- Samson Mow predicts Bitcoin will reach $1 million soon due to market conditions.
- Bitcoin’s rising value could initiate the “demonetization” of gold, positioning it as “digital gold”.
The CEO of JAN3, Samson Mow, revealed an unusual prediction for the price of Bitcoin (BTC) in his exclusive interview on the podcast “What Bitcoin Did”. There, Mow shared his in-depth insight into his prediction, where the prices of these major cryptocurrencies could climb to seven digit numbers, $1 million.
Mow’s Bold Prediction
Explaining his epic prediction, Mow stressed that it was based on current market analysis and conditions that strongly supported the rise of Bitcoin. “I think this year we will reach a million dollars… if not this year, then next year. But it will come very soon,” he said confidently.
Mow highlighted the growing imbalance between the demand and supply of Bitcoin. According to him, the upcoming Bitcoin halving, will be one of the driving factors of BTC price in his predictions.
From his point of view, the current price of BTC is still a long way from the end, bullish is still in preparation to run harder to be called to the Moon.
He also highlighted the high demand for Bitcoin, referring to a spot Bitcoin ETF that covers about 22,000 BTC. He said,
“The demand is like 10x. Now it’s going to be 20x, so the price has to react accordingly.”
Interestingly, Mow also raised the Veblen effect as a factor that can help the price appreciation of Bitcoin. It is a concept that states that when the price of a commodity rises, demand also rises.
According to him, as Bitcoin gets more valuable, it becomes more desirable and will raise its value to a higher level. To explore more details about this development, you can watch the following YouTube video.
Bitcoin vs Gold: A Paradigm Shift
The CEO of JAN3 also believes that there is a certain point that, if passed, could change the Bitcoin paradigm. “I think that threshold is probably parity with the gold market capitalization, which is about $450,000 to $500,000 per coin,” he added.
After that, BTC will begin the process of “demonetization” of gold, in which this crypto will not only be seen as equivalent to gold, but will be considered as a “new commodity.”
This will trigger a shift in the value stored in gold to Bitcoin, driven by the media narrative that depicts Bitcoin as a replacement for gold or digital gold, for the moment, expanding on what was earlier reported by by ETHNews.
If such remarkable predictions come true, it will mark a new chapter in the history of digital finance, not only placing Bitcoin as a leading digital asset, but also as a global asset that redefines wealth and investment in the digital age.
At the time of writing, the price of BTC has slightly risen 0.1% in the last 24 hours, reaching a price of $73,157.27. This represents an increase of 9.70% over the past 7 days.