Why Bitcoin Could Skyrocket Beyond $1 Million: What Industry Experts Say

In the rapidly evolving world of cryptocurrencies, Bitcoin (BTC) continues to make headlines with industry experts like Samson Mow and Cathie Wood predicting a price surge past $1 million.

Their insights illuminate the dynamics driving Bitcoin’s potential exponential growth.

Could 20X Demand Take Bitcoin to $1 Million?

Bitcoin Maxi Samson Mow points to the role of spot Bitcoin exchange-traded funds (ETFs) in driving BTC demand. He notes the aggressive Bitcoin acquisition by these ETFs.

Two major ETFs, the iShares Bitcoin ETF (IBIT) and the Fidelity Advantage Bitcoin ETF (FBTC), have been buying large amounts of BTC on a daily basis. Their demand far exceeds the daily supply of mined Bitcoin.

IBIT/FBTC daily intake is approximately 9000 BTC. Mining only supplies 900 per day. So the demand for just two ETFs is 10 times the supply. Supply will be halved within three months, meaning demand will be 20 times greater than supply. And this demand is for just two ETFs. Don’t forget that companies like MicroStrategy (MSTR), Tether, and many more are accumulating with nations, HNWIs, and commoners, Mow said.

Read more: Bitcoin Halving Cycle and Investment Strategy: What You Need to Know

Bitcoin ETF holdings trends (excluding GBTC). Source: CryptoQuant

ARK Invest’s Cathie Wood stands firm on Bitcoin’s $1 million outlook. She sees Bitcoin as a solid inflation hedge amid recent economic turbulence.

“As uncertainty and volatility increases in the global economy, our trust in Bitcoin grows.

One of the reasons is that we have had inflation fears. We think it’s been driven by the supply chain and Bitcoin is a hedge against inflation,” Wood said.

Cathie Wood on why #Bitcoin is heading to $1M