Samson Mow Gives Reasons Why Bitcoin Price Could Reach $1 Million This Year
13 Mars 2024 - 9:00PM
NEWSBTC
The CEO of Jan3 and Bitcoiner, Samson Mow, is still standing by his
prediction that Bitcoin could hit $1 million sooner rather than
later. During a recent interview, he explained why he is sticking
to his ambitious price prediction. Why Bitcoin Would Hit $1
Million This Year Mow mentioned during an interview with ‘What
Bitcoin Did’ Host Peter McCormack that BTC will hit $1 million this
year, if not this year, in 2025. He further explained that BTC’s
current setup is well structured for this parabolic run. For one,
he noted that BTC’s demand far exceeds its supply. Related Reading:
Shiba Inu Whales Are Accumulating SHIB, Do They Know Something You
Don’t? Mow highlighted the Spot Bitcoin ETFs, which accumulate
almost 4,000 BTC daily. This amounts to about 1.5 million BTC,
which these funds can pull over a year, which could drastically
reduce the amount of BTC in circulation. These Bitcoin ETFs are
already reported to hold a significant percentage of Bitcoin’s
circulating supply. The Bitcoin maximalist also recognized
crypto exchanges that take in large BTC inflows. Therefore, Mow
believes the price should “react accordingly” as Bitcoin’s demand
continues to exceed the Miners’ supply, which will be cut in half
during the Bitcoin Halving. Even if this theory doesn’t play out,
he remarked that the concept of the ‘Veblen effect’ will apply to
Bitcoin. What The ‘Veblen Effect’ Is About The Veblen effect is
when consumers purchase an item even as its price increases. In
this case, Mow opines that investors will continue to invest in
Bitcoin regardless of how high this rises. This sustained interest
in the flagship crypto can also lead to further price surges. This
Veblen effect is already in full force as Bitcoin continues to
attract new investors. Related Reading: Crypto Institutional
Investors Are Frontrunning Retail As Inflows Reach Record Highs Mow
also laid a scenario where BTC attains Gold’s market cap and
surpasses it. When that happens, he stated that people will start
demonetizing Gold and substituting it for BTC, seeing the crypto
token as a better alternative. While he recognized that some
investors are already substituting their Gold for Bitcoin, Mow
stated that it will happen “en masse” when BTC flips Gold.
Although ambitious, Samson Mow’s ambitious prediction cannot be
discarded, considering that he had previously predicted that
Bitcoin would hit a new all-time high (ATH) before the Halving
event, which it already did. This is the first time the crypto
token hit a new ATH before the Halving. At the time of
writing, BTC is trading at around $73,000, up in the last 24 hours
according to data from CoinMarketCap. BTC price above $73,000
| Source: BTCUSD on Tradingview.com Featured image from Medium,
chart from Tradingview.com
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