Samson Mow explains why Bitcoin could hit $1 million in 2023

CEO of Jan3 and Bitcoin entrepreneur, Samson Mow, remains confident in his prediction that Bitcoin could reach $1 million in the near future.

Why Bitcoin Could Hit $1 Million: Insights from Samson Mow

In a recent interview with ‘What Bitcoin Did’ Host Peter McCormack, Samson Mow, the CEO of Jan3 and a well-known Bitcoin enthusiast, reaffirmed his prediction that Bitcoin could reach a staggering $1 million in price sooner rather than later. Let’s take a closer look at Mow’s reasoning behind this ambitious prediction and delve into some key insights he shared.

BTC’s Demand and Supply Dynamics

Mow believes that BTC’s current setup is primed for a parabolic price run. One crucial factor he pointed out is the overwhelming demand for Bitcoin, which far exceeds its supply. According to Mow, the increasing popularity of Spot Bitcoin ETFs contributes significantly to this demand. These ETFs accumulate nearly 4,000 BTC daily, which amounts to roughly 1.5 million BTC per year. As a result, the supply of BTC in circulation could be drastically reduced. It’s worth noting that the circulating supply of Bitcoin is already limited, leading to a scarcity that could drive up the price.

The Veblen Effect: Investors’ Frenzy for Bitcoin

Mow also touched upon an interesting concept known as the ‘Veblen effect.’ This effect describes a phenomenon where consumers continue to purchase an item even as its price increases. In the case of Bitcoin, Mow believes that investors will keep pouring money into it, regardless of how high the price rises. This sustained interest in the flagship cryptocurrency could potentially lead to further price surges. In fact, the Veblen effect is already in full force as Bitcoin continues to attract new investors.

BTC vs. Gold: Flipping the Market Cap

Another scenario Mow contemplated involves Bitcoin overtaking the market cap of gold. If BTC reaches and surpasses the market cap of gold, it is likely to trigger a wave of gold demonetization, with investors substituting gold for Bitcoin. Some investors are already making this shift, but according to Mow, it will happen on a much larger scale when Bitcoin flips gold.

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While these predictions may seem ambitious, it’s worth noting that Mow successfully predicted that Bitcoin would hit a new all-time high (ATH) before the Halving event, which it did. This demonstrates that Mow’s insights and predictions carry weight. Currently, BTC is trading at around $73,000 according to data from CoinMarketCap, showing strong growth potential.

BTC price above $73,000 | Source: BTCUSD on Tradingview.com

Q&A Section

Q: Why does BTC’s demand far exceed its supply? A: BTC’s demand outstrips its supply due to factors like increasing institutional adoption, growing mainstream awareness, and limited mining rewards, which reduce the rate at which new BTC is introduced into the market.

Q: Could Bitcoin ETFs have a significant impact on BTC’s price? A: Yes, Bitcoin ETFs have the potential to affect BTC’s price significantly. As they accumulate vast amounts of BTC, they reduce its circulating supply, creating scarcity that can drive up the price.

Q: Will the Veblen effect sustain Bitcoin’s price surge? A: The Veblen effect, which occurs when consumers purchase an item even as its price increases, could help sustain Bitcoin’s price surge. Investors’ continued interest, regardless of the price, can contribute to further upward momentum.

Q: How likely is Bitcoin to surpass the market cap of gold? A: While it is challenging to predict with certainty, many experts see Bitcoin as a potential contender to surpass and flip the market cap of gold due to its digital advantages, scarcity, and growing mainstream acceptance.

Future Outlook and Investment Strategy

Considering Mow’s past accurate predictions, his price projection of Bitcoin hitting $1 million deserves attention. While the exact timeline remains uncertain, the factors driving Bitcoin’s demand and scarcity provide a strong foundation for potential future growth. Investors should consider diversifying their portfolios to include Bitcoin, recognizing its unique position in the digital and financial landscape.

In summary, Samson Mow’s insights shed light on the reasons behind his bold prediction of Bitcoin reaching $1 million. The interplay between demand and supply dynamics, the Veblen effect, and BTC’s potential to surpass the market cap of gold all contribute to this optimistic forecast. As always, thorough research and careful consideration of all factors are essential for informed investment decisions in the ever-evolving realm of cryptocurrencies.

References:

• Bitcoin price prediction: Crypto Exchange Director says BTC could hit $140,000. Time to buy?
• Shiba Inu Whales Are Accumulating SHIB, Do They Know Something You Don’t?
• CBOE predicts Spot Bitcoin ETFs to draw investments from pension funds and retail-based funds
• Fidelity Bitcoin ETF rakes in $208M, offsetting Grayscale outflows alone
• Bitcoin Needs to Address Scaling Before ETFs Can Drive Momentum
• Bitcoin Halving: How Will It Affect ETH Price?
• Bitcoin’s price rally could breach $50,000 this month, says Matrixport
• Crypto Institutional Investors Are Frontrunning Retail as Inflows Reach Record Highs

Now that you’re armed with some valuable insights about Bitcoin’s potential, share this article with your friends and start a discussion about the future of cryptocurrencies. Let’s see who’s bold enough to envision a $1 million Bitcoin! 💰🚀

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