Bitcoin expert explains how $1million value will be achieved

Bitcoin can reach a $1million value after reaching a record high this week, an expert tells Daily Express US.
The cryptocurrency surged to a $69,000 value on Wednesday before dropping to $62,000 later that day.
Frank Holmes. American businessman Frank Edward Holmes, who is Executive Chairman of Hive Digital Technologies, tells Daily Express US, that Bitcoin can reach $1million.
He says that Bitcoin being a finite resource that is becoming increasingly scarce will help propel its value to new heights.
This will be aided by an upcoming halving event, where the production of Bitcoins will drop from 900 daily to 450.
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As a result, coins will become even more scarce, thus driving up their value further.
However, Bitcoin is famously volatile. Spikes in value are often followed by big drops.
Mr Holmes said: “One of the things I have noticed is that the crypto eco-system call this word– HODL, meaning ‘hold on for dear life.
“They say it is a rollercoaster, make sure you are strapped in and enjoy the ride.
“The concept of Bitcoin is digital private property rights, and you can see it has captured the imagination of people around the world.”
He added: “It is all about adoption, and when people see it as something of value, it can go to $1million.
“One Bitcoin is made of 100million Satoshis, and 100million pennies is $1million. Certain Satoshis are becoming valued at $25.
“Each Bitcoin has 100million of them, and some are being valued over a penny. That means Bitcoin can go to $1million.”
A Satoshi is the smallest denomination of the cryptocurrency Bitcoin, and is named after the pseudonym for the coin’s creator, Satoshi Nakamoto.
Bitcoin’s latest surge was sparked by big investors pumping billions into the asset.
Other crypto assets, such as Ethereum and Dogecoin, also enjoyed a huge boost as a result.