Samson Mow, a prominent advocate and influential figure in the cryptocurrency industry, has reiterated his bullish stance on Bitcoin, forecasting a future where the price of BTC reaches $1 million. Mow, who regularly shares his optimistic outlook on social media, insists that the milestone is inevitable, stressing that the critical question is not if but when it will happen.
As the CEO of JAN3, a company focused on accelerating Bitcoin adoption through infrastructure development and financial services, Mow bases his predictions on the fundamental dynamics of Bitcoin’s supply and demand. He highlights that the demand for Bitcoin far surpasses its limited supply, creating a conducive environment for significant price appreciation.
Mow underscores the critical role of spot Bitcoin ETFs in driving this demand. These financial instruments allow investors to gain exposure to Bitcoin through traditional markets without needing to own the asset directly. According to recent data, Bitcoin ETFs collectively hold over one million BTC, representing roughly 5% of the total circulating supply.
In addition to the influence of ETFs, Mow points to the substantial inflow of Bitcoin into exchanges as further evidence of robust demand. This influx is a key indicator that investors are increasingly interested in the cryptocurrency.
Mow also considers the potential impact of the “Veblen effect” on Bitcoin. This economic phenomenon suggests that the demand for a commodity can increase as its price rises, contrary to typical market behavior. Applied to Bitcoin, this effect implies that rising prices could further fuel interest and investment, propelling BTC toward Mow’s $1 million prediction.
Currently, Bitcoin’s price is hovering around $68,000, a slight decline of just over 0.6% from the day’s opening. Despite this minor drop, Bitcoin remains near its all-time high of $74,000, reinforcing Mow’s confidence in its upward trajectory.
