By Key Points
- A vocal fan of Bitcoin Samson Mow, restates his forecast for 1 million dollars worth of BTC.
- Supply and demand shocks are some of the reasons behind this increase as mentioned by Mow.
- The recent approval for SEC-regulated bitcoin ETFs is also responsible for the rise in prices.
- Another factor contributing to the expected price hike is the recent halving of Bitcoin.
Samson Mow, an influential supporter of Bitcoin, has again stressed his belief that Bitcoin (BTC) will one day reach a staggering figure of $ 1 million. Sharing this bold prediction on X Account, he repeats his words that the leading virtual money in existence is bound to experience unprecedented price hikes.
Earlier this month, he announced with confidence that by next year bitcoin would have hit $1 million per coin. Despite much skepticism from crypto enthusiasts, however, he remains resolute in his position.
Speaking recently during an interview he even pointed out that although it may not be next year sooner than we think it could happen at any time now.
$1M gang. https://t.co/jnTVnhtVoZ
— Samson Mow (@Excellion) June 27, 2024
Supply and Demand Shocks: Some Key Drivers
Mow’s forecast is based on a close assessment of market dynamics particularly looking at supply and demand shocks. Moreover, he talked about SEC-approved spot-based ETFs which were introduced early this year.
These ETFs have been purchasing around 10k Bitcoins daily since they started operating after SEC approvals up until mid-April. This massive buying spree has far outstripped miners’ daily capability to produce new Bitcoins resulting into erosions in supply chains within markets.
Besides this event, there was also another essential part that illustrated its importance; the fourth bitcoin having occurred last month in April. This event happened when block rewards dropped from 6.25 BTC to 3.125 BTC slashing away half of the new Btcoins being pumped into the economy.
This halving added to the buying pressure exerted by ETFs leading to a situation characterized by both supply and demand shocks. The convergence is expected to result in a significant upswing in Bitcoin value according to Mow.
According to Mow, this possible upsurge may be called an “Omega candle,” which he refers to as an unexpected and explosive price movement. He also mentioned that before these Omega candles, there could be other “Godzilla candles” which are important but have less dramatic price rises.
Crypto Market Implications
If Samson Mow’s prediction comes true, it will have deep implications for the crypto market. The achievement of a $1 million BTC would be not only significant for holders of BTC but for all the participants within the cryptocurrency sphere.
In addition, such a development would serve as a catalyst for greater adoption and investment from mainstream circles thereby consolidating the supremacy status of Bitcoin as preeminent digital assets.
Similarly, institutional investors who have been accumulating bitcoins through ETFs (exchange-traded funds) will see their strategies eventually vindicated if what Mow outlined indeed happens.
On top of that, it will demonstrate how regulatory measures like approving bitcoin ETFs can shape out destiny of cryptocurrencies in the future.
Whether or not Samson Mow’s bold forecast comes true will only become clear with time as cryptocurrency enthusiasts watch closely.
Nevertheless, his unwavering belief in Bitcoin’s possibilities continues to inspire all supporters and skeptics who discuss it passionately every now and then.
