Essential Bitcoin Value Statement Released by Samson Mow Using This Metric – U.Today报道

U.Today – Samson Mow, JAN3 CEO and a vocal supporter, has shared an important statement about BTC’s current value.

This occurred as Bitcoin, the world’s largest cryptocurrency, reached and then dropped below the $63,000 level overnight. In the last 24 hours, BTC surged from $61,825 to $63,600, experiencing a nearly 3% increase. Currently, Bitcoin is trading at $62,710.

Samson Mow’s BTC statement

CEO of Bitcoin-focused company Samson Mow, known for his maximalist views, took to social media to share his opinion on BTC’s current value, based on his own criteria.

Mow referenced the “Omega Law” to express his belief that Bitcoin is currently “incredibly undervalued.” The term “Omega” refers to “Omega candles,” which Mow predicts will drive BTC to $1 million in value almost instantly, “soon.” While Mow’s definition of “soon” includes this year or the next, as indicated in his recent tweets where he confidently stated that BTC is on its way to $1 million.

In a recent interview, Mow suggested that even if Bitcoin does not hit $1 million by 2024 or 2025, it is still close. Mow’s projection is supported by the continued active accumulation of Bitcoin by spot Bitcoin ETFs since middle of January, following approval from the SEC to launch these products.

Notable companies like BlackRock, Fidelity, VanEck, and Grayscale are among those who have launched Bitcoin ETFs. The ETFs have led to a surge in demand for Bitcoin, while the fourth BTC halving on April 20 caused a supply shock, according to Mow’s previous tweets. Mow believes that when these two “Bitcoin shocks” converge, BTC’s price will surpass $1 million.

Discussing the current Bitcoin sales, Mow expressed confidence that the market will be able to absorb them all.

ETFs awaiting approval

The same companies have also applied to launch spot Ethereum exchange-traded funds. The SEC granted initial approval at the end of May, with the final decision expected this week on July 2. Many in the crypto community eagerly await this announcement, reminiscent of the anticipation prior to the approval of Bitcoin ETF trading by the American regulator.

This article was originally published on U.Today

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