U.Today – Samson Mow, a maximalist and head of Bitcoin-focused firm Jan3, took to his account on social media platform X (formerly known as Twitter) to give an ultra-bullish Bitcoin price forecast to the global crypto community.
Mow has doubled down on his $1 million Bitcoin prediction he made earlier this year.
“Bitcoin will hit $1 million,” says Mow. Here's when it could happen
Today, Samson Mow tweeted that “bitcoin is going to hit $1 million,” adding that he’s “not sure.” In the comments thread, the crypto influencer shared that he thinks that’s likely to happen within a year.
Mow also offered a comment on the gigantic Bitcoin transactions made by cryptocurrency exchange Mt. Gox today. The platform began moving Bitcoin so that payments to creditors could begin. Mt Gox transacted nearly $6 billion worth of BTC today, causing the BTC price to drop substantially.
Earlier this week, Samson Mow tweeted that he doesn’t think Bitcoin will ever fall below the $60,000 price mark again. The flagship cryptocurrency has recently started to recover after the recent sell-off initiated by the German government, as it sold 50,000 BTC in multiple transactions to cryptocurrency exchanges such as Coinbase (NASDAQ:), Kraken, and Bitstamp.
Mow's Commentary on Mt. Gox's Big Bitcoin Moves
Chinese cryptocurrency journalist Colin Wu has reported that the Kraken exchange has received funds in bitcoins and bitcoin cash for creditors. It will take one to two weeks for the exchange to start distributing these cryptocurrencies.
Samson Mow doesn’t believe that Mt. Gox payments will have a significant impact on the price of Bitcoin. He expects only 20% of that Bitcoin to hit the market. As for the remaining 80%, the Jan. 3 boss believes it will be moved to cold storage wallets or locked in financial apps, as users are likely to take out loans against this Bitcoin.
But Mow is confident that 100% of the Bitcoin Cash returned to creditors by Mt. Gox will be sold by the recipients.
Bitcoin price plummeted by approximately 3.7% today and fell back to the $62,500 area. This drop was followed by a minor recovery. At the time of writing, Bitcoin is trading at $63,815.
This article was originally published on U.Today
