The CEO of Jan3 and Bitcoiner, Samson Mow, is maintaining his bold prediction that Bitcoin could reach $1 million in the near future. In a recent interview with ‘What Bitcoin Did’ host Peter McCormack, Mow elaborated on why he believes in this ambitious price target. He asserted that BTC’s current setup is conducive to a parabolic rise, citing the imbalance between its demand and supply.
Mow pointed out that the Spot Bitcoin ETFs are accumulating a substantial amount of BTC daily, which could lead to a significant reduction in the circulating supply of Bitcoin. This, coupled with large inflows of BTC into crypto exchanges, is expected to drive the price of Bitcoin higher as demand outstrips the supply. Additionally, Mow highlighted the upcoming Bitcoin Halving event, where the miners’ supply of Bitcoin will be halved, further supporting his price prediction.
One intriguing concept that Mow discussed was the ‘Veblen effect’ in relation to Bitcoin. This effect refers to consumers’ willingness to purchase a product even as its price increases. Mow believes that this phenomenon will apply to Bitcoin, as investors are likely to continue investing in the digital asset, irrespective of its price. This sustained interest in Bitcoin could lead to further price surges, attracting more investors to the cryptocurrency market.
Mow also presented a scenario where Bitcoin surpasses Gold’s market cap, leading to a mass demonetization of Gold in favor of Bitcoin. He suggested that as Bitcoin gains more prominence and acceptance, investors may increasingly view it as a superior alternative to traditional assets like Gold. While some investors have already started substituting Gold for Bitcoin, Mow envisions a broader shift in investor sentiment once Bitcoin surpasses Gold in market cap.
Samson Mow’s prediction of Bitcoin reaching $1 million may seem ambitious, but it is worth considering given his track record of accurately forecasting Bitcoin’s price movements. With Bitcoin already hitting new all-time highs and trading at around $73,000 at the time of writing, the possibility of it reaching $1 million is not entirely implausible. However, as with any investment, it is essential to conduct thorough research and exercise caution before making any investment decisions. Investing in cryptocurrencies carries inherent risks, and individuals should be aware of the potential volatility in the market.