Canadian entrepreneur and JAN3 CEO Samson Mow believes Bitcoin could reach $1 million much earlier than anticipated.
He expects the digital asset to hit this milestone by 2031, driven by increasing support from the White House. In a post on X, Mow highlighted a recent message from the White House that described the United States as the future Bitcoin superpower.
Mow projects a faster rise in Bitcoin
Mow remains confident that Bitcoin’s value will continue rising rapidly. He pointed out that the token has performed better than many had expected, suggesting this trend will persist. With the current administration backing the industry, he sees a clear path to Bitcoin reaching $1 million.
He also agreed with an X user who suggested that his prediction of Bitcoin hitting this price by 2031 might be too cautious. Many in the crypto space believe that the increasing acceptance and government involvement could push Bitcoin’s price higher even sooner than projected.
Trump signs executive order to build Bitcoin reserve
President Donald Trump recently signed an executive order to establish a strategic Bitcoin reserve. The government plans to build its holdings without taxpayer money and has tasked the US Treasury with finding budget-neutral solutions. Currently, the government relies on seized assets, including approximately 200,000 BTC, to start the reserve.
The administration has stated that it will not sell these Bitcoin holdings and is committed to making the US the global leader in the cryptocurrency sector. Trump reaffirmed his promise to strengthen the industry at a recent crypto summit, as he assured top executives that his administration would continue supporting digital assets.
Coinbase Global CEO Brian Armstrong praised the administration’s stance, saying it has revitalized the industry. He cited increased regulatory clarity as a key reason for his company’s decision to expand operations in the US.
Speculation over other nations secretly buying Bitcoin
Despite the US government’s initiative, some analysts have criticized the decision to rely on seized assets rather than purchasing more Bitcoin. Charles Edwards, founder of the Capriole Fund, argued that the strategic reserve is merely a rebranding of assets already under government control.
Mow suggested that other nations may be secretly accumulating Bitcoin. When asked on X whether he believed this to be the case, he responded affirmatively. Some experts believe this could put the US at a disadvantage in the global Bitcoin race.
Bitcoin has faced volatility in the market. The price dropped from above $90,000 after the executive order was signed but later recovered most of its losses. However, the cryptocurrency remains down 20% from its all-time high of over $109,000 in January.