Samson Mouw, CEO of bitcoin-focused technology company JAN3, has predicted that the price of bitcoin (BTC) could reach the seven-figure mark.
Speaking on the What #Bitcoin Did podcast, Mr. Move said that the value of the flagship crypto asset could rise by around 1,264% from current levels in the next few months.
I think it will hit the million dollar mark by the end of this year. If not this year, then next year. But it will happen very soon.
At the time of writing, bitcoin is trading at $BTC According to the CEO of JAN3, the current market situation forms a bullish thesis for bitcoin.
The whole situation right now is perfect for growth. Demand far exceeds supply. And supply is about to be cut. The halving will happen within a month.
About 22,000 #BTC has been collected in exchange traded funds (ETFs) (spot bitcoin) alone... In other words, demand exceeds supply by a factor of 10. It will now increase 20 times, so the price should react accordingly.
Mauve believes that the Veblen effect - the concept that when the price of a commodity rises, demand increases, resulting in an upward-sloping demand curve (demand rises as price rises) - could also play a role in bitcoin's rise.
Even if this doesn't happen, there is the concept of the Veblen effect: ........ If the value of bitcoin rises, people will want it simply because it has become more valuable. The #threshold is probably the same as the market value of gold, which is around $450,000 to $500,000 per coin.
Once Veblen's threshold is crossed, people will start demonizing gold. Then people will see gold as the equivalent of gold, the new gold, and start devouring it. The media will say the same thing. This is an important threshold for gold to pass. Gold starts to fall, and people will start transferring the value they've stored in gold into bitcoin. "
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