U.Today – JAN3 CEO and enthusiast Samson Mow made a major statement regarding the current value of BTC.
This came as Bitcoin, the world’s largest cryptocurrency, recovered the $63,000 level overnight, only to lose it again today. In the past 24 hours, BTC rose from $61,825 to $63,600, a rise of almost 3%. Currently, Bitcoin is trading at $62,710.
Samsung Mow’s BTC Statement
Samson Mow, CEO of a company focused on Bitcoin adoption and a Bitcoin maximalist, took to the X social media platform to share his views on BTC’s current value using his own criteria.
Citing the “Omega Law,” Mow said he believes Bitcoin is “incredibly undervalued right now.” “Omega” here refers to the “Omega Candle,” and Samson continues to predict he will take BTC to $1 million “soon,” almost overnight. However, his “soon” refers to this year or next year, and in a recent tweet, he said he “knows” BTC is on its way to $1 million.
In a recent interview, Mow said that even if Bitcoin doesn’t hit $1 million in 2024 or 2025, that time is very close. The JAN3 chief’s speculation is based on the fact that spot Bitcoin ETFs continue to aggressively accumulate Bitcoin and have been doing so since mid-January, when issuers received approval from the SEC to launch these products.
These companies include BlackRock (NYSE:), Fidelity, VanEck, Grayscale, etc. According to Mow’s previous tweet, the ETF created a demand shock for Bitcoin, and the fourth BTC halving, which occurred on April 20, created a supply shock for BTC. If these two “Bitcoin shocks” were to combine, the price would soar past $1 million.
Over the weekend, Mow commented on the ongoing Bitcoin sell-off, with the JAN3 head confident the market will be able to absorb it all.
ETFs awaiting approval
The same company then also filed to launch an Ethereum spot exchange-traded fund. The SEC gave its initial approval at the end of May, but the final approval is expected to be announced this week on July 2. Many in the cryptocurrency community are eagerly awaiting it, just as they were before U.S. regulators approved Bitcoin ETF trading.
