Samson Mow (Jan3 CEO) and Bitcoin (BTC proponent) believes that Bitcoin (BTC), the most popular cryptocurrency, could reach $1-million in the next five- to ten-years despite the continuing bear market. The collapse of major fiat currencies will be a major catalyst, which he said can “happen very rapidly” and “are not anticipated.”
”It just sort of happens overnight, and then you are shoveling cash into a wheelbarrow,” he said in a recent interview with Cointelegraph.
Mow made the prediction as he commented on El Salvador’s current situation regarding Bitcoin adoption, one year after it became a legal tender. Mow said he sees El Salvador’s move as an overall success, despite the relatively low usage rate and uneven availability of Bitcoin payment infrastructure in the country.
“You’re basically recreating traditional banking infrastructure in the country. So, it’s bound to take some time, and it’s bound to have uneven deployment,” he said.
According to Mow, Bitcoin’s high volatility is among the reasons why El Salvador’s citizens still rely on cash to get by in their everyday lives instead the cryptocurrency. Mow views it as temporary, and volatility will decrease as Bitcoin approaches $1 million.
Mow believes El Salvador has the potential to inspire other countries. Mow sees El Salvador’s vibrant and local Bitcoin community as a key factor in driving adoption.
To successfully adopt Bitcoin in any country, a mix of top-down as well as bottom-up efforts is necessary.
To learn more about the current state of Bitcoin adoption in El Salvador, check out the full interview on Cointelegraph’s YouTube channel, and don’t forget to subscribe!