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Samson Mow, JAN3 CEO and a vocal Bitcoin supporter, has shared an important statement about BTC's current value.
This happened while the world’s largest cryptocurrency, Bitcoin, recaptured the $63,000 level overnight and then lost it again today. Over the past 24 hours, BTC went from $61,825 to $63,600, rising by almost 3%. As of now, Bitcoin is trading at $62,710.
Samson Mow's BTC statement
CEO of Bitcoin adoption-focused company Samson Mow, who is also a Bitcoin maximalist, has taken to the X social media platform to share his take on the current value of BTC, using his own criteria.
According to Omega Law, #Bitcoin is incredibly undervalued now.
— Samson Mow (@Excellion) July 1, 2024
Mow cited “Omega Law” to state that he believes Bitcoin to be “incredibly undervalued now.” “Omega” here refers to “Omega candles,” which Samson keeps expecting to take BTC to $1 million, practically overnight, “soon.” His “soon,” however, covers this year or next, according to his recent tweets, where he stated that he "knows" BTC is heading for $1 million.
In a recent interview, Mow said that even if Bitcoin does not reach $1 million in 2024 or 2025, this time is still pretty close. The JAN3 boss’s estimation is based on the fact that spot Bitcoin ETFs continue to accumulate Bitcoin actively and have been doing so since the middle of January, when the issuers got approval from the SEC to launch those products.
Among those companies were BlackRock, Fidelity, VanEck and Grayscale. The ETFs created a Bitcoin demand shock, while the fourth BTC halving that occurred on April 20 created a supply shock for BTC, according to Mow’s earlier tweets. Once these two “Bitcoin shocks” meet, the price will skyrocket above $1 million.
Over the weekend, Mow commented on Bitcoin sales that are taking place at the moment. The JAN3 boss believes that the market will be able to absorb them all.
Ethereum ETFs awaiting approval
The same companies later filed to launch spot Ethereum exchange-traded funds, too. At the end of May, the SEC gave the first approval; however, the final one is expected to be announced this week on July 2. Many within the crypto community are looking forward to that, as they did before the American regulator greenlit Bitcoin ETF trading.