Bitcoin Predicted to Reach $1 Million as Demand Soars

By: Eliza Bennet

Jan3 CEO, Samson Mow, predicted Bitcoin can reach $1 million within this year or early 2025. Factors contributing to his prediction include current market dynamics, forthcoming halving, and wide-ranging economic factors. Amid surging interest from institutional investors, entities like BlackRock and Spot Bitcoin EFTs presented significant involvement.

Bitcoin's demand far exceeds its supply according to Mow. The upcoming halving will lessen the number of generated Bitcoins per block, hence, lowering Bitcoin's new supply by 50%. Mow stated that this, combined with the consistent demand from EFTs, sets the stage for a dramatic price rise.

The 'Veblen effect', a phenomenon where higher price lure more customers, was utilized by Mow to bolster his optimistic forecast. Mow argued that as Bitcoin's value expands, it will become more desirable, further propelling its price. When Bitcoin surpasses gold's market cap, estimated to be around $450,000 to $500,000 per coin, he believes that a huge value shift can occur from gold to Bitcoin, solidifying Bitcoin's position as the 'new gold'.