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$1 Million Bitcoin (BTC) Is Matter of Time, Believes Samson Mow

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Wed, 29/05/2024 - 14:43
$1 Million Bitcoin (BTC) Is Matter of Time, Believes Samson Mow
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Samson Mow, a notable industry figure and proponent of Bitcoin, has once again expressed his bullish view on the main cryptocurrency, predicting a future where BTC price reaches $1 million. Mow, who frequently shares his optimistic views on social media, emphasized that the question is not if Bitcoin will hit this milestone, but when.

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Mow, the CEO of JAN3, a company dedicated to accelerating Bitcoin adoption through infrastructure development and financial services, has consistently shared positive predictions about its future. He bases his predictions on the current Bitcoin supply and demand dynamics, emphasizing that the demand for cryptocurrency far exceeds its available supply.

One of the key factors Mow emphasizes is the role of spot bitcoin ETFs. These financial instruments, which allow investors to access BTC without directly owning the asset through the traditional markets. 

According to the latest data, Bitcoin ETFs currently hold more than one million Bitcoin, which is approximately 5% of the total amount of the circulating supply. In addition to ETFs, Mow also highlighted the substantial inflow of Bitcoin into exchanges as another indicator of robust demand.

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Even if his main theory does not prove to be accurate, Mow notes the importance of the “Veblen effect” in the case of Bitcoin. The Veblen effect is a phenomenon whereby the demand for a commodity increases as its price increases, which is contrary to standard economic theory. This effect suggests that rising prices can spark interest and investment in BTC.

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BTC to USD by CoinMarketCap

Currently, the price of Bitcoin is hovering around $68,000, a decline of slightly more than 0.6% since the beginning of the day. Despite this decline, the cryptocurrency is still close to its all-time high of $74,000.

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