Bitcoin
Bitcoin’s Crucial Value Statement Issued by Samson Mow Based on This Metric by U.Today
U.Today – Samson Mow, CEO of JAN3 and an active advocate, shared an important statement regarding the current value of BTC.
This happened as the world’s largest cryptocurrency, Bitcoin, recaptured the $63,000 level overnight and then lost it again today. In the past 24 hours, BTC has gone from $61,825 to $63,600, rising almost 3%. At press time, Bitcoin is trading at $62,710.
Samson Mow’s Statement on BTC
Bitcoin adoption-focused company CEO Samson Mow, who is also a Bitcoin maximalist, took to social media platform X to share his opinion on the current value of BTC, using his own criteria.
Mow cited the “Omega Law” to state that he believes Bitcoin is “incredibly undervalued right now.” “Omega” here refers to the “Omega candles,” which Samson continues to expect to take BTC to $1 million, virtually overnight, “soon.” His “soon,” however, encompasses this year or next, according to his recent tweets, where he stated that he “knows” BTC is headed for $1 million.
In a recent interview, Mow said that even if Bitcoin doesn’t hit $1 million in 2024 or 2025, that time is still pretty close. The JAN3 chief’s estimate is based on the fact that spot Bitcoin ETFs continue to actively accumulate Bitcoin and have been doing so since mid-January, when the issuers got approval from the SEC to launch such products.
These firms included BlackRock (NYSE:), Fidelity, VanEck, and Grayscale. The ETFs created a demand shock for Bitcoin, while the fourth BTC halving that occurred on April 20 created a supply shock for BTC, according to Mow’s previous tweets. When these two “Bitcoin shocks” meet, the price will skyrocket above $1 million.
Over the weekend, Mow commented on the Bitcoin selloff that is currently happening. The JAN3 boss believes that the market will be able to absorb all of it.
ETFs awaiting approval
The same companies later filed to launch spot Ethereum exchange-traded funds as well. In late May, the SEC gave the initial approval; however, the final approval is expected to be announced this week, on July 2. Many in the crypto community are looking forward to it, as they did before the US regulator gave the green light for Bitcoin ETF trading.