Samson Mow, the CEO of JAN3 and a strong supporter of Bitcoin, recently made a significant statement regarding the current value of BTC. This statement came at a time when Bitcoin briefly surpassed the $63,000 mark before dropping back down. In the past 24 hours, BTC saw a 3% increase, going from $61,825 to $63,600, and is currently trading at $62,710.
Mow, a well-known Bitcoin maximalist, shared his views on BTC’s value on social media. He referenced the “Omega Law” and expressed his belief that Bitcoin is currently undervalued. Mow predicted that Bitcoin could reach $1 million in the near future, possibly by the end of this year or next. He pointed to the active accumulation of Bitcoin by spot Bitcoin ETFs, which have been approved by the SEC to launch.
Companies like BlackRock, Fidelity, VanEck, and Grayscale have been actively accumulating Bitcoin through ETFs, creating a demand shock. Additionally, the recent Bitcoin halving on April 20 created a supply shock for BTC. Mow believes that when these two factors align, the price of Bitcoin will surge above $1 million.
Mow also commented on the current Bitcoin sales in the market, expressing confidence that the market can absorb them. Furthermore, he mentioned that the same companies are seeking approval to launch spot Ethereum exchange-traded funds, with the final decision expected to be announced on July 2.
Overall, Mow’s insights provide an interesting perspective on the future potential of Bitcoin and the impact of ETFs on its value.