Current market activity indicates the continuation of a major bull run across multiple cryptocurrencies. Bitcoin is showing signs of crossing $100,000 and Ethereum could head towards $4,000. However, Samson Mow, CEO of Bitcoin infrastructure company Jan3, recently shared his belief that Bitcoin is significantly undervalued.
Speaking in an interview with David LinMow explained that he sees the cryptocurrency’s current price as a rare anomaly, especially given the expectation that Bitcoin should have already surpassed $100,000. According to Mow, the market is on track to reach $1 million per Bitcoin, a projection that has attracted attention in the crypto community.
ETFs and institutional capital increase the value of Bitcoin
Mow attributes much of his optimistic view of Bitcoin’s future to the surge in institutional investment, particularly Bitcoin ETFs (Exchange-Traded Funds). He believes that the adoption of Bitcoin ETFs has introduced substantial capital into the market, putting upward pressure on the cryptocurrency’s price.
However, he pointed out that this impact has been somewhat dampened by ongoing issues regarding the settlement of Grayscale Bitcoin Trust (GBTC), a situation that has lingered since the collapse of FTX. Despite these challenges, Mow remains confident that ETF-driven capital inflows will eventually push Bitcoin toward the $1 million mark.
Macroeconomic factors and debt crisis fuel Bitcoin’s potential
In addition to Bitcoin’s institutional adoption, Mow sees macroeconomic factors as another key driver for the cryptocurrency’s future growth. He opened up about the massive accumulation of debt in the United States, with annual interest payments on American debt approaching $1 trillion. According to Mow, this unsustainable financial situation will likely push more people and institutions toward alternative assets like Bitcoin, which provide a hedge against inflation and economic instability.
Bitcoin’s parabolic growth is upon us
Mow said that while Bitcoin has faced challenges over the past year, it is now poised to enter a “parabolic” growth phase. He explained that the combination of institutional support, the declining effectiveness of traditional financial systems, and the increasing demand for decentralized financial assets will drive Bitcoin’s price to unprecedented levels.
Credit : coinpedia.org
