Samson Mow: Bitcoin will reach $ 1 million

Samson Mou, CEO of JAN3, a bitcoin technology company, has predicted that the price of bitcoin could reach seven figures.

On the What Bitcoin Did podcast, Mou said that over the next few months, the flagship cryptocurrency asset could rise by about 1264% from its current level. «I think we will reach the $ 1 million mark this year. If not this year, then next year. But it will happen very soon,» the analyst emphasized.

According to JAN3 CEO, the current market conditions confirm his bullish outlook for BTC $62,604.65 Bitcoin 0.84% Market capitalization $1.24 trillion VOL. 24 hours $0.51 billion . «Everything we have now is ideal for growth. Demand far exceeds supply. And the supply will soon be reduced. You know that the halving will happen in a month. Bitcoin exchange-traded funds (ETFs) alone attract about 22,000 BTC… So, the demand has increased 10 times. It will increase 20 times, so the price should react accordingly ,» said Samson Mou.

The expert emphasized that the Veblen effect, a concept that states that as the price of a product increases, the demand for it increases, can also play a significant role in increasing the value of bitcoin.