Bitcoin OG Insists BTC Is Going to $1M Despite Current Struggles at $65,000

Long-time Bitcoin developer and investor Samson Mow has once again predicted that the cryptocurrency will surpass $1 million. Mow, a known Bitcoin bull, did not put a timeline on his prediction but made the comment at a time when BTC’s price has struggled.

In the past seven days, Bitcoin’s price has dropped roughly 3%, declining from a peak of around $70,000 to just above $65,000 at the time of writing. This drop, accompanied by massive outflows from spot Bitcoin ETFs, has sparked market fears of a trend reversal.

Nonetheless, experienced voices like Samson Mow have sought to reassure investors that the only path forward for Bitcoin, especially in the long term, is upwards. He tweeted to his nearly 300,000 X followers that Bitcoin is going to $1 million, and the only question is “when and how rapidly” such a move would happen.

I know #Bitcoin is going to $1.0M

You know #Bitcoin is going to $1.0M

The only questions are when and how rapidly.

— Samson Mow (@Excellion) June 17, 2024

Meanwhile, Mow, who is also working on helping nation-states adopt Bitcoin, reminded followers that Bitcoin’s price action may be gradual before a “sudden” upward swing. He thus added, “Don’t let gradually trick you into forgetting suddenly,”

Can Bitcoin Reach $1M?

While Samson Mow’s bullish predictions may catch the eye of hopeful BTC investors, it is worth noting that the path to attaining such unprecedented price levels may not be relatively straightforward. For one thing, a $1 million price would put Bitcoin’s total market cap at $20 trillion. The current market cap for gold, an often compared commodity, is $15.7 trillion.

Therefore, why no one can guarantee that BTC will hit such a high price; the potential of it happening remains an appeal for most investors. The cryptocurrency already counts some of the world’s largest companies, fund managers, and even countries like El Salvador as investors.

If the adoption trend continues as it has over the past decade, then such seemingly meteoric prices will begin the enter the realm of possibility.