Bitcoin influencer and CEO of JAN3, Samson Mow, believes Bitcoin is currently on sale and any price below $100,000 is a steal for smart investors.
Bitcoin’s Recent Surge and Mow’s Predictions
Mow’s prediction comes after Bitcoin saw a significant price jump on August 23rd, reaching over $64,000. This surge followed a comment by Federal Reserve Chair Jerome Powell about potential interest rate cuts, which many investors saw as a positive sign for the cryptocurrency market.
Mow’s predictions are based on recent changes in the Bitcoin market, including the approval of spot Bitcoin ETFs. These ETFs are actively buying up Bitcoin, creating a huge demand shock. This, combined with the supply shock caused by the recent halving event (which reduced the Bitcoin block reward), is creating a perfect storm for a dramatic price increase, according to Mow.
$1 Million Bitcoin?
Mow is known for his bold predictions and believes Bitcoin could reach $1 million within a year. He argues that the current market dynamics, with high demand and dwindling supply, favor such a rise. He’s confident that the market will absorb all Bitcoin sales, regardless of price fluctuations.
He emphasizes that investors seeking a safe haven asset in inflationary environments or oppressive regimes are likely to see Bitcoin as a valuable option. This ties into the broader economic context, as many are looking for alternative investments due to rising inflation and economic uncertainty.
The Veblen Effect and Bitcoin’s Psychology
Mow also highlights the “Veblen Effect,” where consumers continue buying a product even as it becomes more expensive due to its perceived value. He believes this will play a significant role in Bitcoin’s future. As the price increases, more investors will be attracted not only by potential returns but also by the perceived value of Bitcoin. This psychological factor could further fuel demand, creating a self-reinforcing cycle of investment.
