U.Today: Samson Mow, CEO of JAN3 and a staunch supporter, has shared an important statement regarding the current value of BTC.
This happened as the world's largest cryptocurrency, Bitcoin, regained the $63,000 level overnight and then lost it again today. In the last 24 hours, BTC went from $61,825 to $63,600, increasing by almost 3%. As of now, Bitcoin is trading at $62,710.
Samson Mow Statement on BTC
The CEO of the Bitcoin adoption-focused company, Samson Mow, who is also a Bitcoin maximalist, took to social media platform X to share his opinion on the current value of BTC, using his own criteria.
Mow cited the “Omega Law” to state that he believes Bitcoin is “incredibly undervalued right now.” “Omega” here refers to “Omega candles,” which Samson still hopes will take BTC to $1 million, practically overnight, “soon.” His “soon,” however, covers this year or next, according to recent tweets from him, where he claimed that he “knows” BTC is headed to $1 million.
In a recent interview, Mow said that even if Bitcoin doesn't reach $1 million in 2024 or 2025, it's still pretty close this time. The JAN3 boss's estimate is based on the fact that Bitcoin spot ETFs continue to actively accumulate Bitcoin and have been doing so since mid-January, when issuers gained SEC approval to launch those products.
Among those companies were BlackRock (NYSE:), Fidelity, VanEck and Grayscale. The ETFs created a Bitcoin demand shock, while the fourth BTC halving that occurred on April 20 created a BTC supply shock, according to Mow's previous tweets. Once these two “Bitcoin shocks” meet, the price will skyrocket above $1 million.
Over the weekend, Mow commented on the Bitcoin sell-offs that are taking place right now. The JAN3 boss believes that the market will be able to absorb them all.
ETF awaiting approval
The same companies later submitted their applications to launch Ethereum spot exchange-traded funds. In late May, the SEC gave the first approval; however, the last one is expected to be announced this week, on July 2. Many within the cryptocurrency community are looking forward to that moment, as they did before the US regulator gave the green light to Bitcoin ETF trading.
This article was originally published on U.Today
