© Reuters. Samson Mow Justifies Bitcoin (BTC) Price With $1 Million Action Plan
U.Today – Samson Mow, the very vocal (BTC) advocate and CEO of Jan3, has broken down the supply and demand thesis for the Bitcoin spot ETF product that could help update the $1 million price he has projected for the coin. On his official X page, Samson Mow pointed out that many people are missing something important with the Bitcoin spot ETF: the accumulation rate.
As a regulated investment product, a portion of the funds from spot Bitcoin ETF products are typically invested in the underlying product, BTC. He used MicroStrategy as a benchmark, noting that the company's latest accumulations included 14,000 BTC and 16,000 BTC units, a sum that was applauded at the time.
Comparing this to the BlackRock (NYSE:) iShares Bitcoin Trust (IBIT), the average BTC stack per day is approximately $200 million, which is equivalent to 4,700 BTC. He then highlighted Fidelity Investments, whose FBTC product buys approximately $175 million worth of Bitcoin per day, or 4,200 BTC.
With combined purchases now pegged at around 9,000 BTC, Samson Mow is convinced of the supply shortages that will be triggered once the spot Bitcoin ETF product reaches full maturity.
Bitcoin Halving to Increase Intrigue
With positivity in the Bitcoin ETF spot market, in regards to ongoing accumulation, Samson Mow highlighted how the upcoming BTC halving event will help complement the growing supply shock.
Samson Mow noted that estimated Bitcoin production per day is pegged at 900 BTC, and with two of the eleven spot Bitcoin ETF issuers in the US purchasing 9,000 units of BTC per day, demand for the new investment vehicle It's 10 times the offer. He noted that the halving will make demand 20 times greater than supply, a positive boost for the price.
Samson Mow has always defended his $1 million Bitcoin price forecast and, with his analysis, advised money managers to plan accordingly.
This article was originally published on U.Today.
