“$1 million Bitcoin” proponent Samson Mow names the most important BTC indicator to keep an eye on

Yuri Molchan

Early Bitcoin proponent Samson Mow has caught the attention of the crypto community with his new post

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In any case, Samson Mow, vocal Bitcoin advocate and CEO of BTC-focused company Jan3, remains optimistic about Bitcoin's future. In his recent tweet, the BTC expert made an important statement to the crypto community.

Important Bitcoin indicator, according to CEO on January 3rd

The Bitcoin great tweeted that it is important to keep an eye on a key Bitcoin indicator as many short-term holders are dumping their BTC in light of recent market developments.

Mow has called them the weak ones (who are selling) as diamond-handed hodlers continue to buy the world's pioneer cryptocurrency, increasing their supplies.

In the last 24 hours, Bitcoin saw a slight decline, followed by an equally rapid recovery. Before the decline, the leading digital currency recorded a growth of 2.56% on Friday. At the time of writing, BTC is changing hands at a price level of $68,130.

Mow compares Bitcoin ETFs to Matrix's Neo

Earlier this week, Mow posted a strange tweet in which he pointed out similarities between spot Bitcoin exchange-traded funds and the main character from Watchowski's iconic film “The Matrix.”

Mow released an excerpt from the final part of the film, in which Neo beats Agent Smith by entering him and destroying him from the inside. The Bitcoin proponent noted that the ETFs have penetrated the traditional financial system by immersing themselves in it too. Without setting any expectations or making any predictions, Mow now wonders what will happen next. However, judging by the general Bitcoin-optimistic sentiment in his tweets, he probably believes that Bitcoin will destroy the old system and replace the US dollar in the future.

Bitcoin is set to reach $1 million, according to Samson Mow

The least Mow believes is that Bitcoin is heading towards the $1 million price mark. He has recently mentioned this several times in the run-up to the upcoming Bitcoin halving, which is scheduled to take place in the second half of April.

According to Mow, Bitcoin ETFs cause the BTC demand shock (immediately after launch, these ETFs acquired 12 times the BTC that miners produce daily), and after the Bitcoin halving caused a supply shock, these two “shocks” will inevitably decline and driving the price up to unimaginable heights.

But while all ETFs are consuming Bitcoin, Grayscale's GBTC continues to see massive outflows.

About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. He believes that blockchain and cryptocurrencies have the potential to change the world in many aspects of the future. He has written for several crypto media outlets. His articles have been quoted by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, Max Keizer, etc.

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