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Samson Mow believes $1 million worth of Bitcoin (BTC) is a matter of time
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Samson Mow, a prominent industry figure and Bitcoin advocate, has once again expressed his bullish view on the leading cryptocurrency, predicting a future where the price of BTC reaches $1 million. Mow, who often shares his optimistic views on social media, stressed that the question is not if Bitcoin will reach this goal, but when.
Mow, CEO of JAN3, a company committed to accelerating Bitcoin adoption through the development of financial infrastructure and services, has consistently shared positive predictions about its future. He bases his predictions on the current supply and demand dynamics of Bitcoin, pointing out that the demand for the cryptocurrency far exceeds the available supply.
One of the key factors that Mow highlights is the role of spot Bitcoin ETFs. These are financial instruments that allow investors to access BTC without directly owning the asset through traditional markets.
According to the latest data, Bitcoin ETFs they currently hold more than one million Bitcoins, or approximately 5% of the total amount of circulating supply. In addition to ETFs, Mow also highlighted the substantial influx of Bitcoin into exchanges as another indicator of robust demand.
Even if his main theory does not turn out to be correct, Mow highlights the importance of the “Veblen effect” in the case of Bitcoin. The Veblen effect is a phenomenon where 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 Bitcoin.
BTC to USD by CoinMarketCap
The price of Bitcoin is currently around $68,000, down just over 0.6% since the start of the day. Despite this decline, the cryptocurrency is still close to its all-time high of $74,000.
About the author
Gamza Khanzadaev
Financial analyst, trader and cryptocurrency enthusiast.
Gamza graduated in Finance and Credit with a specialization in securities and financial derivatives. He then obtained a master’s degree in banking and asset management.
He wants to help cover economic and fintech topics, as well as educate more people about cryptocurrencies and blockchain.