Bitcoin
Samson Mow reveals what will happen to all Bitcoin sales now
Yuri Molchan
JAN3 Chief Breaks Silence on Recent Bitcoin Sell-Offs by Several Market Participants
Read U.TODAY at
Google News
Samson MowA Bitcoin maximalist and CEO of JAN3, a company that helps nation states adopt BTC, has commented on Bitcoin’s recent sell-off, during which the world’s largest cryptocurrency has twice dipped below $60,000.
Mow believes that all the Bitcoins being sold now will be acquired by big sharks anyway.
Samson Mow’s Commentary on the Bitcoin Settlement
The Bitcoin maximalist made a bullish statement about BTC, saying that no matter how much Bitcoin has been sold and is dumped in the coming weeks and perhaps months, it will all be absorbed by the market anyway.
Mow was likely referring to issuers of spot Bitcoin ETFs, who have been actively purchasing this digital currency since mid-January after the SEC granted its approval to begin trading.
Mow’s $1 Million Bitcoin Prediction
This week, Bitcoin permabull Samson Mow made an impressive BTC prediction, saying that the top cryptocurrency will likely reach an impressive price level of US$1 million next year. He wrote this in a tweet published earlier in the week.
During a video podcast, he clarified that BTC is very close to reaching $1 million, and this could happen this year or next. Even if it doesn’t happen in 2025, he said, that price jump should still happen soon.
Mow has been talking about Bitcoin’s high chances of reaching this impressive price level since the beginning of the year and about the SEC-greenlighting exchange-traded funds that track the spot price of BTC. Eleven major funds, including BlackRock, VanEck, Ark Invest and Grayscale, have filed to launch such ETFs in the past year.
As soon as permission was granted, these ETFs began to absorb all the Bitcoin they could see and purchased over 10,000 BTC every day between the ETF approval and the BTC halving that took place on April 19th.
These regular purchases of Bitcoin by ETFs and the decreasing Bitcoin block reward led Mow to hope that BTC was about to skyrocket to $1 million soon. He explained this prediction by saying that there is a huge demand shock for Bitcoin now thanks to ETFs, and a huge supply shock due to the halving. Once these two BTC shocks collide, they will send Bitcoin soaring, he said.
About the author
Yuri Molchan
Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. He believes that blockchain and cryptocurrencies have the potential to transform the world in many aspects in the future. He has written for various crypto media outlets. His articles have been cited by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.