On January 3rd, Samson Mow, the steadfast advocate for a $1 million Bitcoin and CEO of a company focused on Bitcoin adoption, issued yet another bullish statement about the cryptocurrency. Mow shared his prediction that the world’s leading cryptocurrency would finally reach $1 million by 2025.
Mow tweeted that despite skepticism, Bitcoin is likely to experience a significant surge. Known for his long-term bullish predictions for Bitcoin prices, Mow consistently publishes news about the possibility of Bitcoin reaching astronomical values, driven by events like the “Omega candles” or the “Godzilla candles.
His unwavering certainty is based on two key factors: the approval of Bitcoin ETFs in January and the fourth Bitcoin halving that occurred in late April. Once the ETFs were greenlit by the U.S. Securities and Exchange Commission (SEC), they began amassing substantial amounts of Bitcoin, accumulating millions of bitcoins daily (excluding weekends) to support their exchange-traded products.
Grayscale’s GBTC was the only ETF losing Bitcoin daily due to withdrawals, allowing BlackRock’s IBIT to surpass GBTC in terms of Bitcoin holdings. Mow then stated that spot ETFs would create a demand shock for Bitcoin. Following the halving, which reduced the block reward from 6.25 to 3.125 Bitcoins, Mow tweeted about an impending supply shock. According to his predictions, the leading cryptocurrency would soar to $1 million (and even higher subsequently) once the demand shock meets the supply shock.
Read more The Continuous Selling Pressure from Bitcoin Miners: An Analysis
In the past 24 hours, the world’s largest cryptocurrency by market capitalization has shown a significant decline, losing the $64,000 and $63,000 levels.
Bitcoin Market Performance:
Since Sunday, Bitcoin’s price has dropped by 3.32%, falling from $64,345 to $62,190 at the time of writing. Bitcoin miners continue to sell as much BTC as possible, maintaining high selling pressure on Bitcoin, which has been a primary factor in its recent price decline. Miners are offloading their Bitcoin to cover mining expenses and secure profits.
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