Samson Mow, a well-known Bitcoin advocate and CEO at Jan3, has shared an optimistic view on the recent surge in Bitcoin’s price. On March 4, Bitcoin surprised the crypto sphere as its value surged past the $68,000 mark, delighting the Bitcoin community.
Mow’s company, Jan3, is dedicated to promoting Bitcoin adoption by nation-states. Mow played a key role in El Salvador’s decision to adopt Bitcoin as legal tender in 2021, a significant milestone as the country became the first to move away from traditional fiat currencies on a national level.
Mow’s Insights on Bitcoin’s Upward Trajectory
In response to a commonly posed question on Twitter/X asking if Bitcoin could ascend further, Samson Mow tweeted a resounding “yes” as his answer to the query.
Mow, a staunch Bitcoin maximalist, envisions Bitcoin, the premier digital currency, reaching an impressive $1 million valuation in the foreseeable future. He anticipates the occurrence of what he refers to as “omega” and “god” candles before this milestone is achieved.
Inevitable Journey to $1 Million for Bitcoin – Mow’s Rationale
Explaining the concept, Mow described an “omega” candle as a $100,000 increment on the daily chart, alongside a “god” candle representing a $10,000 rise on the same chart type. He asserts that the “god” candle should precede the “omega” candle.
Mow firmly believes that Bitcoin hitting $1 million is an inevitable outcome primarily due to the substantial money printing conducted by the US government in recent times (a staggering $6 trillion in 2020 alone during the pandemic) and the escalating US national debt, which surpassed $34 trillion after the removal of the debt ceiling at the $31.4 trillion mark in 2023.
Additionally, Mow highlighted another crucial factor in a previous tweet, supporting his forecast of “Bitcoin to $1 million,” which is the convergence of supply and demand shock for Bitcoin. Since the approval of spot Bitcoin ETFs by the SEC in mid-January, these ETF providers have been acquiring Bitcoin on a daily basis, accumulating between $400 million to almost a billion USD worth of BTC every week. Notably, BlackRock’s iShares fund recently crossed the $10 billion milestone. Mow has been emphasizing the nearing Bitcoin halving event as another significant development.