Bitcoin could reach $1M in 5 years due to fiat currencies’ collapse, says Samson Mow

The future collapse of fiat currencies could propel Bitcoin to $1 million in the next five to 10 years, according to Jan3 CEO and Bitcoin proponent Samson Mow.

Despite the ongoing bear market, Jan3 CEO and Bitcoin (BTC) proponent Samson Mow believes that the leading cryptocurrency could reach the $1-million-price benchmark in the next five to 10 years. 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 his prediction while commenting on the current state of Bitcoin adoption in El Salvador, about a year after it was adopted as 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 sees it as a temporary problem, as volatility is bound to decrease as Bitcoin approaches the $1 million benchmark. 

Even now, Mow believes that El Salvador can play a role in inspiring other countries to follow its example. In particular, he sees El Salvador’s vibrant, grassroots local Bitcoin community as playing an important role in driving adoption.

A mix of top-down and bottom-up initiatives is needed to balance each other out in any country that wants to successfully adopt Bitcoin.

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!