Striking statements by bitcoin entrepreneur Samson Mow in Peter McCormack’s podcast ‘What Bitcoin Did’. Mow says a $1 million prize is coming “very soon.” At the same time, he warns of a sharp decline in altcoins.

Bitcoin price of 1 million dollars

Former Blockstream CSO and now head of bitcoin company Jan3, Samson Mow, is an outspoken bitcoin maximalist who expects BTC to reach $1 million “very soon.” What arguments does he have for this giant leap? Moreover, Mow warns of an upcoming crash in the price of altcoins. According to him, the current market values ​​of certain altcoins are “unsustainable”.

A million dollars for one bitcoin sounds like an unattainable mission, but according to Mow, this milestone is still possible this year. “I think we will reach $1 million this year… if not this year, then next year. But it will come very soon,” is the opinion of the CEO of Jan3. The price is currently correcting considerably to ~$67,000, but to reach one million dollars the cryptocurrency still needs to rise more than 1,200 percent.

According to Mow, the drivers behind this future price growth are the current supply-demand dynamics where Wall Street companies are increasingly gobbling up bitcoin for their investment products (ETFs and related products). The upcoming fourth halving could also be a significant factor. The approval of a series of spot Bitcoin exchange-traded funds (ETFs) in January has quickly become a milestone for the nascent Bitcoin market. With institutional investors now on board, demand for bitcoin has grown significantly as funds continue to purchase bitcoin on a daily basis.

“The whole setup we have now is perfect for a run-up. You have demand that far exceeds supply. And there will be a cut in the offer. You know the halving is in a month. The exchange-traded funds alone are raking in about 22,000 BTC… So the demand is like 10x. Now it goes to 20x, so the price should react accordingly,” he explains. Historically, halving events have been harbingers of enormous bitcoin price increases, but in practice it remains to be seen whether this cycle will also succeed. A cryptocurrency never goes linearly to a new high.

Do alts bleed?

Samson Mow warns that a major crash of altcoins is to be expected. By pointing out the huge difference in daily inflows between spot Bitcoin exchange-traded funds and other cryptos, Mow suggests that altcoins are overvalued.

He compares the market capitalization of a Solana (SOL) with companies such as MicroStrategy, and in his opinion the former is highly overvalued.

In response to questions from This forecast points to a variation from the usual trend of altcoins mimicking BTC’s price action.

There are analysts who have a different view and think that alts can benefit from the current correction of bitcoin.

Source: https://bitcoinmagazine.nl/nieuws/samson-mow-bitcoin-naar-1-miljoen-dollar-komt-heel-binnenkort-verwacht-terugval-altcoins



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