U.Today

The digital currency ecosystem is on the edge as the price of Bitcoin crossed the $100,000 milestone. At the time of writing, the coin was changing hands for $102,668, up by 3.68% in 24 hours. Following this historic move, Bitcoin advocate Samson Mow has set an ambitious price target of $1 million for the coin.

Bitcoin-to-$1 million journey

It took Bitcoin exactly 15 years since its inception to record the $100,000 milestone. Since the coin was changing hands at half the current price, Samson Mow has always expressed confidence in its potential to hit the $1 million mark.

The indices point to the possibility of this projection. First, the Bitcoin halving event in April this year has created intense scarcity for the coin. With an average of 450 Bitcoin units mined daily, the supply is insufficient to sustain the current demand.

The demand for Bitcoin is growing in different ways. Business intelligence and software firm MicroStrategy has continued to accumulate Bitcoin. In its latest move, the Michael Saylor-led company acquired 15,400 BTC for $1.5 billion, bringing its total holdings to 402,100 BTC.

Other firms like Metaplanet and Semler Scientific (NASDAQ:SMLR) have also borrowed a leaf from MicroStrategy. This demand source may also soar if Microsoft (NASDAQ:MSFT) buys Bitcoin, drawing on Saylor’s pitch to the company.

Spot Bitcoin ETF advantage

Besides acquiring the coin from the open market, many American investors are now gaining exposure to Bitcoin through spot Bitcoin ETF products.

This embrace has pushed the BlackRock (NYSE:BLK) Bitcoin ETF product to cross the historic $50 billion Assets Under Management (AUM). The asset management firm has continued to welcome inflows as the hype in the industry has fueled sentiment across the board.

With these key adoption channels, it becomes easier for Bitcoin to breach the projected $1 million milestone as scarcity builds.

This article was originally published on U.Today