="https://bitcoinist.com/sec-demands-spot-bitcoin-etf-kill-switch-experts/" target="_blank" rel="noopener ">institutional investors</a> pump capital into the market, the limited availability of BTC will further drive up its price. This view aligns with the BTC community’s long-standing anticipation of institutional investment as a key driver for substantial price increases. 
Mow’s belief is echoed by Bitcoin analyst Bit Paine, who <a href="https://bitcoinist.com/bitcoin-1-million-btc-prediction-math/" target="_blank" rel="noopener ">provides a mathematical foundation for the million-dollar Bitcoin hypothesis</a>. Paine’s analysis begins with the basic principles of supply and demand, calculating the new Bitcoin supply for upcoming cycles and estimating potential sales from long-term holders based on HODL Waves data. 
<blockquote class="twitter-tweet"> 
 People acting like <a href="https://twitter.com/Excellion?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">@Excellion</a> is insane for his $1M / <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#BTC</a> call forget how fast <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#bitcoin</a> can happen – which is the exact mindset needed for such a thing to occur. 
 $1M/<a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#BTC</a> is not my base case or expectation, but I can certainly imagine a set of circumstances under which it… <a href="https://t.co/Fc4acjShpy" target="_blank" rel="noopener nofollow">pic.twitter.com/Fc4acjShpy</a> 
 — Bit Paine <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@BitPaine) <a href="https://twitter.com/BitPaine/status/1727906509676278245?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">November 24, 2023</a>
</blockquote> 
His projection involves a massive capital influx of around $4.5 trillion, identifying U.S. retirement savings and corporate treasuries as potential major contributors. 
In addition to institutional investments, Paine also outlines other factors that could contribute to Bitcoin’s rise. These include <a href="https://bitcoinist.com/bitcoin-50m-addresses-signal-rise-in-adoption/" target="_blank" rel="noopener ">increasing adoption</a> by nation-states and the impact of new money creation, especially concerning the vast global bond market. 
<img loading="lazy" decoding="async" class="size-medium" src="https://www.tradingview.com/x/Q6nAVsqC/" alt="Bitcoin (BTC) price chart on TradingView.com" width="2770" height="1496"> 
Featured image from Unsplash, Chart from TradingView

Bitcoin’s Road To $1M Still On Track: Expert Says Balaji’s Timing Was Off, Not His Prediction

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