U.Today – Samson Mow, a notable industry figure and proponent of , has once again expressed his bullish view on the leading cryptocurrency, predicting a future where the price of BTC reaches $1 million. Mow, who frequently shares his optimistic views on social media, emphasized that the question is not if Bitcoin will reach this milestone, but when.
Mow, CEO of JAN3, a company dedicated to accelerating the adoption of Bitcoin through the development of infrastructure and financial services, has consistently shared positive predictions about its future. He bases his predictions on the current supply and demand dynamics of Bitcoin, emphasizing that the demand for cryptocurrencies far exceeds its available supply.
One of the key factors Mow emphasizes is the role of spot bitcoin ETFs. These financial instruments allow investors to access BTC without directly owning the asset through traditional markets.
According to the latest data, Bitcoin ETFs currently hold over one million Bitcoin, representing approximately 5% of the total amount of circulating supply. In addition to ETFs, Mow also highlighted Bitcoin's substantial entry into exchanges as another indicator of strong demand.
Although his main theory does not turn out to be accurate, Mow points out the importance of the “Veblen effect” in the case of Bitcoin. The Veblen effect is a phenomenon whereby the demand for a good increases as its price increases, which is contrary to standard economic theory. This effect suggests that rising prices may generate interest and investment in BTC.
Currently, the price of Bitcoin is around $68,000, a drop of just over 0.6% since the start of the day. Despite this drop, the cryptocurrency is still close to its all-time high of $74,000.
This article was originally published on U.Today.
