News
Bitcoin Crucial Value Statement Released by Samson Mow Based on This Metric from U.Today
U.Today – Samson Mow, CEO of JAN3 and its staunch supporter, shared an important statement about the current value of BTC.
This comes as the world’s largest cryptocurrency, Bitcoin, reclaimed the $63,000 level overnight and then lost it again today. In the past 24 hours, BTC has risen from $61,825 to $63,600, an increase of nearly 3%. Bitcoin is currently trading at $62,710.
Samson Mow BTC Statement
Samson Mow, CEO of the Bitcoin adoption-focused company and Bitcoin maximalist, took to social media platform X to share his opinion on the current value of BTC, using his own criteria.
Mow cited “Omega Law” to state that he believes Bitcoin is “incredibly undervalued right now.” “Omega” here refers to “Omega candles,” which Samson continues to expect to take BTC to $1 million, virtually overnight, “soon.” His “soon,” however, covers this year or next, according to his recent tweets, where he said he “knows” BTC is headed toward $1 million.
In a recent interview, Mow said that even if Bitcoin doesn’t hit $1 million in 2024 or 2025, it’s still close this time. The JAN3 chief’s estimate is based on the fact that spot Bitcoin ETFs continue to actively accumulate Bitcoin, and have been doing so since mid-January, when issuers received SEC approval to launch those products.
Among those firms were BlackRock (NYSE:), Fidelity, VanEck, and Grayscale. ETFs have created a demand shock for Bitcoin, while the fourth BTC halving on April 20 has created a supply shock for BTC, according to Mow’s previous tweets. Once these two “Bitcoin shocks” meet, the price will skyrocket, surpassing $1 million.
Over the weekend, Mow commented on the Bitcoin sell-off that is currently taking place. The JAN3 boss believes that the market will be able to absorb it all.
ETFs awaiting approval
The same companies have since filed to launch spot Ethereum exchange-traded funds as well. The SEC gave the initial approval in late May, but the final approval is expected to be announced this week, on July 2. Many in the crypto community are eagerly awaiting the announcement, as they did before the U.S. regulator gave the green light to Bitcoin ETF trading.