U.Today – Samson Mow, CEO of JAN3 and a staunch supporter, shared an essential statement about the current value of BTC.
This comes as the world’s largest cryptocurrency, Bitcoin, reclaimed the $63,000 level overnight, then lost it again today. In the past 24 hours, BTC has surged from $61,825 to $63,600, up almost 3%. Bitcoin is currently trading at $62,710.
Samson Mowa’s Statement Regarding BTC
Bitcoin adoption firm CEO Samson Mow, who is also a Bitcoin maximalist, took to social media platform X to share his opinion on the current value of BTC using his own criteria.
Mow cited the “Omega Law,” stating that he believes Bitcoin is currently “incredibly undervalued.” The “Omega” here refers to the “Omega candles” that Samson says will take BTC to $1 million, practically overnight, “soon.” However, his “soon” includes this year or next, according to his recent tweets, in which he stated that he “knows” BTC is headed to $1 million.
In a recent interview, Mow said that even if Bitcoin doesn’t hit $1 million in 2024 or 2025, that time is still pretty close. The JAN3 boss’s estimate is based on the fact that spot Bitcoin ETFs are still actively accumulating Bitcoin and have been doing so since mid-January, when issuers received SEC approval to launch these products.
These companies include BlackRock (NYSE:), Fidelity, VanEck, and Grayscale. ETFs have caused a demand shock for Bitcoin, while the fourth BTC halving, which took place on April 20, caused a supply shock for BTC, according to Mow’s earlier tweets. When these two “Bitcoin shocks” meet, the price will skyrocket above $1 million.
Over the weekend, Mow commented on the Bitcoin sales that are happening right now. The JAN3 boss believes the market will be able to absorb them all.
ETFs pending approval
The same companies later filed to launch a spot Ethereum ETF. The SEC issued its first approval in behind schedule May; however, the final approval is expected to be announced this week, on July 2. Many in the cryptocurrency community are eagerly awaiting this, as they did before the US regulator greenlighted trading of a Bitcoin ETF.
