Categories: Bitcoin Latest News

Samson Mow Gives Reasons Why Bitcoin Price Could Reach $1 Million This Year

The CEO of Jan3 and Bitcoiner, Samson Mow, is still standing by his prediction that Bitcoin could hit $1 million sooner rather than later. During a recent interview, he explained why he is sticking to his ambitious price prediction. 

Why Bitcoin Would Hit $1 Million This Year

Mow mentioned during an interview with ‘What Bitcoin Did’ Host Peter McCormack that BTC will hit $1 million this year, if not this year, in 2025. He further explained that BTC’s current setup is well structured for this parabolic run. For one, he noted that BTC’s demand far exceeds its supply.

Mow highlighted the Spot Bitcoin ETFs, which accumulate almost 4,000 BTC daily. This amounts to about 1.5 million BTC, which these funds can pull over a year, which could drastically reduce the amount of BTC in circulation. These Bitcoin ETFs are already reported to hold a significant percentage of Bitcoin’s circulating supply. 

The Bitcoin maximalist also recognized crypto exchanges that take in large BTC inflows. Therefore, Mow believes the price should “react accordingly” as Bitcoin’s demand continues to exceed the Miners’ supply, which will be cut in half during the Bitcoin Halving. Even if this theory doesn’t play out, he remarked that the concept of the ‘Veblen effect’ will apply to Bitcoin.

What The ‘Veblen Effect’ Is About

The Veblen effect is when consumers purchase an item even as its price increases. In this case, Mow opines that investors will continue to invest in Bitcoin regardless of how high this rises. This sustained interest in the flagship crypto can also lead to further price surges. This Veblen effect is already in full force as Bitcoin continues to attract new investors.

Mow also laid a scenario where BTC attains Gold’s market cap and surpasses it. When that happens, he stated that people will start demonetizing Gold and substituting it for BTC, seeing the crypto token as a better alternative. While he recognized that some investors are already substituting their Gold for Bitcoin, Mow stated that it will happen “en masse” when BTC flips Gold. 

Although ambitious, Samson Mow’s ambitious prediction cannot be discarded, considering that he had previously predicted that Bitcoin would hit a new all-time high (ATH) before the Halving event, which it already did. This is the first time the crypto token hit a new ATH before the Halving. 

At the time of writing, BTC is trading at around $73,000, up in the last 24 hours according to data from CoinMarketCap. 

[#item_full_content]NewsBTCRead More

Recent Posts

XRP Mildly Undervalued On MVRV: What About Bitcoin, Ethereum?

XRP is in a mild undervalued zone according to the 30-day MVRV Ratio. Here’s how…

5 hours ago

Here’s Why Bitcoin’s Reaction To Fed Policy Turns Bearish After Each FOMC Update

The Bitcoin’s behavior around US Federal Reserve announcements has become one of the most consistent…

12 hours ago

Bitcoin Falls Below $90,000 As Vanguard Exec Struggles With Bitcoin Value

Bitcoin Magazine Bitcoin Falls Below $90,000 As Vanguard Exec Struggles With Bitcoin Value  The bitcoin…

15 hours ago

Why Trump Should Pardon The Developers of Bitcoins Non Custodial Samourai Wallet

Bitcoin Magazine Why Trump Should Pardon The Developers of Bitcoins Non Custodial Samourai Wallet On…

16 hours ago

Fed Cut Lights The Fuse: Bitcoin Rebounds And Bulls Predict More Upside

Crypto markets saw a modest lift after the US Federal Reserve made another move on…

18 hours ago

Sangha Renewables Energizes 20 MW Bitcoin Mining Facility in West Texas

Bitcoin Magazine Sangha Renewables Energizes 20 MW Bitcoin Mining Facility in West Texas Sangha Renewables…

18 hours ago