Samson Mow, the CEO of Jan3 and known Bitcoiner, has made a bold prediction that Bitcoin could skyrocket to $1 million in the near future. In a recent interview with ‘What Bitcoin Did’ Host Peter McCormack, Mow reiterated his belief that BTC will reach this milestone either by the end of this year or by 2025. He provided several reasons to support his ambitious price prediction.
Mow pointed out that Bitcoin’s current setup is conducive for a parabolic run towards $1 million. He highlighted the fact that the demand for Bitcoin far exceeds its supply. One key factor contributing to this imbalance is the Spot Bitcoin ETFs, which are accumulating approximately 4,000 BTC daily. This substantial inflow of funds could potentially reduce the circulating supply of Bitcoin by 1.5 million BTC over the course of a year. As a result, these ETFs are already holding a significant percentage of Bitcoin’s total supply.
Additionally, Mow referred to the ‘Veblen effect’ as a driving force behind Bitcoin’s price surge. The Veblen effect is characterized by consumers purchasing an item even as its price increases. In the case of Bitcoin, Mow believes that investors will continue to pour money into the cryptocurrency regardless of its rising price. This sustained interest and demand for Bitcoin could lead to further price appreciation and attract new investors to the market.
Mow also envisioned a scenario where Bitcoin surpasses Gold’s market cap, leading people to view Bitcoin as a superior alternative to Gold. He suggested that once Bitcoin flips Gold in terms of market value, there could be a widespread shift from holding Gold to investing in Bitcoin. While some investors are already transitioning from Gold to Bitcoin, Mow anticipates a more significant movement towards the cryptocurrency once it overtakes Gold.
Despite the ambitious nature of his prediction, Mow’s track record lends credibility to his forecasts. He previously predicted that Bitcoin would reach a new all-time high (ATH) before the Halving event, a prediction that has already come to fruition. As of the latest data, Bitcoin is trading at around $73,000, showcasing a strong upward trend in its price performance.
Samson Mow’s prediction of Bitcoin hitting $1 million may seem audacious, but the underlying factors driving his forecast cannot be dismissed. With a combination of supply shortages, growing demand, and the potential for Bitcoin to outshine traditional assets like Gold, Mow’s vision for the future of Bitcoin appears to be grounded in both rationale and historical precedent. As always, it is essential for investors to conduct their own research and exercise caution when navigating the volatile cryptocurrency market.