- Market Volatility and Mow’s Confidence
- Long-Term Bitcoin Surge Predictions
- Impact of Institutional Investors and Halving Event
Samson Mow, the esteemed CEO of Jan3 and a notable Bitcoin investor, confidently voiced his optimism about the impending success of the leading cryptocurrency. Mow, whose opinions on Bitcoin hold sway among his vast following of 271,000 individuals, addressed the recent surge in negativity from what he casually referred to as “influential” accounts, even humorously suggesting they might include “third-rate comedians.”
It’s amusing to see influential* accounts randomly dunk on #Bitcoin out of nowhere.
Feels like we’re about to win.
— Samson Mow (@Excellion) December 11, 2023
Undeterred by the criticism, Mow remained steadfast in his positive outlook, concluding his tweet with a bullish assertion that hinted at an imminent victory for Bitcoin: “Feels like we’re about to win.”
This declaration coincided with Bitcoin reaching a notable high of $44,000, marking its peak for the year. Despite this achievement, Mow’s buoyant sentiment faced a challenge as Bitcoin underwent a swift correction, slipping below $41,000 and erasing billions from its market value. Remarkably unfazed, Mow expressed his nonchalance about the volatility, even stating that he found the $44,000 mark “boring” and welcoming a minor correction. He attributed this adjustment to the need for lesser-known coins, colloquially referred to as “s-coins” or “sh*tcoins,” to cool off.
Notably, Mow’s optimistic perspective extends beyond short-term market fluctuations. He envisions a substantial long-term surge for Bitcoin, projecting a staggering value of $1 million per coin. Drawing inspiration from the late John McAfee’s initial prediction, Mow emphasized the role of demand and supply dynamics in propelling Bitcoin’s price to such unprecedented heights.
Highlighting institutional investors’ voracious appetite for Bitcoin and the resulting scarcity in the market, Mow contended that long-term holders would resist selling their BTC, recognizing its enduring value. Moreover, he pinpointed the upcoming halving event in 2024 as a pivotal factor, anticipating a reduction in new BTC supply to slightly over 3 per block, compared to the current 6.25 generated since the previous halving in May 2020.
As of the latest market data, Bitcoin is presently trading at $42,126.16, with a market capitalization of $824.27 billion USD. Despite a recent 5.11% dip in the past 24 hours, the cryptocurrency has experienced a modest 1.72% increase over the last seven days. With a circulating supply of 19.57 million, Bitcoin continues to navigate the tumultuous waters of the cryptocurrency market under the watchful eyes of industry visionaries like Samson Mow.
Disclaimer: Please note that the viewpoints and perspectives expressed by the author, as well as any individuals referenced in this article, are intended solely for informational purposes. They should not be construed as financial or investment advice. It’s important to acknowledge that investing in or trading cryptoassets carries inherent financial risks.