Samson Mow, the CEO of JAN3 and a prominent Bitcoin advocate, recently made a significant statement regarding Bitcoin’s current value. This comes as the world’s largest cryptocurrency, Bitcoin, briefly reclaimed the $63,000 mark overnight before losing it again today. Over the past 24 hours, Bitcoin rose from $61,825 to $63,600, a roughly 3% increase. As of now, Bitcoin is trading at $62,622.
Samson Mow’s Statement on BTC:
The CEO of a Bitcoin-focused company and a staunch Bitcoin supporter, Samson Mow, took to the social media platform X to share his perspective on Bitcoin’s current value, using his own metrics.
Mow cited the “Omega Law” to state that he believes Bitcoin’s value is “incredibly undervalued right now.” The term “Omega” here refers to “Omega candles,” which Mow predicts will drive Bitcoin’s value to one million dollars “overnight, soon.” However, “soon” could mean this year or next year, according to his recent tweets, where he mentioned that he “knows” Bitcoin is heading to a million dollars.
In a recent interview, Mow said that even if Bitcoin doesn’t reach a million dollars in 2024 or 2025, that time is still very near. The JAN3 CEO’s estimation is based on the fact that spot Bitcoin ETFs have been actively accumulating Bitcoin since mid-January when issuers received approval from the SEC to launch these products.
Among these companies are BlackRock, Fidelity, VanEck, and Grayscale. The ETFs have created a demand shock for Bitcoin, while the fourth Bitcoin halving event on April 20 has created a supply shock, according to Mow’s previous tweets. Once these “Bitcoin shocks” converge, the price is expected to surpass one million dollars.
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Over the weekend, Mow commented on the ongoing Bitcoin sales, stating that the market will be able to absorb them all.
Ethereum ETFs Await Approval:
Later, the same companies filed for spot Ethereum ETFs. At the end of May, the SEC granted the first approval; however, the final approval announcement is expected this week on July 2. Many in the crypto community are eagerly awaiting this, just as they did before the US regulatory body greenlit Bitcoin ETFs.
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