According to U.Today, Samson Mow, CEO of JAN3 and a prominent Bitcoin advocate, has expressed his views on the current value of Bitcoin (BTC). This comes as Bitcoin, the world's largest cryptocurrency, briefly surpassed the $63,000 mark before falling back down. In the last 24 hours, BTC has fluctuated from $61,825 to $63,600, marking an approximate 3% increase. At present, Bitcoin is trading at $62,710.
Mow, who is also a Bitcoin maximalist, took to social media to share his perspective on BTC's current value, based on his own criteria. He referenced 'Omega Law' to assert that Bitcoin is 'incredibly undervalued' at present. The term 'Omega' refers to 'Omega candles', which Mow anticipates will propel BTC to $1 million virtually overnight, 'soon'. His definition of 'soon' encompasses this year or the next, as per his recent tweets where he claimed that BTC is on track to reach $1 million.
Mow's prediction is grounded in the observation that spot Bitcoin ETFs have been actively accumulating Bitcoin since mid-January, following approval from the SEC. Companies such as BlackRock, Fidelity, VanEck, and Grayscale were among those that received approval. According to Mow, the creation of these ETFs resulted in a demand shock for Bitcoin, while the fourth BTC halving in April led to a supply shock. He believes that when these two 'Bitcoin shocks' intersect, the price will surge past $1 million.
In addition to Bitcoin, these companies have also filed to launch spot Ethereum exchange-traded funds. The SEC granted initial approval in late May, with the final approval expected to be announced on July 2. This has generated anticipation within the crypto community, similar to the excitement that preceded the approval of Bitcoin ETF trading.