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Market Expert Predicts $100M Bitcoin as US Dollar Will Eventually Reprice to Satoshi
Market Expert Predicts $100M Bitcoin as US Dollar Will Eventually Reprice to Satoshi
November 13, 2024
Bitcoin BTC
Samson Mow, an advocate for Bitcoin in Asia and CEO of JAN3, has made a bold prediction regarding Bitcoin, forecasting that the premier asset will soon reach a seven-figure valuation.
Mow asserts that Bitcoin is poised for a parabolic rise, speculating that it could surge to a multi-million dollar valuation per coin. The JAN3 CEO, often referred to as the Asian Michael Saylor, bases his optimistic forecast on the prevailing macroeconomic conditions and the escalating US debt.
In an interview, Mow pointed out that US debts have escalated to alarming levels, putting the economy at risk of collapse. Data indicates that the total outstanding public debt of the United States currently stands at $35.95 trillion.
The market expert emphasized that these debts are unsustainable. Consequently, he believes that there will either be a “debt jubilee” or the US will need to reprice its dollar valuation to a more stable asset. Mow stated that he envisions the US dollar being rebased to one Satoshi.
Bitcoin to Surge to $100M on Rebasement Basis
The JAN3 CEO insisted that the United States must adopt a drastic approach to address its mounting debt. He noted that this situation will arise as the government is unable to repay the debt, having outgrown its gross domestic product (GDP).
As a result, Mow foresees the US government rebasing $1 to the equivalent of 1 Satoshi (SAT). Currently, 1 SAT trades at $0.000876. Repricing the dollar to the value of 1 SAT would propel Bitcoin to a staggering $100 million.
Notably, Mow contended that the rebasement is bound to occur, emphasizing that it is merely a question of when the US will take this step. He added that “it is inevitable that we do rebase to Bitcoin,” stating that $1 to 1 Satoshi represents a “fair rebase plan.”
Mow’s Near-Term Assertion
Meanwhile, the JAN3 CEO mentioned that Bitcoin is on track to reach $1 million per coin. He insists that Bitcoin is significantly undervalued at its current price and anticipates a substantial parabolic expansion.
However, Mow noted that the premier asset is expected to trade at $100,000 before the end of the year. He indicated that Bitcoin would have reached this price point but is still affected by the aftermath of the FTX collapse and the lingering effects of Grayscale sales.
Significantly, the renowned Bitcoin advocate cited several reasons for his six-figure forecast, including the increasing demand from spot exchange-traded funds. The JAN3 CEO believes that momentum from the US Bitcoin investment vehicle will drive a surge past $100,000 before the end of the month.
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