Former Blockstream CSO and now head of Jan3 Bitcoin-centric firm Samson Mow is a vocal Bitcoin maximalist who anticipates the apex cryptocurrency to hit $1 million “very soon”.

Mow, however, has cautioned about an imminent crash in the price of altcoins. He cited the unsustainability of altcoin gains in comparison to BTC’s strong performance.

The Case For $1 Million BTC

A million bucks for one Bitcoin seems like a ridiculous prediction, but one well-known industry veteran is confident this will happen this year. 

Speaking during an appearance on the What Bitcoin Did podcast, Samson Mow predicted that the dominant cryptocurrency could see a ballistic rally to seven figures in the coming months. “I think this year we’re going to hit $1 million… if not this year, next year. But it’s coming very soon,” the Jan3 CEO opined.

Bitcoin is currently trading for $69,306 at publication time. For the crypto asset to reach $1 million it will have to jump by over 1,285% from the current price level.

Mow attributed his bullish view to the current demand-supply dynamics, with Bitcoin’s 4th halving drawing closer. The greenlighting of a fleet spot Bitcoin exchange-traded funds (ETFs) in January marked a landmark event for the burgeoning BTC market. With institutional investors now on board, demand for Bitcoin has grown significantly as the funds gobble up the asset daily.

“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 exchange-traded funds 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,” he explained.

Halving events have historically been precursors to mammoth price upsurges in Bitcoin.

Are Altcoins Doomed To Crash?

Samson Mow has warned that a devastating altcoin crash is on the horizon. Citing the huge difference in daily influxes between spot Bitcoin exchange-traded funds and other cryptos, Mow suggested that altcoins lack the record-breaking investment inflows that are being seen with Bitcoin, making their gains rather unstable.

He noted the sky-high market cap of altcoins such as Solana (SOL) compared with companies like Bitcoin holder MicroStrategy, showing an obvious disparity in the market.

In response to questions by X users regarding possible market dynamics, Mow revealed he expects an unprecedented scenario where a big altcoins pullback coincides with Bitcoin’s continued rally. This prognosis indicates a variation from the usual trend where altcoins mirror BTC’s price action.

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Filed under: Bitcoin - @ March 15, 2024 3:04 am