Samson Mow, a vocal Bitcoin maximalist and CEO of JAN3, a company that helps nation states to adopt BTC, has commented on the recent wave of Bitcoin selling off, during which the world’s biggest crypto currency has twice plunged below $60,000.
Mow believes that all Bitcoin that is being sold now will be picked up by big sharks anyway.
Samson Mow's comment on Bitcoin sell-off
The Bitcoin maximalist made a bullish BTC statement, saying that no matter how much Bitcoin has been sold and is going to be dumped in the coming weeks and, perhaps, months, it will all be absorbed by the market anyway.
Mow most likely meant spot Bitcoin ETF issuers, which have been actively scooping up this digital currency since mid-January after the SEC granted its approval to start trading.
The market can and will absorb all #Bitcoin sales.
— Samson Mow (@Excellion) June 29, 2024
Mow's $1 million Bitcoin prediction
This week, Bitcoin permabull Samson Mow made a stunning BTC prediction, saying that the flagship cryptocurrency is very likely to reach a staggering price level of $1 million within the next year. He wrote that in a tweet published at the start of the week.
During a video podcast, he clarified that BTC is very close to hitting $1 million, and it may happen this year or next. Even if it does not happen in 2025, he said, this price jump is still bound to take place soon.
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Mow has been talking about Bitcoin’s high chances of reaching this impressive price level since the year started and the SEC greenlit exchange-traded funds that track the spot BTC price. Eleven major funds, including BlackRock, VanEck, Ark Invest and Grayscale, filed to launch these ETFs last year.
Once the permission was granted, these ETFs started absorbing all the Bitcoin they could see, and they bought more than 10,000 BTC every day between the ETF approval and the BTC halving that occurred on April 19.
These regular Bitcoin purchases by ETFs and the diminishing of the Bitcoin block reward led Mow to expect that BTC is about to skyrocket to $1 million soon. He explained this prediction, saying that there is a great Bitcoin demand shock now thanks to the ETFs, and a massive supply shock due to the halving. Once these two BTC shocks collide with each other, they will make Bitcoin skyrocket, he said.