Bitcoin Advocate Samson Mow Confirms $1 Million BTC Price Target

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As a seasoned crypto investor with more than a decade of experience under my belt, I’ve witnessed the rollercoaster ride that is the digital currency market. The recent crossing of the $100,000 milestone by Bitcoin feels like a triumphant stride towards the future. I remember when it was trading for fractions of a dollar, and now here we are at six figures!

The digital money market is teetering on a significant point as Bitcoin‘s value surpassed the $100,000 mark. Currently, one Bitcoin is being traded at approximately $102,668, which represents a 3.68% increase over the past day. With this groundbreaking step, Bitcoin supporter Samson Mow has expressed a lofty expectation of the coin reaching a value of $1 million.

Bitcoin-to-$1 million journey

In just 15 years from when it first began, Bitcoin reached the impressive milestone of $100,000 per coin. Given that it was previously trading at only half its current value, analyst Samson Mow has consistently maintained a positive outlook for it to achieve a value of $1 million in the future.

Laser eyes until $1.0M.

— Samson Mow (@Excellion) December 5, 2024

Indications suggest a likelihood of this prediction coming true. Firstly, the recent Bitcoin halving in April has significantly increased its scarcity. On average, only about 450 Bitcoin are mined each day, which is not enough to meet the current market demand.

The interest in Bitcoin is increasing from various angles, as demonstrated by business intelligence and software company MicroStrategy’s persistent acquisition of the digital currency. In their latest action, the firm led by Michael Saylor bought 15,400 Bitcoins for $1.5 billion, raising its total holdings to an impressive 402,100 Bitcoins.

Companies such as Metaplanet and Semler Scientific, similar to MicroStrategy, are adopting a strategy that could potentially see an increase in adoption if Microsoft were to acquire Bitcoin, following in the footsteps of Saylor’s proposal to the corporation.

Spot Bitcoin ETF advantage

In addition to purchasing Bitcoin directly on the marketplace, numerous American investors are currently obtaining Bitcoin ownership via exchange-traded funds (ETFs) that focus on spot Bitcoin products.

This embrace has pushed the BlackRock Bitcoin ETF product to cross the historic $50 billion Assets Under Management (AUM). The asset management firm has continued to welcome inflows as the hype in the industry has fueled sentiment across the board.

By utilizing these crucial avenues for adoption, Bitcoin is more likely to surpass the predicted $1 million mark as its scarcity increases, making it more sought-after.

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2024-12-05 14:43