Expert predicts that the Bitcoin price could reach the one million dollar mark by the end of 2024. The impact of fraud cases and the increasing demand for Bitcoin ETFs could fuel this rise.
Bitcoin, the leading cryptocurrency, is expected to experience an unprecedented rise according to expert forecasts. Samson Mow, a renowned Bitcoin expert and CEO of the Bitcoin-focused company Jan3, anticipates that the Bitcoin price will exceed the one million dollar mark by the end of 2024. In a recently conducted interview, Mow explained the reasons for his optimistic forecast.
Suppressed Price Due to Fraud
Samson Mow explains that the Bitcoin price has been suppressed for years, particularly due to fraud by companies like FTX. These actors sold Bitcoin in the past that they did not actually possess, which shook investor confidence and depressed the price. The uncovering of these fraud cases led to a significant price drop, from which Bitcoin has gradually recovered. Mow emphasizes that without these fraudulent activities, the Bitcoin price could have reached the 100,000 dollar mark years ago.
Increasing Demand and ETF Influence
Mow stresses that the introduction of Bitcoin ETFs has generated significant and steadily growing demand. This increased demand could surpass the previous negative effects of fraud and push the Bitcoin price further upwards. Additionally, Jan3 is actively working with governments and central banks worldwide to develop strategies for Bitcoin integration. Mow believes that the increased demand from institutional investors and sovereign wealth funds will have a significant impact on the price.
Global Adoption and Future Prospects
Another factor that could drive the price increase is the growing acceptance of Bitcoin by nations and institutions. Countries like El Salvador have already introduced Bitcoin as legal tender. Mow believes that more countries could follow, particularly through existing legal frameworks or new regulatory approaches. By collaborating with governments, Jan3 hopes to accelerate the transition from fiat currencies to Bitcoin.
In addition to state acceptance, grassroots movements like Bitcoin Beach or Bitcoin Jungle promote local adoption of Bitcoin. These movements, combined with increasing state support, could lay the foundation for broader use of Bitcoin as a means of payment. Projects like Jan3’s strategic partnership with a Bulgarian football club demonstrate how versatile adoption efforts can be.
Conclusion
The combination of growing demand through ETFs, state support, and broad adoption could drive Bitcoin to new highs. Despite the challenges of the past, the future of Bitcoin looks promising. Experts like Samson Mow are confident that the Bitcoin price could reach the one million dollar mark by the end of 2024, which would be a historic development for the cryptocurrency. This underscores the importance of Bitcoin as a pioneering financial innovation and a potential alternative to traditional currencies.
