Pixelmatic and JAN3 CEO Samson Mow has given one of the most “outrageous” predictions yet for Bitcoin. Mow, who has always bet big on Bitcoin, recently hinted that the BTC price may well be on its way to $1 million.
The recent approval of spot Bitcoin ETFs and the upcoming halving event have already driven BTC demand up. However, Mow believes that it is only a matter of “days or weeks” before the increase in demand would cause a supply shock.
Bitcoin May See Supply Shock
Mow’s line of thought may be understandable given the various market adjustments that are currently ongoing. More so, the launch of Bitcoin ETFs has also attracted billions of dollars in both trading volumes and inflow.
To put the above statement into perspective, BlackRock, one of the issuers of spot Bitcoin ETFs that recently found favor with the SEC, revealed that it bought 11,500 BTC. The move, however, was major enough to significantly impact the available market supply of Bitcoin. Considering that the daily supply of Bitcoin is around 900 BTC, that singular purchase was worth around 13 days of Bitcoin supply.
If other institutions were to take the cue from BlackRock by buying BTC at the same aggressive rate, its total supply could dry up in just 120 days.
Additionally, the upcoming Bitcoin halving also suggests another reason for the BTC price to explode. The event, which is around 90-100 days away now, is expected to slash the rate at which new BTCs are created.
When all these happen, it is only expected that the demand for Bitcoin will rise in ways that have never been seen in its entire history. Simply put, demand will be at its all-time high, while supply will be the lowest ever recorded.
BTC Price & Market Data
Currently, Bitcoin is ranked as the #1 cryptocurrency in terms of market capitalization. Its market cap, according to CoinMarketCap data, is $836.64 billion with a 24-hour trading volume of $20.28 billion. The BTC price was down 0.46% over the past 24 hours and was seen trading at $42,699.
Interestingly, the figures show that Bitcoin’s dominance of the global cryptocurrency market is at over 50%. That is considering that the global crypto market cap currently stands at $1.68 trillion.
Without a doubt, all indications point to the fact that Bitcoin will surge. To various degrees, many experts have even predicted so. However, the cryptocurrency has a history of defying conventional market expectations. As a fact, the unpredictability of its price movements and volatility are what makes it a special asset class.
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