According to U.Today, Samson Mow, a prominent figure in the cryptocurrency industry and CEO of JAN3, has predicted that Bitcoin's price could eventually reach $1 million. Mow, known for his bullish stance on Bitcoin, believes that the question is not if, but when Bitcoin will hit this milestone. He frequently shares his optimistic views on social media.
Mow's company, JAN3, is dedicated to accelerating Bitcoin adoption through infrastructure development and financial services. His predictions are based on the current supply and demand dynamics of Bitcoin, emphasizing that the demand for the cryptocurrency far exceeds its available supply.
One of the key factors Mow highlights is the role of spot Bitcoin ETFs. These financial instruments allow investors to access Bitcoin without directly owning the asset through traditional markets. Current data shows that Bitcoin ETFs hold more than one million Bitcoin, approximately 5% of the total circulating supply. Mow also points to the substantial inflow of Bitcoin into exchanges as another indicator of robust demand.
Even if his main theory does not prove to be accurate, Mow notes the importance of the 'Veblen effect' in the case of Bitcoin. The Veblen effect is a phenomenon where the demand for a commodity increases as its price increases, contrary to standard economic theory. This effect suggests that rising prices can spark interest and investment in Bitcoin.
At present, the price of Bitcoin is around $68,000, a slight decline of more than 0.6% since the beginning of the day. Despite this decline, the cryptocurrency is still close to its all-time high of $74,000.