The CEO of Bitcoin-focused company JAN3, Samson Mow, predicts that the Bitcoin price could quickly shoot towards $1 million. In an appearance on Peter McCormack’s What Bitcoin Did podcast, Samson Mow says Bitcoin could rise 1,264 percent from its current price.
“I think we’re heading towards $1 million this year. If it doesn’t work out this year, then next year. But that race is coming very soon,” said Samson Mow.
Nieuwe all-time high
At the time of writing, the Bitcoin price has once again managed to reach an all-time high. In the early hours of March 14, the price rose to the level of $ 73,800, which is an all-time record for the digital currency.
It sometimes seems as if we can no longer get strong corrections, now that the ETFs are swallowing up all the Bitcoin from the market.
According to the JAN3 CEO, current market conditions confirm his positive outlook for Bitcoin. “The whole setup we see at the moment is perfect for new surges. Demand is much greater than supply and the halving is coming.
The Spot Bitcoin ETFs alone withdraw 22,000 Bitcoin from the market. So the demand is 10x higher than the supply. After the halving, this will increase to 20x, so the price must respond accordingly,” said Samson Mow.
The Veblen Effect and Bitcoin
Samson Mow also thinks that the so-called Veblen Effect plays a role. The Veblen Effect states that the rising price of a rare commodity also increases demand, which could play a role for Bitcoin.
“Even if that didn’t happen, you have the concept of the Veblen Effect. As Bitcoin increases in value, it becomes more attractive to people because it is valuable.
There is a limit you can cross and I expect it to be around the market cap of gold; which equates to a Bitcoin price of $450,000 to $500,000 each,” said the CEO of the Bitcoin company.
What do you think? Will Samson Mow’s gigantic expectations eventually come true?
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Source: https://newsbit.nl/samson-mow-heel-snel-bitcoin-koers-van-1-miljoen/
