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Bitcoin Maxi, CEO Expects ‘$0.01 Million’ As Threshold For BTC ‘Sale’

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Samson Mow, a Bitcoin influencer and the CEO of JAN3, recently made waves with his predictions on the future price of Bitcoin. He shared his outlookᅳbullish for the price trajectory of Bitcoinᅳin a post on the social media site X (formerly Twitter) recently.

According to Mow, Bitcoin is at its “sale” moment, telling people that prices below $100,000 are what smart investors want. He quoted, “Any price below $0.1M is still #Bitcoin on sale,” insinuating that when Bitcoin reaches this price, the sale will then come to an end.

Bitcoin’s Recent Spike

On August 23, 2024, Bitcoin saw one of its largest price surges, as it gained over 6% from around $60,700 to approximately $64,450. It followed after a comment by Federal Reserve Chair Jerome Powell on interest rate cuts, most of which investors were taking as a positive sign for the cryptocurrency market.

Amidst all the price fluctuation of Bitcoin, it rested at $64,230, still radically going up. This did not only push Bitcoin but also the altcoins up, whose prices leaped up too.

Mow’s predictions are pegged on the recent structural changes in the Bitcoin market. He points to the approval of spot Bitcoin ETFs, which have been aggressively accumulating Bitcoin since creation. These ETFs are said to be purchasing thousands of Bitcoins daily, thus creating a huge demand shock.

According to Mow, this coupled with the supply shock that resulted from the recent halving eventᅳwhich brought a drop in the Bitcoin block rewardᅳwill make for a perfect mix to catalyze a dramatic price increase.

Bitcoin is now trading at $64,022. Chart: TradingView

$1 Million Bitcoin Prediction

Mow is rather vocal about his long-term price predictions; he claims that Bitcoin may see $1 million within a year, if not sooner. His reasoning is that the current market dynamics favor such a rise, with huge demand for Bitcoin against a dwindling supply.

He expresses that confidence because he believes the market will absorb all sales of Bitcoin no matter the fluctuation. He places special emphasis on the fact that investors who understand money, live in inflationary environments, or come from oppressive regimes are likely to see Bitcoin as a safe haven asset.

Image: Global Crypto

In relation to this, the discussion of the Bitcoin price is not just a clear-cut case of speculation, as it relates directly to general economic conditions. Comments have come at a time when many were already eyeing alternative investment vehicles due to rising inflation and general economic uncertainty.

Basically, he mentioned that the unique properties of Bitcoin set it as a preferred choice for those seeking to protect wealth from losses.

The Veblen Effect And The Psychology Of The Market

One of the more intriguing aspects of Mow’s analysis was his reference to what is called the “Veblen Effect,” where consumers tend to keep buying a product even as it gets more expensiveᅳpartly because of perceived value.

Mow pointed out that this is going to be huge in the case of Bitcoin. As the price of Bitcoin increases, so are more and more investors who can be potentially attracted to the digital asset not only by the return it can give but also by the value it holds.

These are psychological drivers that might fuel demand even further, giving rise to a self-reinforcing cycle of investment.

Featured image from Pexels, chart from TradingView





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Bitcoin Could Serve as Inflation Hedge or Tech Stock, Say Experts

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Bitcoin may be a useful hedge against inflation in the near future as market uncertainty is growing. In the long run, it may also be useful to envision Bitcoin differently, treating it as a barometer for the tech industry.

Standard Chartered’s Head of Digital Assets Research and WeFi’s Head of Growth both shared exclusive comments with BeInCrypto regarding this topic.

Bitcoin: Inflation Hedge or Magnificent 7 Candidate?

Since the early days of the crypto space, investors have been using it as a hedge against inflation. However, it’s only recently that institutional investors are beginning to treat it the same way. According to Geoff Kendrick, Head of Digital Assets Research at Standard Chartered, the trend of Bitcoin as an inflation hedge is increasing.

Still, this view may be too narrow in a few ways. Since the Bitcoin ETFs were first approved, BTC has been increasingly well-integrated with traditional finance. Kendrick noted this, saying that it is highly correlated with the NASDAQ in the short term. He claimed that Bitcoin might represent more than an inflation hedge, instead serving as an ersatz tech stock:

“BTC may be better viewed as a tech stock than as a hedge against TradFi issues. If we create a hypothetical index where we add BTC to the ‘Magnificent 7’ tech stocks, and remove Tesla, We find that our index, ‘Mag 7B’, has both higher returns and lower volatility than Mag 7,” Kendrick said in an exclusive interview with BeInCrypto.

This comparison is particularly apt for a few reasons. Tesla’s stock price is heavily entangled with Bitcoin, but it’s also been dropping due to political controversies. If Bitcoin were to replace Tesla’s position in the Magnificent 7, it may be a welcome addition. Of course, there is currently no mechanism to cleanly treat Bitcoin as a similar type of product. That could change.

However, Bitcoin’s role as an inflation hedge might be more immediately relevant. As Trump’s Liberation Day approaches, the crypto markets are becoming increasingly nervous about new US tariffs. As Agne Linge, Head of Growth at WeFi, said in an exclusive interview, these fears are impacting all risk-on assets, Bitcoin included.

“Crypto markets are closely tracking investor sentiment ahead of Trump’s…tariff announcement, with growing concerns over the potential economic impact. Bitcoin’s increasing correlation with traditional markets has amplified its exposure to broader macroeconomic trends, making it more sensitive to the risk-off sentiment that has affected equity markets,” Linge claimed.

She went on to state that US economic uncertainty was at record levels, surpassing both the 2008 financial crisis and the pandemic in April 2020. In these circumstances, recent inflation indicators are showing expected rates above expectations.

In such an environment, the crypto market is sure to take a hit, but traditional finance and the dollar is also in great jeopardy. All that is to say, Bitcoin is likely to be a solid inflation hedge in the near future. Even if it falls dramatically, it has worldwide appeal and the ability to rebound.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.



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$500 Trillion Bitcoin? Saylor’s Bold Prediction Shakes the Market!

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Michael Saylor, one of the most outspoken supporters of Bitcoin, is back and bolder than ever. In a recent statement, the former MicroStrategy CEO predicted that the alpha coin will potentially hit a $500 trillion market cap. Saylor’s bold prediction for the world’s top digital asset comes during the intensified push for a Strategic Bitcoin Reserve (SBR). 

In his latest pro-crypto statement, Saylor argued that the digital asset will “demonetize gold”, then it will demonetize real estate, which he calculated as 10x more than gold. To summarize his argument, Saylor further states that Bitcoin will demonetize “all long-term store of value”.

Push For SBR Gains Ground

Saylor’s latest statement comes as Congress intensifies its efforts to build the country’s BTC holdings. United States President Donald Trump formalized the plans to build crypto holdings through an executive order to establish a strategic crypto reserve that will initially include $17 billion worth of BTC that the country currently controls.

According to the president, additional acquisitions of cryptocurrency are allowed, provided these are done through “budget-neutral” approaches. Senator Cynthia Lummis initially proposed in the Senate, through the Bitcoin Act, the plan to create a Bitcoin reserve. Under the proposal, the administration can purchase 1 million Bitcoin to complement the reserve.

Saylor Explains Crypto’s Role During Blockchain Summit

Saylor’s latest prediction on Bitcoin was made during his appearance at the DC Blockchain Summit. He was joined on stage by Jason Les, the CEO of Rito Platforms, and Lummis, the principal author of the Bitcoin Act.

BTC is now trading at $83,238. Chart: TradingView

During the program, Saylor was asked about America’s need for Bitcoin. Saylor answered with conviction, saying the rising importance of BTC is inevitable and will happen with the US’ participation. During his talk, he shared that Bitcoin, created by the enigmatic Satoshi Nakamoto, is unstoppable. 

Image: Gemini Imagen

Saylor added that the premier digital asset is the next stage in money’s evolution, and it’s currently absorbing value from traditional assets like currency reserves and real estate.

Saylor Predicts Top Coin Will Reach $500 Trillion In Market Cap

During his talk, Saylor predicted that BTC will eventually grow from $2 billion to $20 billion, which can hit $200 billion and beyond. Finally, he thinks the asset can achieve a $500 trillion market capitalization, reflecting more than 29,000% increase from its current market capitalization of $1.67 trillion.

Saylor’s recent bold prediction aligns with his firm conviction and support for the asset. He argues that Bitcoin’s unique features, its decentralized nature and fixed supply, make it a perfect hedge against economic uncertainties like inflation.

Featured image from Gemini Imagen, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.





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Big Bitcoin Buy Coming? Saylor Drops a Hint as Strategy Shifts

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A top executive of Strategy, formerly MicroStrategy, posted a cryptic post on X, fueling speculation that the company might be positioning itself to make another Bitcoin acquisition soon.

Strategy Executive Chairman Michael Saylor suggested in an X post that the company would purchase additional Bitcoins to boost its current BTC holding of $42 billion.

Saylor To Buy More Bitcoin 

In a typical Saylor fashion, the Strategy top honcho disclosed the company’s BTC investment portfolio tracker, an indicator that the company is planning an upcoming Bitcoin acquisition.

“Needs even more Orange,” Saylor said in the post, referring to the orange circles in the graph (below), which represents the company’s Bitcoin purchases since September 2020.

Once again, Saylor’s post intrigued the crypto community because many believe the graph conveys a message that Strategy will buy more BTC soon.

Strategy Stockpile: Over $40B BTC

According to Saylor, Strategy’s Bitcoin holding now stands at more than $42 billion. Despite the company’s already huge investment in BTC, it seems the company will continue to increase its holdings, believing in the value of crypto.

Strategy has made great strides in building its BTC reserve from its initial Bitcoin purchase of 21,454 coins worth $250 million in August 2020.

On March 17, the company announced its latest acquisition of 130 Bitcoins for about $10.7 million in cash, with an average price of around $82,981 per coin.

BTC is now trading at $84,287. Chart: TradingView

Meanwhile, Onchain Lens reported on Sunday that Strategy moved a considerable number of its coins to new addresses.

“Strategy (formerly MicroStrategy) transferred 7,383.25 $BTC worth $612.92M to three new addresses on March 30,” Onchain Lens said in a post.

Analysts believe the company is influencing the crypto market to strengthen its position, as its chairman has consistently urged others never to sell their Bitcoin.

Fueling BTC Adoption

Many market observers argued that Saylor’s BTC investment strategy might have driven crypto adoption. Ironically, Saylor was pessimistic about Bitcoin’s future in 2013, predicting that the flagship crypto would fail.

However, in 2020, Saylor became one of Bitcoin’s staunch advocates and has now been preaching the merits of the firstborn crypto, urging companies to acquire Bitcoin.

For example, Visa planned to let its customers spend digital assets directly at 70 million merchants. At the same time, financial institutions such as JPMorgan and Morgan Stanley have begun offering crypto investments to wealthy clients and institutional investors.

Featured image from Times Now, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.





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