Bitcoin Maxi, CEO Expects ‘$0.01 Million’ As Threshold For BTC ‘Sale’

Samson
Mow,
a
Bitcoin
influencer
and
the
CEO
of
JAN3,
recently
made
waves
with
his
predictions
on
the
future
price
of
Bitcoin.
He
shared
his
outlookᅳbullish
for
the
price
trajectory
of
Bitcoinᅳin
a
post
on
the
social
media
site
X
(formerly
Twitter)
recently.

According
to
Mow,
Bitcoin
is
at
its
“sale”
moment,
telling
people
that
prices
below
$100,000
are
what
smart
investors
want.
He
quoted,
“Any
price
below
$0.1M
is
still
#Bitcoin
on
sale,”
insinuating
that
when
Bitcoin
reaches
this
price,
the
sale
will
then
come
to
an
end.

Bitcoin’s
Recent
Spike

On
August
23,
2024,
Bitcoin
saw
one
of
its
largest
price
surges,
as
it
gained
over
6%
from
around
$60,700
to
approximately
$64,450.
It
followed
after
a
comment
by
Federal
Reserve
Chair
Jerome
Powell
on
interest
rate
cuts,
most
of
which
investors
were
taking
as
a
positive
sign
for
the
cryptocurrency
market.

Any
price
under
$0.1M
is
still

#Bitcoin
on
sale.

—
Samson
Mow
(@Excellion)

August
24,
2024

Amidst
all
the
price
fluctuation
of
Bitcoin,
it
rested
at
$64,230,
still
radically
going
up.
This
did
not
only
push
Bitcoin
but
also
the
altcoins
up,
whose
prices
leaped
up
too.

Mow’s
predictions
are
pegged
on
the
recent
structural
changes
in
the
Bitcoin
market.
He
points
to
the
approval
of
spot
Bitcoin
ETFs,
which
have
been
aggressively
accumulating
Bitcoin
since
creation.
These
ETFs
are
said
to
be
purchasing
thousands
of
Bitcoins
daily,
thus
creating
a
huge
demand
shock.

According
to
Mow,
this
coupled
with
the
supply
shock
that
resulted
from
the
recent
halving
eventᅳwhich
brought
a
drop
in
the
Bitcoin
block
rewardᅳwill
make
for
a
perfect
mix
to
catalyze
a
dramatic
price
increase.

$1
Million
Bitcoin
Prediction

Mow
is
rather
vocal
about
his
long-term
price
predictions;
he
claims
that
Bitcoin
may
see
$1
million
within
a
year,
if
not
sooner.
His
reasoning
is
that
the
current
market
dynamics
favor
such
a
rise,
with
huge
demand
for
Bitcoin
against
a
dwindling
supply.

He
expresses
that
confidence
because
he
believes
the
market
will
absorb
all
sales
of
Bitcoin
no
matter
the
fluctuation.
He
places
special
emphasis
on
the
fact
that
investors
who
understand
money,
live
in
inflationary
environments,
or
come
from
oppressive
regimes
are
likely
to
see
Bitcoin
as
a
safe
haven
asset.

Image: Global Crypto

In
relation
to
this,
the
discussion
of
the
Bitcoin
price
is
not
just
a
clear-cut
case
of
speculation,
as
it
relates
directly
to
general
economic
conditions.
Comments
have
come
at
a
time
when
many
were
already
eyeing
alternative
investment
vehicles
due
to
rising
inflation
and
general
economic
uncertainty.

Basically,
he
mentioned
that
the
unique
properties
of
Bitcoin
set
it
as
a
preferred
choice
for
those
seeking
to
protect
wealth
from
losses.

The
Veblen
Effect
And
The
Psychology
Of
The
Market

One
of
the
more
intriguing
aspects
of
Mow’s
analysis
was
his
reference
to
what
is
called
the
“Veblen
Effect,”
where
consumers
tend
to
keep
buying
a
product
even
as
it
gets
more
expensiveᅳpartly
because
of
perceived
value.

Mow
pointed
out
that
this
is
going
to
be
huge
in
the
case
of
Bitcoin.
As
the
price
of
Bitcoin
increases,
so
are
more
and
more
investors
who
can
be
potentially
attracted
to
the
digital
asset
not
only
by
the
return
it
can
give
but
also
by
the
value
it
holds.

These
are
psychological
drivers
that
might
fuel
demand
even
further,
giving
rise
to
a
self-reinforcing
cycle
of
investment.

Featured
image
from
Pexels,
chart
from
TradingView