“I think it is simply a matter of time before we see a massive run-up, and we see a massive nation-state FOMO, you know, panic,” Mow, who left bitcoin developer Blockstream in 2022 to focus on “nation-state bitcoin adoption” and advised El Salvador on its bitcoin strategy, told What Bitcoin Did podcast.

“These things happen very quickly,” Mow, the chief executive of Jan3 who launched the Aqua bitcoin wallet in early 2024, said. “I think we’re on the tail end of gradually, and we’re at the beginning phases of suddenly.”

Earlier this year, Wall Street giant Fidelity predicted that “more nation-states, central banks, sovereign wealth funds, and government treasuries will look to establish strategic positions in bitcoin,” while just last week, analysts with Wall Street giant Deutsche Bank said bitcoin could be put on equal footing with gold on the Federal Reserve’s balance sheet by 2030.

In March, U.S. president Donald Trump followed through with his campaign promise to create a bitcoin strategic reserve, with U.S. Treasury secretary Scott Bessent confirming last month that the Trump administration is committed to finding budget-neutral ways of creating it.

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However, Mow added he was surprised the bitcoin price rally this year has stalled, with bitcoin rocketing above $100,000 following U.S. president Donald Trump’s election victory in November last year but failing to make gains much above that through 2025.

“We should have had a bull run already,” Mow said, “like a massive run up. I think this cycle, if you want to call it a cycle, is delayed; it might push into next year.”