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JAN3’s CEO and prominent Bitcoin maximalist Samson Mow shared his views on the recent Bitcoin sale that caused the cryptocurrency’s price to drop below $60,000 twice. Despite these significant sales, Mow maintains a bullish outlook on Bitcoin’s future and suggests that the sold Bitcoin will ultimately be absorbed by larger market players.
Mow Trusts Bitcoin
Mow’s confidence in Bitcoin remains unshaken despite the sales. He believes that regardless of how much is sold in the coming weeks or months, the cryptocurrency will continue to be purchased by major investors, often referred to as whales. This perspective stems from the activities of spot Bitcoin ETF issuers who have bought large amounts of Bitcoin since the US Securities and Exchange Commission (SEC) approved these ETFs for trading.
The CEO of JAN3, a company dedicated to helping nation-states adopt Bitcoin, also made a bold prediction about Bitcoin’s future price. Earlier this week, Mow forecasted that Bitcoin could astonishingly reach $1 million within the next year.
He expressed this view in a tweet and later elaborated on it during a video podcast, emphasizing that Bitcoin could potentially reach this milestone either this year or next. However, he acknowledged that even if this target is not met by 2025, it remains a reasonable future scenario.
Emphasizing Bitcoin Halving
Mow’s optimistic prediction is supported by various factors, primarily the recent approval of Bitcoin ETFs by the SEC. Since the approval, major financial institutions like BlackRock, VanEck, Ark Invest, and Grayscale have purchased significant amounts of Bitcoin. These ETFs have bought over 10,000 BTC daily from the date of approval until the Bitcoin halving on April 19. This consistent buying pressure has contributed to Mow’s expectation of a significant price increase.
The high demand from ETFs combined with the reduced supply due to Bitcoin’s halving is central to Mow’s forecast. The halving event, which reduces the reward for mining new Bitcoin blocks, historically leads to price increases due to the slower release of new Bitcoins into the market. Mow believes the current situation has created a significant demand shock due to ETF activities, combined with a supply shock from the halving.
