Despite the ongoing bear market, Jan3 CEO and Bitcoin proponent Samson Mow believes the leading cryptocurrency could hit the $1 million milestone in the next five to 10 years. The catalyst, he suggests, could be the “unexpected” collapse of major fiat currencies, which, in his opinion, could “happen very rapidly”.
”It just sort of happens overnight, and then you’re shoveling cash into a wheelbarrow,” he said in a recent interview with Cointelegraph.
Mow made his prediction while commenting on the completion of Bitcoin adoption in El Salvador, about a year after it was accepted as legal tender. Mow said El Salvador’s move was a success, despite the relatively low usage and patchy statistics for Bitcoin payment 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.
El Salvadoreans are still relying on cash rather than cryptocurrencies in their daily lives, which Mow ascribes to the high volatility of bitcoin. However, he thinks El Salvador can play a role in inspiring other countries to follow its example.