Benzinga - Samson Mow, a prominent figure in the cryptocurrency industry, has predicted that Bitcoin (CRYPTO: BTC) will soon hit $1 million.
What Happened: Mow, a seasoned figure in the cryptocurrency industry and the CEO of JAN3, has projected that Bitcoin’s price could surge to $1 million “very soon.” According to The Daily Hodl, Mow’s prediction is based on current market dynamics and upcoming events in the crypto space.
"I think this year we're going to hit $1 million… if not this year, next year. But it's coming very soon,” he told during a recent podcast.
Mow attributes his optimistic outlook to a combination of high demand and an impending reduction in Bitcoin’s supply. He highlights the Bitcoin halving event, which is scheduled to occur in a month, as a pivotal factor that will constrain supply while demand continues to escalate.
Furthermore, Mow points to the influx of capital into Bitcoin exchange-traded funds (ETFs), which are reportedly acquiring approximately 22,000 BTC, indicating a demand that exceeds supply tenfold and is expected to double. He anticipates that the price will adjust accordingly in response to these market forces.
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Another element that Mow believes will contribute to Bitcoin’s price appreciation is the Veblen Effect, where higher prices lead to increased demand.
"And there's a threshold at which you cross, I think that threshold is probably parity with the gold market cap, which is about $450,000 to $500,000 a coin,” he added.
Why It Matters: The prediction by Mow comes amidst a backdrop of a robust Bitcoin rally, with the cryptocurrency’s price reaching record highs. Cryptocurrency miners have seen their revenues soar to new peaks, thanks in part to the anticipation of the upcoming halving event and growing interest from Wall Street.
Bitcoin’s remarkable ascent has also drawn predictions from other high-profile figures. Personalities like Ark Invest CEO Cathie Wood have joined the “million dollar club,” forecasting that Bitcoin could hit the $1 million mark within the next decade.
However, not everyone agrees with the optimistic outlook. Economist Peter Schiff recently expressed skepticism about the impact of the halving event on Bitcoin’s supply. Schiff argued that the supply of Bitcoin will not be cut in half, but rather, the growth rate of supply will decrease.
As per Benzinga Pro, Bitcoin was trading 0.54% lower at $72,677.64 at the time of writing this article.
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