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Bitcoin (BTC) enthusiast and CEO of BTC-focused company Jan3, Samson Mow, continues to be optimistic about the future trajectory of the largest cryptocurrency. Mow expects the price of BTC to rise to historic levels, influenced by various factors such as spot-based Bitcoin exchange-traded funds (ETFs) in the USA.
Weak Hands vs Diamond Hands
In a recent tweet, Mow shared his observations on the crypto world, highlighting an important indicator amid the latest market downturn that affected short-term investors who sold their BTC assets. Referring to these sellers as “weak hands,” Mow contrasted them with the steadfast investors who continue to accumulate Bitcoin despite market fluctuations, often referred to as “diamond hands.” He noted that the accumulation trend and long-term view among diamond hands are extremely positive for the biggest cryptocurrency.
In another intriguing tweet earlier this week, Mow drew a parallel between the spot Bitcoin ETFs in the USA and Neo, the iconic character from “The Matrix” movie. Sharing a quote from the final scene where Neo defeats Agent Smith by infiltrating from within, Mow likened ETFs to Bitcoin’s penetration into the traditional financial system. While avoiding explicit predictions, Mow’s bullish stance on Bitcoin reveals his expectation of Bitcoin’s potential to disrupt the old financial system and possibly replace the US dollar in the future.
Anticipating a ‘Supply Shock’ to Push Price to 1 Million Dollars
Furthermore, Mow, like some others, believes that Bitcoin is on its way to reaching a price of 1 million dollars. He has repeatedly expressed this expectation until the 4th block reward halving expected to occur on April 19.
Moreover, Mow referred to the demand shock created by Bitcoin ETFs, which, after being launched, saw 12 times the daily BTC production by miners, and anticipates a supply shock following the block reward halving, supported by spot ETFs. According to Mow, this dual “shock” will inevitably propel Bitcoin’s price to unseen historic levels.
Despite the general bullish expectation for spot Bitcoin ETFs, Grayscale’s GBTC remains a notable exception. GBTC continues to make headlines with significant outflows.
