The CEO of Bitcoin-focused tech firm JAN3, Samson Mow, is predicting that Bitcoin (BTC) could reach a seven-figure price.
Mow says in an appearance on the What Bitcoin Did podcast that the flagship crypto asset could go up by around 1,264% from the current level over the next couple of months.
“I think this year we’re going to hit $1 million… if not this year, next year. But it’s coming very soon.”
Bitcoin is trading at $73,340 at time of writing.
According to the JAN3 CEO, the existing market conditions are informing his bullish thesis for Bitcoin.
“The whole setup we have right now is perfect for a run-up. You have demand far outstripping supply. And supply is about to be cut. You know halving is in a month.
The [spot Bitcoin] exchange-traded funds (ETFs) alone are pulling in about 22,000 BTC… So demand is like 10x. Now it’s going to 20x, so the price should react accordingly.”
Mow says that the Veblen Effect, a concept that states that as the price of a good rises the demand increases resulting in an upward-sloping demand curve (where demand rises in tandem with a rising price), could also play a role in helping Bitcoin appreciate.
“Even if that doesn’t happen, you have the concept of the Veblen Effect… as Bitcoin becomes more valuable, it just becomes more desired because it is valuable. And there’s a threshold at which you cross, I think that threshold is probably parity with the gold market cap, which is about $450,000 to $500,000 a coin.
Once you cross that Veblen threshold, you start to demonetize gold because now this thing is gold… then you start to eat into gold because people see it as equivalent to gold, it’s the new gold. And I think the media narratives will say the same thing. That’s an important threshold when we pass gold. That’s the point at which gold starts dropping and people start moving the value they stored in gold into Bitcoin.”
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