Samson Mow, a prominent crypto entrepreneur, has made a bold prediction that Bitcoin could eventually reach a staggering $10 million per coin. This forecast comes amidst a period of stagnation, with Bitcoin‘s price stabilizing around $70,000 since mid-May, leading to frustration among traders and investors who suspect market manipulation.
Adam Back, a key figure in the cryptocurrency community with connections to Bitcoin’s enigmatic creator Satoshi Nakamoto, has proposed that the current price suppression might be due to certain sellers urgently needing cash. Back explained that these sellers are offloading their holdings, and once their limited supply is depleted, the market could experience a significant upward movement.
Supporting this theory, Back pointed to data indicating the presence of basis trading, where Bitcoin serves as collateral rather than Bitcoin ETFs. He highlighted that ongoing buying activity through CME futures suggests latent demand in the market.
Mow echoed Back’s analysis, noting an increase in short interest from inexperienced traders misinterpreting the cash-and-carry trade. He argued that the substantial shorting activity on futures is unsustainable, predicting massive liquidations for those involved, which would drive Bitcoin’s price upward. Mow likened the current suppressed state of Bitcoin’s price to a compressed coil ready to spring, suggesting an imminent and dramatic price increase.
Moreover, Mow emphasized that Bitcoin trading below $70,000 is an anomaly given its historical trajectory. He expressed confidence that not only would $1 million per Bitcoin eventually seem like a bargain, but the price could ultimately surge to $10 million, making it a pivotal investment for the future.
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