The CEO of Jan3 and Bitcoiner, bitcoin-swift-rise-to-1-million/” rel=”nofollow”>Samson cutstill stands by his prediction that bitcoin could reach $1 million Better sooner than later. During a recent interview, she explained why he is sticking to his ambitious price prediction.
Why bitcoin would reach $1 million this year
Mow mentioned during a bitcoin#notes” rel=”nofollow”>interview with 'What bitcoin Did' host Peter McCormack that btc will reach $1 million this year, if not this year, in 2025. He further explained that btc's current setup is well structured for this parabolic run. On the one hand, he pointed out that btc demand far exceeds supply.
Mow highlighted the bitcoin-etfs-now-hold-nearly-of-btc/” rel=”nofollow”>bitcoin Spot ETF, who accumulate almost 4,000 btc daily. This is equivalent to approximately 1.5 million btc, which these funds can withdraw over a year, which could drastically reduce the amount of btc in circulation. These bitcoin ETFs are bitcoin-etfs-now-hold-nearly-of-btc/” rel=”nofollow”>already reported maintain a significant percentage of the circulating supply of bitcoin.
The bitcoin maximalist also acknowledged crypto exchanges receiving large btc inflows. Therefore, Mow believes that the price should “react accordingly” as demand for bitcoin continues to outstrip miners' supply, which will be halved over the course of the year. bitcoin-halving-could-provide-a-big-boost-to-these-altcoins-growth/” rel=”nofollow”>bitcoin Halving. Even if this theory does not hold true, he commented that the concept of the “Veblen effect” will apply to bitcoin.
What is the 'Veblen effect' all about?
He veblen effect It is when consumers buy an item even when its price increases. In this case, Mow is of the opinion that investors will continue to invest in bitcoin regardless of how high it goes. This sustained interest in flagship crypto It may also lead to further price increases. This Veblen effect is already in full effect as bitcoin continues to attract new investors.
Mow also proposed a scenario in which bitcoin-and-gold-hit-record-breaking-milestones/” rel=”nofollow”>btc reaches the market capitalization of gold and overcomes it. When that happens, he stated that people will start to demonetize gold and replace it with btc, seeing the crypto token as a better alternative. While he acknowledged that some investors are already substituting their gold for bitcoin, Mow said it will happen “en masse” when btc swaps out gold.
Although ambitious, Samson Mow's ambitious prediction cannot be ruled out, considering that there were previously predicted that bitcoin would reach a new all-time high (ATH) before the Halving event, which bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>he already did it. This is the first time the crypto token has reached a new ATH before the Halving.
At the time of writing, btc is trading at around $73,000, up in the last 24 hours according to bitcoin/” rel=”nofollow”>data from CoinMarketCap.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/03/Samson-Mow-Gives-Reasons-Why-Bitcoin-Price-Could-Hit-1" alt="Tradingview.com bitcoin Price Chart” width=”3286″ height=”1530″ loading=”lazy”/>
btc price above $73,000 | Source: BTCUSD on Tradingview.com
Featured image from Medium, chart from Tradingview.com
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