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Samson Mow, Bitcoin maxi and CEO at BTC-focused company JAN3, has expressed his take on the current level of Bitcoin literacy in the world and also shared why digital gold can hardly reach $10 million per coin at the moment.
Here's what stops Bitcoin from soaring to $10 million, per Mow
Mow claims that Bitcoin is not trading at $10 million at the moment because the world does not fully understand BTC — how it functions and how it can potentially transform the world in the future. He tweeted: “If the world understood Bitcoin, we would be at $10M a coin now.”
However, Mow is a persistent believer that Bitcoin is likely to reach $1 million in the near future. He has been predicting this over the past few years, doubling down on his ultra-bullish predictions in January last year, when the SEC finally approved the launch of spot Bitcoin ETFs.
The entities that launched them (BlackRock, Fidelity, Bitwise, Grayscale, etc.) started accumulating large amounts of BTC on a daily basis to back shares of their ETFs. Mow then stated that that aggressive accumulation would bring on a Bitcoin demand shock. He expected the Bitcoin halving that was then due on April 20 to create a Bitcoin supply shock. Once these two shocks clash, he tweeted, Bitcoin would print an Omega candle and BTC would skyrocket to $1 million soon enough.
Still, Mow was not the first to name $10 million as the price Bitcoin may reach in the future. A similar statement was made by Strategy founder and executive chairman Michael Saylor, who predicted last year that by 2035, BTC would have taken away part of gold’s market share and would skyrocket to $10 million per one coin. Strategy continues to accumulate BTC, raising funds for these buys by issuing debt and selling it to investors.
Strategy announced another major Bitcoin buy
On Monday, Michael Saylor announced that Strategy had acquired more Bitcoin, expanding its crypto stash. This time, they bought 4,020 BTC worth approximately $427.1 million and bought at roughly $106,237 per Bitcoin.
After this major addition, Strategy now holds 580,250 Bitcoins, which is equal to $63,685,860,975.
BTC is currently changing hands at $109,830. Roughly a week ago, the largest cryptocurrency skyrocketed to an all-time high, reaching $111,970.
Vladislav Sopov
U.Today Editorial Team