{"id":14968,"date":"2024-03-13T19:21:00","date_gmt":"2024-03-13T19:21:00","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=14968"},"modified":"2024-03-13T19:21:02","modified_gmt":"2024-03-13T19:21:02","slug":"samson-mow-says-bitcoin-will-hit-1-million-this-year-amid-unprecedented-demand","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=14968","title":{"rendered":"Samson Mow says Bitcoin will hit $1 million this year amid unprecedented demand"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Jan3 CEO Samson Mow said Bitcoin is on track to hit $1 million per coin this year or the next based on market conditions, the upcoming halving, and broader economic factors.<\/p>\n<p>Mow made the statement during a podcast appearance on March 12, reaffirming previous predictions regarding Bitcoin reaching a seven-figure price level.<\/p>\n<p>Mow\u2019s bullish stance on Bitcoin\u2019s future comes at a time when the crypto market is witnessing an unprecedented level of interest from institutional investors, as seen with the involvement of entities like BlackRock and the emergence of spot Bitcoin ETFs.<\/p>\n<h2>The Veblen effect<\/h2>\n<p>Mow said that the demand for Bitcoin is far outstripping its supply \u2014 a trend that\u2019s only expected to intensify with the upcoming Bitcoin halving, which has historically significantly impacted the crypto\u2019s value.<\/p>\n<p>The halving will reduce the number of bitcoins generated per block, effectively slashing the new supply of Bitcoin by 50% to 3.125 BTC per block or 400 BTC per day.<\/p>\n<p>Mow believes that the halving, coupled with the steady demand from ETFs \u2014 reportedly pulling in about 22,000 BTC daily \u2014 sets the stage for a substantial price increase.<\/p>\n<p>Beyond the immediate effects of supply and demand trends, Mow delved into more nuanced economic theories to bolster his prediction. He discussed the \u201cVeblen effect,\u201d a phenomenon where the desirability of a good increases with its price.<\/p>\n<p>Mow believes that as Bitcoin\u2019s value climbs, it will become even more sought after, further driving up its price. This is particularly significant as Bitcoin approaches what he terms the \u201cVeblen threshold\u201d \u2014parity with the gold market cap, estimated to be around $450,000 to $500,000 per coin.<\/p>\n<p>Surpassing this threshold could trigger a massive shift of value from gold to Bitcoin, cementing its status as \u201cthe new gold.\u201d<\/p>\n<h2>Centralization concerns<\/h2>\n<p>Mow also addressed concerns about market manipulation and the influence of major players like BlackRock becoming Bitcoin whales. He said one should always assume that such entities are \u201cbad actors.\u201d<\/p>\n<p>Mow said that Bitcoin\u2019s decentralization is the only way to ensure bad actors can be kept in check and emphasized the importance of decentralization in mining, development, and ownership to mitigate risks in the ecosystem.<\/p>\n<p>Furthermore, Mow advocated diversifying Bitcoin\u2019s geographical footprint by onboarding nation-states. He said this would balance power dynamics by pitting institutional players against sovereign entities.<\/p>\n<p>Mow added that if Bitcoin becomes a focal point of competition between major institutional players and nation-states, it would further fuel its ascent.<\/p>\n<p>Bitcoin Market Data<\/p>\n<p>At the time of press 6:58 pm UTC on Mar. 13, 2024, Bitcoin is ranked #1 by market cap and the price is <strong>up 2.57%<\/strong> over the past 24 hours. Bitcoin has a market capitalization of <strong>$1.44 trillion<\/strong> with a 24-hour trading volume of <strong>$51.15 billion<\/strong>. Learn more about Bitcoin \u203a<\/p>\n<p>Crypto Market Summary<\/p>\n<p>At the time of press 6:58 pm UTC on Mar. 13, 2024, the total crypto market is valued at at <strong>$2.76 trillion<\/strong> with a 24-hour volume of <strong>$138.19 billion<\/strong>. Bitcoin dominance is currently at <strong>52.14%<\/strong>. Learn more about the crypto market \u203a<\/p>\n<p>Mentioned in this articleLatest Alpha Market Report<br \/>\n<br \/><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cryptoslate.com\/samson-mow-says-bitcoin-will-hit-1-million-this-year-amid-unprecedented-demand\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jan3 CEO Samson Mow said Bitcoin is on track to hit $1 million per coin this year or the next based on market conditions, the upcoming halving, and broader economic factors. Mow made the statement during a podcast appearance on March 12, reaffirming previous predictions regarding Bitcoin reaching a seven-figure price level. Mow\u2019s bullish stance [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14969,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[3],"tags":[],"class_list":["post-14968","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14968","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=14968"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14968\/revisions"}],"predecessor-version":[{"id":14970,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/14968\/revisions\/14970"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/14969"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=14968"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=14968"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=14968"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}