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What Could Happen Should Bitcoin Hit $1 Million?
The unprecedented rise of Bitcoin’s value has left many wondering what could happen if it reaches the staggering milestone of $1 million. As the market continues to defy expectations and push beyond previous records, some experts suggest that reaching such a level is not only possible but also likely.
According to major milestones preceding the current momentum, the price surge was preceded by spot Bitcoin ETFs starting trading in the U.S., which drew $14.8 billion in net inflows. Additionally, President Donald Trump’s executive order establishing a Strategic Bitcoin Reserve and allocating 200,000 BTC is another significant factor that contributed to Bitcoin’s increased demand.
In light of these events, it becomes clear that several forces support the notion that Bitcoin could potentially reach this unprecedented milestone. Scarcity remains one of the fundamental drivers behind its value increase as the limited supply fuels price growth. Moreover, institutional interest in crypto is increasing significantly, further solidifying its market value.
However, there are also potential drawbacks to consider when thinking about a $1 million Bitcoin. For instance, should the valuation reach such heights, it could lead to a decline in demand for fiat currencies, particularly in weaker economies, posing a significant threat to monetary control.
Source: e-cryptonews.com
