Samson Mow, CEO of Jan3 and a prominent Bitcoin advocate, maintains his bullish prediction that Bitcoin could reach $1 million this year or by 2025.
Reasons for the Price Surge
1. Supply and Demand Imbalance:
Mow highlights that the demand for Bitcoin far exceeds its supply. Spot Bitcoin ETFs, which accumulate thousands of BTC daily, are significantly reducing the amount of BTC in circulation.
2. Exchange Inflows:
Crypto exchanges are experiencing large inflows of BTC, further reducing the supply. Mow believes this will drive up the price as demand outstrips supply.
3. Bitcoin Halving:
The upcoming Bitcoin Halving will reduce the supply of new BTC by half, further increasing its scarcity.
4. Veblen Effect:
Mow argues that the Veblen effect, where consumers buy more of a product as its price increases, applies to Bitcoin. Investors are willing to invest in Bitcoin even at higher prices.
5. Gold Replacement:
Mow predicts that Bitcoin will eventually surpass Gold’s market cap, leading to a mass substitution of Gold with BTC.
Mow’s Previous Predictions
Mow’s prediction that Bitcoin would hit a new all-time high before the Halving event came true. This is the first time Bitcoin has reached a new ATH before the Halving.
Current Bitcoin Price
At the time of writing, Bitcoin is trading around $73,000, showing a rise in the last 24 hours.
