{"id":597648,"date":"2024-03-13T20:00:36","date_gmt":"2024-03-13T20:00:36","guid":{"rendered":"https:\/\/ktsl888.com\/?p=597648"},"modified":"2024-06-11T07:17:30","modified_gmt":"2024-06-11T07:17:30","slug":"bitcoin-price-reach-1-million","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-reach-1-million\/","title":{"rendered":"Samson Mow Gives Reasons Why Bitcoin Price Could Reach $1 Million This Year"},"content":{"rendered":"

The CEO of Jan3 and Bitcoiner, <\/span>Samson Mow<\/span><\/a>, is still standing by his prediction that <\/span>Bitcoin could hit $1 million<\/span><\/a> sooner rather than later. During a recent interview, he explained why he is sticking to his ambitious price prediction.\u00a0<\/span><\/p>\n

Why Bitcoin Would Hit $1 Million This Year<\/h2>\n

Mow mentioned during an <\/span>interview<\/span><\/a> with ‘What Bitcoin Did’ Host Peter McCormack that BTC will hit $1 million this year, if not this year, in 2025. He further explained that BTC’s current setup is well structured for this parabolic run. For one, he noted that BTC’s<\/span> demand far exceeds its supply<\/span><\/a>.<\/span><\/p>\n

Related Reading: Shiba Inu Whales Are Accumulating SHIB, Do They Know Something You Don\u2019t?<\/a><\/div>\n

Mow highlighted the <\/span>Spot Bitcoin ETFs<\/span><\/a>, which accumulate almost 4,000 BTC daily. This amounts to about 1.5 million BTC, which these funds can pull over a year, which could drastically reduce the amount of BTC in circulation. These Bitcoin ETFs are <\/span>already reported<\/span><\/a> to hold a significant percentage of Bitcoin\u2019s circulating supply.\u00a0<\/span><\/p>\n

The Bitcoin maximalist also recognized crypto exchanges that take in large BTC inflows. Therefore, Mow believes the price should \u201creact accordingly\u201d as Bitcoin\u2019s demand continues to exceed the Miners\u2019 supply, which will be cut in half during the <\/span>Bitcoin Halving<\/span><\/a>. Even if this theory doesn\u2019t play out, he remarked that the concept of the \u2018Veblen effect\u2019 will apply to Bitcoin.<\/span><\/p>\n

What The \u2018Veblen Effect\u2019 Is About<\/h2>\n

The <\/span>Veblen effect<\/span><\/a> is when consumers purchase an item even as its price increases. In this case, Mow opines that investors will continue to invest in Bitcoin regardless of how high this rises. This sustained interest in the <\/span>flagship crypto<\/span><\/a> can also lead to further price surges. This Veblen effect is already in full force as Bitcoin continues to attract new investors.<\/span><\/p>\n

Related Reading: Crypto Institutional Investors Are Frontrunning Retail As Inflows Reach Record Highs<\/a><\/div>\n

Mow also laid a scenario where <\/span>BTC attains Gold\u2019s market cap<\/span><\/a> and surpasses it. When that happens, he stated that people will start demonetizing Gold and substituting it for BTC, seeing the crypto token as a better alternative. While he recognized that some investors are already substituting their Gold for Bitcoin, Mow stated that it will happen \u201cen masse\u201d when BTC flips Gold.\u00a0<\/span><\/p>\n

Although ambitious, Samson Mow\u2019s ambitious prediction cannot be discarded, considering that he had <\/span>previously predicted<\/span><\/a> that Bitcoin would hit a new all-time high (ATH) before the Halving event, which <\/span>it already did<\/span><\/a>. This is the first time the crypto token hit a new ATH before the Halving.\u00a0<\/span><\/p>\n

At the time of writing, BTC is trading at around $73,000, up in the last 24 hours according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price above $73,000 | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
Featured image from Medium, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The CEO of Jan3 and Bitcoiner, Samson Mow, is still standing by his prediction that Bitcoin could hit $1 million sooner rather than later. During a recent interview, he explained why he is sticking to his ambitious price prediction.\u00a0 Why Bitcoin Would Hit $1 Million This Year Mow mentioned during an interview with ‘What Bitcoin Did’ Host Peter McCormack that BTC will hit $1 million this year, if not this year, in 2025. He further explained that BTC’s current setup is well structured for this parabolic run. For one, he noted that BTC’s demand far exceeds its supply. Related Reading: Shiba Inu Whales Are Accumulating SHIB, Do They Know Something You Don\u2019t? Mow highlighted the Spot Bitcoin ETFs, which accumulate almost 4,000 BTC daily. This amounts to about 1.5 million BTC, which these funds can pull over a year, which could drastically reduce the amount of BTC in circulation. These Bitcoin ETFs are already reported to hold a significant percentage of Bitcoin\u2019s circulating supply.\u00a0 The Bitcoin maximalist also recognized crypto exchanges that take in large BTC inflows. Therefore, Mow believes the price should \u201creact accordingly\u201d as Bitcoin\u2019s demand continues to exceed the Miners\u2019 supply, which will be cut in half during the Bitcoin Halving. Even if this theory doesn\u2019t play out, he remarked that the concept of the \u2018Veblen effect\u2019 will apply to Bitcoin. What The \u2018Veblen Effect\u2019 Is About The Veblen effect is when consumers purchase an item even as its price increases. In this case, Mow opines that investors will continue to invest in Bitcoin regardless of how high this rises. This sustained interest in the flagship crypto can also lead to further price surges. This Veblen effect is already in full force as Bitcoin continues to attract new investors. Related Reading: Crypto Institutional Investors Are Frontrunning Retail As Inflows Reach Record Highs Mow also laid a scenario where BTC attains Gold\u2019s market cap and surpasses it. When that happens, he stated that people will start demonetizing Gold and substituting it for BTC, seeing the crypto token as a better alternative. While he recognized that some investors are already substituting their Gold for Bitcoin, Mow stated that it will happen \u201cen masse\u201d when BTC flips Gold.\u00a0 Although ambitious, Samson Mow\u2019s ambitious prediction cannot be discarded, considering that he had previously predicted that Bitcoin would hit a new all-time high (ATH) before the Halving event, which it already did. This is the first time the crypto token hit a new ATH before the Halving.\u00a0 At the time of writing, BTC is trading at around $73,000, up in the last 24 hours according to data from CoinMarketCap.\u00a0 BTC price above $73,000 | Source: BTCUSD on Tradingview.com Featured image from Medium, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":597669,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,6848,1119,1122,1144,78790],"class_list":["post-597648","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-prediction","tag-btc","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\nSamson Mow Gives Reasons Why Bitcoin Price Could Reach $1 Million 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Samson Mow Gives Reasons Why Bitcoin Price Could Reach $1 Million This Year","url":"http:\/\/ktsl888.com\/news\/bitcoin-price-reach-1-million\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/bitcoin-price-reach-1-million\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/Bitcoin_fd42bd.jpeg?resize=200%2C183","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/Bitcoin_fd42bd.jpeg?fit=275%2C183"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","bitcoin price prediction","btc","btc price","btcusd","btcusdt"],"dateCreated":"2024-03-13T20:00:36Z","datePublished":"2024-03-13T20:00:36Z","dateModified":"2024-06-11T07:17:30Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Samson Mow Gives Reasons Why Bitcoin Price Could Reach $1 Million This Year\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-price-reach-1-million\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/bitcoin-price-reach-1-million\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Bitcoin_fd42bd.jpeg?resize=200%2C183\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/Bitcoin_fd42bd.jpeg?fit=275%2C183\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"bitcoin price prediction\",\"btc\",\"btc price\",\"btcusd\",\"btcusdt\"],\"dateCreated\":\"2024-03-13T20:00:36Z\",\"datePublished\":\"2024-03-13T20:00:36Z\",\"dateModified\":\"2024-06-11T07:17:30Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2024\/03\/Bitcoin_fd42bd.jpeg?fit=275%2C183","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/597648"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=597648"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/597648\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/597669"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=597648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=597648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=597648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}