Samson Mow, Blockstream’s CSO and Pixelmatic’s CEO in a tweet stated the price of Bitcoin could reach the $1 million mark after the supply crunch hits.

Bitcoin could have a supply shock in the coming weeks as the demand for BTC has increased with the Bitcoin ETF approval.

Blackrock, the world’s largest asset manager recently acquired 11,500 BTC which has reduced the supply of Bitcoin. The trading volume of Bitcoin has increased significantly in the last few days after the approval of spot Bitcoin ETF by the SEC. 

Also read: Most anticipated Spot Bitcoin ETF’s first day of trading volume touches $4.6 billion

Around 900BTC is mined every day and Blackrock’s acquisition of Bitcoin is equivalent to 13 days of supply. 

As demand for Bitcoin has increased the price of Bitcoin could skyrocket in the next few days or week, according to Samson Mow.