By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Tuesday, Jul 1, 2025
  • What's Hot:
  • News
  • Market Analysis
  • Education
  • Uncategorized
Blocwire
  • Home
  • News
  • Analysis
  • Education
  • Crypto Index
Reading: Samson Mow Gives Reasons Why Bitcoin Price Could Reach $1 Million This Year
Newsletter
Font ResizerAa
BlocwireBlocwire
  • Home
  • News
  • Analysis
  • Education
  • Crypto Index
Search
  • Home
  • News
  • Analysis
  • Education
  • Crypto Index

Trending →

Bitcoin Open Interest Falls To $37 Billion—Does This Spell Trouble For BTC?

By March 21, 2025

Investors Withdraw 360,000 Ethereum From Exchanges In Just 48 Hours – Accumulation Trend?

By March 21, 2025

Ethereum Price Forms Megaphone Bottom Not Seen Since 2020, Here’s What Happened Last Time

By March 21, 2025

XRP Active Addresses Hit Highest Level Since April 2023 – Will Price Follow?

By March 21, 2025

CoinGecko Survey: 44% of Crypto Pundits Are Bullish on AI Agent Coins — Here Are the Best Ones Ranked

By March 21, 2025
Follow US
© Blocwire, Powered by Afen Blockchain. All Rights Reserved.
Blocwire > Blog > News > Samson Mow Gives Reasons Why Bitcoin Price Could Reach $1 Million This Year
News

Samson Mow Gives Reasons Why Bitcoin Price Could Reach $1 Million This Year

admin
Last updated: March 14, 2024 11:18 am
By admin
Share
3 Min Read
SHARE

The CEO of Jan3 and Bitcoiner, Samson Mow, is still standing by his prediction that Bitcoin could hit $1 million sooner rather than later. During a recent interview, he explained why he is sticking to his ambitious price prediction. 

Contents
Why Bitcoin Would Hit $1 Million This YearWhat The ‘Veblen Effect’ Is About

Why Bitcoin Would Hit $1 Million This Year

Mow mentioned during an interview with ‘What Bitcoin Did’ Host Peter McCormack that BTC will hit $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. For one, he noted that BTC’s demand far exceeds its supply.

Mow highlighted the Spot Bitcoin ETFs, which accumulate almost 4,000 BTC daily. This amounts to about 1.5 million BTC, which these funds can pull over a year, which could drastically reduce the amount of BTC in circulation. These Bitcoin ETFs are already reported to hold a significant percentage of Bitcoin’s circulating supply. 

The Bitcoin maximalist also recognized crypto exchanges that take in large BTC inflows. Therefore, Mow believes the price should “react accordingly” as Bitcoin’s demand continues to exceed the Miners’ supply, which will be cut in half during the Bitcoin Halving. Even if this theory doesn’t play out, he remarked that the concept of the ‘Veblen effect’ will apply to Bitcoin.

What The ‘Veblen Effect’ Is About

The Veblen effect is when consumers purchase an item even as its price increases. In this case, Mow opines that investors will continue to invest in Bitcoin regardless of how high this rises. This sustained interest in the flagship crypto can also lead to further price surges. This Veblen effect is already in full force as Bitcoin continues to attract new investors.

Mow also laid a scenario where BTC attains Gold’s market cap and surpasses it. When that happens, he stated that people will start demonetizing Gold and substituting it for BTC, seeing the crypto token as a better alternative. While he recognized that some investors are already substituting their Gold for Bitcoin, Mow stated that it will happen “en masse” when BTC flips Gold. 

Although ambitious, Samson Mow’s ambitious prediction cannot be discarded, considering that he had previously predicted that Bitcoin would hit a new all-time high (ATH) before the Halving event, which it already did. This is the first time the crypto token hit 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 data from CoinMarketCap. 

Source: NewsBTC

Share This Article
Facebook Twitter Copy Link
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

You Might Also Like ↷

Bitcoin Open Interest Falls To $37 Billion—Does This Spell Trouble For BTC?

March 21, 2025

Investors Withdraw 360,000 Ethereum From Exchanges In Just 48 Hours – Accumulation Trend?

March 21, 2025

Ethereum Price Forms Megaphone Bottom Not Seen Since 2020, Here’s What Happened Last Time

March 21, 2025

XRP Active Addresses Hit Highest Level Since April 2023 – Will Price Follow?

March 21, 2025
  • Advertise with us
  • Newsletters
  • Complaint
  • Deal
Stay tuned for a blend of captivating content that not only informs but also inspires you to navigate the ever-evolving landscape of technology, marketing, and market trends!
Blocwire
  • Home
  • News
  • Analysis
  • Education
  • Crypto Index
FacebookLike
TwitterFollow
TelegramFollow

Blocwire, Powered by Afen Blockchain

Cryptocurrencies: 17,539
Markets: 1,298
Marketcap: $ 3.40 T(2.64%)
24h Vol: $ 89.66 B
BTC Dominance: 62.45%