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The Bitcoin Price Prediction by Jan3 CEO Samson Mow
In a recent podcast appearance on March 12, CEO Samson Mow expressed his belief that Bitcoin is poised to reach $1 million per coin within the next year, based on current market conditions, the upcoming halving, and broader economic factors. This prediction reaffirms his earlier forecasts regarding Bitcoin’s potential to reach a seven-figure price level.
The Veblen Effect and Supply-Demand Dynamics
Mow highlighted the significant demand for Bitcoin, which is surpassing its available supply. This trend is expected to escalate with the upcoming Bitcoin halving, a event that has historically had a substantial impact on the cryptocurrency’s value. The halving, which will halve the number of bitcoins generated per block, is projected to reduce the new supply of Bitcoin by 50% to 3.125 BTC per block or 400 BTC per day. Mow believes that this, coupled with steady demand from ETFs, which reportedly acquire about 22,000 BTC daily, sets the stage for a substantial price surge.
Moreover, Mow delved into more intricate economic theories to support his forecast, including the “Veblen effect,” which posits that the desirability of a good increases as its price rises. As Bitcoin’s value climbs, its attractiveness is likely to grow, further driving up its price. According to Mow, once Bitcoin surpasses the “Veblen threshold” —parity with the gold market cap, estimated to be around $450,000 to $500,000 per coin— a significant shift of value from gold to Bitcoin could occur, solidifying Bitcoin’s position as the “new gold.”
Centralization Concerns and the Importance of Decentralization
In addressing concerns about market manipulation and the potential influence of major entities like BlackRock becoming significant Bitcoin holders, Mow warned against assuming good intentions from such players. He emphasized that Bitcoin’s decentralization is crucial for controlling these “bad actors,” advocating for decentralization in mining, development, and ownership to mitigate risks within the ecosystem.
Mow also proposed diversifying Bitcoin’s global footprint by engaging nation-states, suggesting that this strategy would help balance power dynamics by leveraging institutional players against sovereign entities. He posited that if Bitcoin becomes a key point of competition between major institutions and nation-states, its ascent would be further propelled.
Bitcoin Market Data and Crypto Market Summary
As of 6:58 pm UTC on March 13, 2024, Bitcoin holds the top position by market cap with a price increase of 2.57% over the past 24 hours. Its market capitalization stands at $1.44 trillion, with a 24-hour trading volume of $51.15 billion.
The total value of the crypto market at the same time is $2.76 trillion, with a 24-hour volume of $138.19 billion and Bitcoin dominance at 52.14%.
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