© Reuters. Samson Mow justifies the price of Bitcoin (BTC) with a game plan of $1 million
U.Today – Samson Mow, the vocal (BTC) proponent and CEO of Jan3, has broken down the supply and demand thesis of the spot Bitcoin ETF product that could help it reach the $1 million price mark he predicted to realize for the coin. On his official X page, Samson Mow noted that many people overlook something important about the spot Bitcoin ETF – the accumulation rate.
Since it is a regulated investment product, a portion of the funds from spot Bitcoin ETF products are typically invested in the underlying product BTC. Using MicroStrategy as a reference point, he pointed out that the company's latest holdings were 14,000 BTC and 16,000 BTC units, a sum that was applauded at the time.
Compared to BlackRock (NYSE:) iShares Bitcoin Trust (IBIT), the average BTC stack per day is about $200 million, which is equivalent to 4,700 BTC. He then highlighted Fidelity Investments, whose FBTC product buys about $175 million worth of Bitcoin per day, or 4,200 BTC.
With combined purchases now at around 9,000 BTC, Samson Mow believes there will be a supply squeeze once the spot Bitcoin ETF product reaches full maturity.
Bitcoin halving adds intrigue
Given the positive sentiment in the spot Bitcoin ETF market regarding ongoing accumulation, Samson Mow highlighted how the upcoming BTC halving will help offset the growing supply shock.
Samson Mow noted that the estimated daily Bitcoin production is 900 BTC and that the demand for the new investment vehicle is 10 times the supply, with 9,000 BTC units being issued daily by two of the eleven spot Bitcoin ETF issuers in the USA can be purchased. He noted that the halving will shift demand to 20 times supply, which would mean a positive price increase.
Samson Mow has consistently defended his $1 million Bitcoin price prediction and used his analysis to advise asset managers to plan accordingly.
This article was originally published on U.Today
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