Bitcoin (BTC) is likely to reach $1 million in the “days to weeks” following the approval of a spot BTC exchange-traded fund (ETF), according to JAN3 CEO Samson Mow. 

“You’re hitting a very limited supply of Bitcoin on the exchanges and available for purchase with a torrent of money,” Mow said, referring to the inflow of institutional capital that is expected following a potential spot ETF approval. 

“This is why you can go really high all at one time,” he adds.

Commenting on a similar $1 million-per-Bitcoin prediction by entrepreneur Balaji Srinivasan, Mow said that the impact of a spot Bitcoin ETF approval on prices will play out much faster than central bank money printing.

“Money printing is like boiling the water very slowly,” he explained. “It takes years for that to permeate the economy.” 

Unlike previous rallies that led Bitcoin to new highs in a matter of months, Mow said the post-ETF approval rally to $1 million will be much quicker. 

“The run up in 2017 was nine months to 20X,” he recalls.

“Given that we’re going to have billions and billions pouring in all at once on ETF approvals, I think it’s going to be a much shorter time frame,” Mow said.

To find out more about the rationale behind Mows’ price prediction, check out the full interview on our YouTube channel and don’t forget to subscribe! 

Major stablecoin issuer Tether has been increasingly minting new USDT (USDT) tokens, issuing 4 billion USDT over the past month.

Tether issued another 1 billion of Tether on the Tron blockchain on Nov. 10, the blockchain data provider Whale Alert reported. The latest USDT minting came just a few days after Tether issued another 1 billion USDT on Ethereum on Nov. 9, in addition to 2 billion USDT issued in two batches on the Tron blockchain on Nov. 3 and Oct. 19, according to Whale Alert data.

Tether chief technology officer and new CEO Paolo Ardoino commented on Whale Alert data on X (formerly Twitter), noting the latest 1 billion USDT transaction on the Tron network was a “USDT inventory replenish.” He wrote:

“Note this is an authorized but not issued transaction, meaning that this amount will be used as inventory for next period issuance requests and chain swaps.”

The recently issued USDT makes up a significant share of the total USDT issued this year. Based on Whale Alert data, Tether should have minted 22.75 billion USDT in 2023, with 13 billion, or 57%, having been issued on the Tron blockchain. The remaining amount of 9.75 billion USDT was issued on the Ethereum blockchain.

Tether has been actively minting new USDT stablecoins over the past year. In March 2023, Tether minted a whopping 9 billion USDT coins, in addition to the 3 billion minted over the previous month, according to Whale Alert data. The stablecoin issuer also minted a significant amount of USDT in mid-summer, issuing 3.75 billion USDT between June 12 and July 12.

While actively minting new stablecoins, Tether has also been burning some coins. On Aug. 22, Tether burnt 1.2 billion USDT on the Tron blockchain. Previously, the stablecoin firm also burnt 3.1 billion Tron USDT in June and 2 billion Ethereum USDT in February, according to Whale Alert.

The cryptocurrency community has quickly reacted to the most recent USDT minting transactions. One crypto enthusiast took to X to share some observations about how previous aggressive Tether USDT minting affected the market.

“Last time this much Tether got printed in a week a whole bank blew up,” the poster noticed, referring to banks like Silicon Valley Bank, Silvergate and Signature Bank shutting down operations in March 2023.

In the aftermath of the bank implosions, some industry observers alleged exposure between Tether and Signature. Tether subsequently denied such allegations, “unequivocally re-iterating” that it had no exposure to Silvergate, Silicon Valley Bank and Signature Bank.

Related: Tether issues $610M debt financing to Bitcoin miner Northern Data

In addition to the active minting of new coins, Tether has been working to integrate a major ecosystem part recently, according to Ardoino. Tether’s CEO took to Twitter to announce that the firm is preparing to announce five new projects in 2024. “Couple of these could obliterate some popular Web2 centralized services for good,” he noted.

We’re quite close to add another extremely powerful piece of the puzzle for @Tether_to ecosystem.

Total of 5 mind-blowing projects (and counting) for 2024.
Couple of these could obliterate some popular Web2 centralized services for good.

Pure Real World Ecosystem aka “Things…

— Paolo Ardoino (@paoloardoino) November 12, 2023

Tether did not immediately respond to Cointelegraph’s request for comment.

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