$1 Million Bitcoin Samson Mow Says Godzilla Candle Coming: In a bold prediction made on September 9, 2024, Samson Mow, CEO of Bitcoin adoption-focused company Jan3, stated that Bitcoin could reach a staggering $1 million by the end of 2025. Mow’s forecast has stirred excitement and skepticism in equal measure within the cryptocurrency community. He believes that a combination of factors, including the approval of spot Bitcoin ETFs and the upcoming Bitcoin halving, will create a perfect storm for Bitcoin’s price to skyrocket.
Mow has a history of making bullish predictions about Bitcoin. He often refers to the potential for ‘Omega candles’ or ‘Godzilla candles’ to drive the price up. These terms describe massive price surges that can occur in a short period. According to Mow, the approval of spot Bitcoin ETFs by the American Securities and Exchange Commission (SEC) in January has already started to create a Bitcoin demand shock. These ETFs have been accumulating large amounts of Bitcoin daily, excluding weekends, to back their exchange-traded products. This accumulation is expected to continue, further driving up demand.
The fourth Bitcoin halving, scheduled for late April 2025, is another critical factor in Mow’s prediction. The halving will reduce the block reward from 6.25 to 3.125 BTC, effectively cutting the supply of new Bitcoin entering the market. Mow suggests that this supply shock, combined with the ongoing demand shock from ETFs, will push Bitcoin’s price to unprecedented levels. He argues that when the demand shock meets the supply shock, the price of Bitcoin will skyrocket to $1 million and potentially higher.
Despite Mow’s optimistic outlook, Bitcoin’s market performance has been less than stellar recently. In the last 24 hours, the cryptocurrency has seen a significant drop, losing the $64,000 and $63,000 levels. Since Sunday, the Bitcoin price has decreased by 3.32%, falling from $64,345 to $62,190. Bitcoin miners continue to sell as much BTC as they can, creating high selling pressure that has been a key factor in driving the price down. Miners are selling their Bitcoin to cover mining expenses and secure their profits.
Mow remains undeterred by these short-term fluctuations. He believes that the long-term fundamentals of Bitcoin are stronger than ever. He points to the increasing scarcity of Bitcoin as a critical factor that will drive its price up. With only 21 million Bitcoins ever to be mined, the supply is limited. As more institutional investors enter the market, the demand for Bitcoin is expected to increase, further driving up its price.
Mow’s prediction has not gone unnoticed by other industry experts. Some share his optimism, while others remain skeptical. Critics argue that predicting Bitcoin’s price is inherently risky due to the volatile nature of the cryptocurrency market. They caution that while the factors Mow cites could drive up the price, there are also numerous risks that could lead to significant price drops.
One of the key risks is regulatory uncertainty. While the approval of spot Bitcoin ETFs by the SEC is a positive development, regulatory changes in other jurisdictions could negatively impact Bitcoin’s price. For example, stricter regulations in major markets like the European Union or China could reduce demand for Bitcoin and drive down its price.
Another risk is technological challenges. While Bitcoin’s underlying technology is robust, it is not without its issues. Scalability remains a significant challenge, and any major technical problems could undermine confidence in Bitcoin and lead to price drops.
Despite these risks, Mow remains confident in his prediction. He believes that the combination of increasing demand from institutional investors, the upcoming Bitcoin halving, and the limited supply of Bitcoin will create the conditions for a massive price surge. He advises investors to be prepared for significant price volatility but remains optimistic about Bitcoin’s long-term prospects.