Market Expert Predicts $100M Bitcoin as US Dollar Will Eventually Reprice to Satoshi
November 13, 2024
Samson Mow, an Asian Bitcoin advocate and CEO of JAN3, has made a bold prediction about Bitcoin’s future, suggesting that the leading cryptocurrency will reach a valuation in the seven-figure range.
Mow believes that Bitcoin will soon experience a parabolic rise, with a potential surge to a valuation of millions of dollars per coin. Drawing a comparison to Michael Saylor, Mow based his optimistic Bitcoin forecast on the macroeconomic landscape and the increasing US debt.
In an interview, Mow pointed out that the US debt has reached unsustainable levels, posing a risk of economic collapse. Data shows that the total outstanding public debt of the United States currently stands at $35.95 trillion.
According to the market expert, these debts cannot be sustained indefinitely. Therefore, he believes that either a “debt jubilee” will occur or the US will need to reevaluate the value of its currency in relation to a more stable asset. Mow suggested that the US dollar could be repriced to the value of one Satoshi.
Mow further insisted that the United States will have to take drastic measures to address its growing debt, as it has exceeded its gross domestic product (GDP) and is unable to repay it. As a result, Mow envisions a scenario in which the US government revalues $1 to be equivalent to 1 Satoshi (SAT). Currently, 1 SAT trades at $0.000876. If the dollar were repriced to match 1 SAT, Bitcoin’s value would surge to $100 million.
It is worth noting that Mow believes this repricing will inevitably occur, emphasizing that it is only a matter of when the US will make this move. He added that a conversion rate of $1 to 1 Satoshi is a “fair rebase plan.”
In the near term, Mow predicts that Bitcoin will reach $1 million per coin. He argues that the current price severely undervalues Bitcoin and expects a significant parabolic expansion.
However, Mow acknowledges that Bitcoin’s price will first reach $100,000 before the end of the year. He attributes the delay to the recent FTX implosion and the sales hangover from Grayscale.
Mow also cites the increasing demand for spot exchange-traded funds as a reason for his six-figure prediction. He believes that the US Bitcoin investment vehicle will drive a surge past $100,000 before the end of next month.
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