From Investing.com: 2024-05-29 15:00:25

Samson Mow remains bullish on Bitcoin, forecasting a future with a $1 million price tag for the cryptocurrency. He believes it’s not a matter of if, but when this milestone will be reached. Mow’s positive outlook is based on Bitcoin’s supply and demand dynamics and the increasing role of spot Bitcoin ETFs, which currently hold over one million Bitcoin.

The CEO of JAN3, Mow emphasizes the overwhelmingly high demand for cryptocurrency compared to the available supply. He notes that the Veblen effect, where demand for a commodity rises with its price, could lead to increased interest and investment in Bitcoin. The cryptocurrency’s price is currently at $68,000, near its all-time high of $74,000.

Mow highlights the significant role of Bitcoin ETFs, holding around 5% of the circulating supply. He also mentions the influx of Bitcoin into exchanges as a sign of robust demand. The Veblen effect, a phenomenon where rising prices increase demand, could further drive interest and investment in BTC. The current price of Bitcoin stands at $68,000, close to its all-time high.

Read more at Investing.com: $1 Million Bitcoin (BTC) Is Matter of Time, Believes Samson Mow By U.Today