Samson Mow Discusses Potential Timeline

Samson Mow, a prominent Bitcoin enthusiast and CEO of the Bitcoin-focused company Jan3, shared an extraordinarily optimistic Bitcoin price prediction on his X social media account. Mow reaffirmed his forecast of Bitcoin reaching $1 million, a projection he made earlier this year.

In a recent tweet, Mow stated, “Bitcoin is going to $1 million,” expressing confidence in this outlook. He mentioned in the discussion that he thinks this milestone could be achieved within a year.

Mow also commented on the significant Bitcoin transactions carried out by the Mt. Gox exchange. The platform began moving Bitcoin in order to initiate payouts to its creditors, resulting in nearly $6 billion worth of BTC being transacted, which subsequently impacted Bitcoin’s price negatively.

Earlier in the week, Mow asserted that he does not expect Bitcoin to fall below the $60,000 mark again. The leading cryptocurrency has shown signs of recovery after a recent sell-off triggered by the German government, which sold 50,000 BTC across various exchanges.

Regarding the large movements of Bitcoin by Mt. Gox, journalist Colin Wu reported that the Kraken exchange received Bitcoin and Bitcoin Cash intended for creditor payouts, which are expected to be distributed over the next couple of weeks.

Mow believes that the payouts from Mt. Gox will not significantly affect Bitcoin’s price, anticipating that only 20% of the released Bitcoin will enter the market. He theorizes that the remaining 80% will likely be stored in cold wallets or secured in financial applications, as users may opt to utilize their Bitcoin as collateral for loans.

However, Mow is convinced that all of the Bitcoin Cash returned to creditors will be sold.

Today, Bitcoin’s price fell approximately 3.7%, dropping to around $62,500, though it has since experienced a slight recovery. Currently, Bitcoin is trading at approximately $63,815.