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Samson Mow Justifies Bitcoin (BTC) Price With $1 Million Gameplan

Published 01/30/2024, 07:27 AM
Updated 01/30/2024, 07:30 AM
© Reuters Samson Mow Justifies Bitcoin (BTC) Price With $1 Million Gameplan
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U.Today - Samson Mow, the highly vocal Bitcoin (BTC) advocate and CEO of Jan3, has broken down the supply and demand thesis of the spot Bitcoin ETF product that might help in actualizing the $1 million price mark he has projected for the coin. Taking to his official X page, Samson Mow noted that many people are missing something important with the spot Bitcoin ETF - the rate of accumulation.

As a regulated investment product, a portion of the funds from the spot Bitcoin ETF products are typically invested in the underlying product, BTC. He used MicroStrategy as a point of reference, noting that the company’s last accumulations featured 14,000 BTC and 16,000 BTC units, a sum that was applauded at the time.

Comparing this to the BlackRock (NYSE:BLK) iShares Bitcoin Trust (IBIT), the average BTC stack per day is approximately $200 million, which is equivalent to 4,700 BTC. Then he highlighted Fidelity Investments, whose FBTC product buys approximately $175 million worth of Bitcoin per day, or 4,200 BTC.

With the combined buy-ups now pegged at about 9,000 BTC, Samson Mow is convinced of the supply crunch that will be triggered once the spot Bitcoin ETF product attains full maturity.

Bitcoin halving to add to intrigue

With the positivity in the spot Bitcoin ETF market, as concerns the ongoing accumulation, Samson Mow highlighted how the forthcoming BTC halving event will help complement the growing supply shock.

Samson Mow pointed out that the estimated Bitcoin produced per day is pegged at 900 BTC, and with 9,000 BTC units being bought per day by two of the eleven spot Bitcoin ETF issuers in the U.S., the new investment vehicle’s demand is 10x the supply. He pointed out that the halving will shift the demand to 20x the supply, a positive boost for the price.

Samson Mow has always defended his $1 million Bitcoin price forecast, and with his analysis, he advised money managers to plan accordingly.

This article was originally published on U.Today

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