Samson Mow, the CEO of crypto-focused technology firm JAN3, recently shared his forecast for Bitcoin’s future price on the “What Bitcoin Did” podcast.
Samson Mow is a prominent figure in the cryptocurrency and blockchain industry, known for his expertise in the technological and economic facets of digital currencies. He has played key roles in several major projects and companies within the crypto space.
Mow is perhaps best known for his tenure as the Chief Strategy Officer of Blockstream, a leading provider of blockchain technologies, where he contributed significantly to the development and promotion of Bitcoin and its underlying technology. In addition to his work at Blockstream, Mow has ventured into other significant roles, including his position as the CEO of JAN3, a tech firm focused on promoting and developing Bitcoin-centric solutions and infrastructure.
Mow suggests that Bitcoin, the leading cryptocurrency, could see an unprecedented surge in its value, potentially reaching $1 million in the medium term.
Mow said:
“I think this year we’re going to hit $1 million… if not this year, next year. But it’s coming very soon.”
Since, at the time of writing, the Bitcoin price is $72,807, this projection implies a dramatic increase of approximately 1,273% from its current price levels.
Mow’s bullish outlook is grounded in the current market dynamics, which he believes are ideally positioned for a significant price rally. One of the key factors contributing to his positive prediction is the imminent reduction in Bitcoin’s supply, commonly referred to as “halving,” which is scheduled to occur in a month. Halving events, which reduce the rate at which new bitcoins are generated, have historically been catalysts for substantial price increases.
The demand for Bitcoin, according to Mow, is already significantly outpacing the available supply. He points to the influx of approximately 22,000 BTC into spot Bitcoin exchange-traded funds (ETFs) as evidence of this growing demand, which he estimates is about to double. This imbalance between supply and demand is expected to have a direct and favorable impact on Bitcoin’s price.
Furthermore, Mow introduces the Veblen Effect as another factor that could contribute to Bitcoin’s price appreciation. The Veblen Effect posits that the demand for a good increases as its price rises, leading to an upward-sloping demand curve. Mow speculates that as Bitcoin becomes more valuable, it will also become more desirable, thereby accelerating its demand and value even further.
A significant milestone in Bitcoin’s journey, according to Mow, would be achieving parity with the market capitalization of gold, which he estimates to be between $450,000 and $500,000 per coin. Achieving this threshold could trigger a shift in perception, positioning Bitcoin as the “new gold” and prompting investors to transition their value storage from gold to Bitcoin. This shift would not only elevate Bitcoin’s status but could also lead to a decrease in gold’s value as Bitcoin begins to “demonetize” it.
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