Bitcoin developer Samson Mow has for a while now continued to assert that BTC is going to reach $1 million. He has again reaffirmed his bullish stance and mentioned when exactly the flagship crypto will hit this unprecedented price target. 

When Bitcoin Will Rise To $1 Million

Mow mentioned that he is still certain that Bitcoin will reach $1 million and added that the flagship crypto will reach this price target within a year. Mow had previously explained why he believes that BTC can reach such an ambitious price target. Back then, he alluded to the fact that Bitcoin’s demand was outpacing its supply. 

He also highlighted the Bitcoin halving which he noted was going to bring about a supply shock for the crypto token. Based on these reasons, Mow expects BTC’s price to “react accordingly” as demand continues to outpace supply. The Bitcoin maximalist also mentioned the Spot Bitcoin ETFs, which have been accumulating a significant amount of the BTC supply, as another factor that would contribute to BTC’s meteoric rise. 

Mt. Gox’s Bitcoin repayment is an event that is believed could impact the crypto’s price negatively since it could lead to more Bitcoin supply dumped on the market. However, Mow doesn’t believe that is going to happen. He mentioned that only about 20% of the defunct crypto exchange’s BTC will hit the market while the remaining 80% will be moved to cold storage or borrowed against. 

Mow also had something to say about when exactly the crypto bull run will begin. He mentioned that the bull run starts when Bitcoin is at $100,000. He added that the recent market downtrend is just the “unwinding of the fakery to make retail think Bitcoin is over.” Based on predictions made by crypto analysts like PlanB, BTC could hit $100,000 this year. 

Interestingly, PlanB also shares a similar sentiment to Mow that Bitcoin can hit $1 million by next year. He claimed that the crypto token could rise to this price level based on the stock-to-flow (STF) indicator. 

More Conservative Price Targets For BTC

Other crypto analysts have given more conservative price targets for Bitcoin in this bull run, although a major consensus seems to be the fact that the flagship crypto will more than likely rise above $100,000. Crypto analyst Mikybull Crypto once mentioned between $138,000 and $150,000 as “optimal targets for Bitcoin in this bull run.”

Crypto analyst Cryptorphic also mentioned that BTC could rise to as high as $156,000 by next year, while Skybridge Capital CEO Anthony Scaramucci expects Bitcoin to rise higher and reach $170,000 sometime in 2025. Cryptoquant’s CEO Ki Young Ju predicted that BTC could reach $265,000 in this market cycle based on the Hashrate/Market Cap ratio, which he claimed supports such a parabolic rise.

Hester Peirce, the commissioner at the Securities and Exchange Commission (SEC), says that Ethereum exchange-traded fund (ETF) staking is open for reconsideration.

In an interview with Zack Guzman, Peirce discussed the potential for revisiting the inclusion of staking in Ethereum ETFs, despite it being initially excluded from the applications.

NEW: SEC Commissioner Peirce tells me Ethereum ETFs being able to stake could be open to reconsideration

"I think certainly something like staking, or any feature of the product … those are always open for reconsideration as far as I'm concerned" pic.twitter.com/SFUTPcX80z

— Zack Guzmán (@zGuz) July 17, 2024

SEC May Reconsider Ethereum ETF Features

She highlighted that any features of the product, including staking, could be subject to reevaluation based on market needs and regulatory developments.

In the interview, Guzman said, “One piece that was dropped was staking. Of course, that was removed from the applications earlier on.”

“I wonder, you know, reasonings for that and whether or not any of that could change as we see these progress in the life of them being out there as products,” asked Guzman.

“There were features of the product that some people would have liked to see included but weren’t. And those are always open for reconsideration as far as I’m concerned,” stated Peirce.

The context of this discussion arises from the SEC’s previous approval of Ethereum ETFs, which excluded staking due to regulatory concerns. However, Peirce’s remarks suggest that the evolving landscape of digital assets might prompt a reassessment of this decision.

The Commission has approved spot Bitcoin ETFs, spot Ethereum ETFs, and have received applications from 21Shares and VanEck for their spot Solana ETFs.

Crypto Regulation to Take a Shift

Though the SEC has singled out the crypto industry and engaged an “Enforcement-First” crypto regulation strategy by going after companies with relentless lawsuits, Patrick Daugherty, a partner at Foley & Lardner LLP believes that there could be a shift post-elections.

Daugherty presumed that if former President Donald Trump takes the Oval Office, his pro-crypto stance would be significantly positive for the crypto sector as he has demonstrated support, promised no Central Bank Digital Currencies (CBDCs) and pushed for the right to self-custody.

Daugherty also indicated that if President Joe Biden wins the upcoming election, he would likely designate a new Chair of the SEC to replace the currently opposed Gary Gensler.

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