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Bitcoin (BTC) bull Samson Mow has repeatedly forecast the leading coin hitting his $1 million. However, amid the recent gold market sell-off, Mow noted that the $1 million BTC target cannot happen quickly.
Why $1 million target may stall
Samson Mow, Chief Executive Officer of JAN3, gave a response that tempers excitement around the gold capital rotation into Bitcoin.
Notably, gold halted its bull run on Wednesday, Oct. 22, falling to $4,000. Following this crash, gold erased approximately $2.64 trillion from its market cap. This loss equates to roughly 1.2x of the Bitcoin market cap.
This event marked one of the largest single declines for gold in years, sparking discussion about a potential rotation of capital into Bitcoin.
In theory, this kind of rotation could happen through institutional trades, like spot Bitcoin exchange-traded funds (ETFs). Also, post-gold dips may spur retail panic-selling to chase crypto gains.
Although Mow agrees in principle about the gold flows to BTC, he has cautioned against expecting an immediate rally.
His perspective is possibly based on market dynamics and liquidity. For context, the Bitcoin market is still relatively small and illiquid compared to gold.
Therefore, absorbing $2.64 trillion would require massive, coordinated buying without overwhelming order books. This could take weeks or months to avoid extreme volatility.
Samson Mow raises Bitcoin target to $10 million
Nevertheless, Mow remains a strong Bitcoin advocate. He recently stated that the next Bitcoin target would be $10 million, after the coin hit $1 million.
If Bitcoin eventually hits $10 million per coin, this would mean a market cap surge to $197 trillion. Some have argued that BTC hitting this market cap is absurd, which is understandable.
However, Mow has always dismissed any skepticism toward BTC. Mow views the leading coin beyond just a speculative asset or a digital version of gold.
According to Mow and many other Bitcoin supporters, the coin has the potential to replace the dollar, euro and any other fiat currency.
Furthermore, Mow has consistently encouraged oneness within the BTC community. He recently issued a warning to the community amid debate over the Bitcoin Core v30 upgrade and Knots implementation.
Mow suggested that the ongoing debates are not contributing to the improvement of Bitcoin as an asset. Instead, he pointed out that the debate is a subtle way to erode trust in BTC.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team