Samson Mow, a prominent figure in the Bitcoin community, has confidently predicted that Bitcoin’s price will reach $1 million in the near future. He warns that this surge could be painfully disruptive for some, as Bitcoin tends to operate in unexpected and devastating ways.
Mow, CEO of JAN3, a company dedicated to helping nation-states adopt Bitcoin and Blockchain technology, suggests that a rapid price increase to $1 million could derail plans and meetings set for 2024. He believes that this could lead to a scramble among 50 nation-states to acquire Bitcoin.
Such a massive rise, according to Mow, would render the Lightning Network (LN), a Bitcoin scaling solution, unsuitable for anyone without a custodial wallet. Transaction fees would become prohibitively expensive in dollar terms, preventing new users from using LN to transact on the network.
Mow also predicts that many transactions will become stuck due to unspendable UTXOs (Unspent Transaction Outputs) valued between $500 to $1000. He suggests that the most painful aspect of this rapid price achievement will be the regret of those who missed the opportunity to buy Bitcoin at lower prices.
Despite these bold claims by Mow and others, Bitcoin is currently trading at $46,553 with a recent 5.75% increase. The market anticipates that the SEC may approve at least one spot Bitcoin ETF soon, potentially pushing Bitcoin’s price above $50,000.