A prominent member of the Bitcoin community, Samson Mow, has boldly predicted that Bitcoin will be worth $1 million in the next year or two. In a podcast titled “The Case for $1 Million Bitcoin,” he expressed this point of view. Mow’s bullish prediction is predicated on various elements coming together in the Bitcoin space. He named the April halving event one of the primary motivators, which will reduce the block reward for mining new blocks from 6.25 BTC to 3.125 BTC. This mechanism of scarcity has historically increased the value of Bitcoin tremendously.
Enhanced Adoption by Institutions
Mow’s forecast goes beyond the half incident. He identifies one of the main drivers of Bitcoin’s prospective price increase as the platform’s expanding institutional use. Despite their historical skepticism toward cryptocurrencies, big investors and financial institutions gradually added Bitcoin to their investment portfolios.
Notable company BlackRock has disclosed that it may make exchange-traded Bitcoin goods investments for its BlackRock Global Allocation Fund on domestic stock platforms. This development offers the fund another way to get exposure to the cryptocurrency market.
Exchange-traded funds (ETFs) tied to Bitcoin are another tool enabling this institutional adoption. These might make institutional capital more accessible, which would increase demand and put significant upward pressure on the price of Bitcoin.
Why $1 million will be reached in Bitcoin this year
In an interview with Peter McCormack of “What Bitcoin Did,” Mow stated that Bitcoin will reach $1 million this year, if not earlier in 2025. He went on to say that the current configuration of Bitcoin is ideal for this parabolic run. The demand for Bitcoin, he pointed out, significantly outpaces the supply.
Mow emphasized that nearly 4,000 BTC are added daily to the Spot Bitcoin ETFs. These funds can withdraw roughly 1.5 million BTC over the course of a year, which may significantly lower the overall number of BTC in circulation. According to reports, these Bitcoin ETFs own a sizeable portion of the cryptocurrency’s circulating supply.
The Bitcoin maximalist also acknowledged cryptocurrency exchanges that receive significant influxes of BTC. As a result, Mow thinks the price should “react accordingly,” given that the demand for Bitcoin is still more than the supply, which miners will be halving. He said the “Veblen effect” will still apply to Bitcoin even if this hypothesis is incorrect.
What is the “Veblen Effect”?
When buyers buy a product even as its price rises, this is known as the Veblen effect. In this instance, Mow believes that regardless of how high this increases, people will keep making Bitcoin investments. This ongoing interest in the flagship cryptocurrency may result in more price increases for it. The Veblen effect is already fully operational, given how many new investors Bitcoin continues to draw.
Mow also outlined a scenario in which BTC reaches and exceeds Gold’s market capitalization. He predicted that when it does, people will begin demonetizing gold and switching to bitcoin because they believe it is a superior option. Although Mow acknowledged that some investors are already replacing their gold holdings with bitcoin, he predicted this will occur “en masse” when BTC surpasses gold.
Samson Mow made a bold statement, but it can’t be discounted because it aligns with his earlier prognosis that Bitcoin would reach a new all-time high (ATH) before the Halving event, which it has already done. Before the halving, the cryptocurrency token had never reached an all-time high.
