Samson Mow, CEO of JAN3 and a prominent Bitcoin advocate, recently stirred interest with his forecast for Bitcoin’s future price. He shared a bullish outlook on X (formerly Twitter), suggesting that Bitcoin is currently at a “sale” price, advising investors to buy while prices are still below $100,000. Mow emphasized, “Any price below $0.1M is still #Bitcoin on sale,” hinting that this opportunity will diminish once Bitcoin reaches that threshold.
Bitcoin recently experienced a significant price increase on August 23, 2024, surging more than 6% from around $60,700 to approximately $64,450. This uptick followed Federal Reserve Chair Jerome Powell’s comments on interest rate cuts, which many interpreted as a favorable signal for the cryptocurrency market.
Bitcoin’s price has continued to rise, resting at $64,230 and driving up altcoin values as well. Mow attributes this bullish trend to structural changes in the Bitcoin market, including the approval of spot Bitcoin ETFs, which have been rapidly accumulating Bitcoin. These ETFs are reportedly buying thousands of Bitcoins daily, creating a substantial demand shock.
Mow also cites the recent halving event, which reduced Bitcoin’s block reward and contributed to a supply shock. He believes this combination will drive Bitcoin’s price to new heights. Mow’s long-term prediction is that Bitcoin could reach $1 million within a year or even sooner, driven by high demand and dwindling supply.
He argues that Bitcoin’s unique attributes make it a preferred asset for investors facing inflation or economic instability. This view aligns with the current economic climate, where many are seeking alternative investments.
Mow also touched on the “Veblen Effect,” where increasing prices can enhance a product’s perceived value, potentially attracting more investors. He suggests this psychological factor will further boost demand for Bitcoin, creating a self-reinforcing investment cycle.
