Samson Mow, the Chief Executive of JAN3 and a committed advocate for Bitcoin, has recently reiterated his earlier prediction that Bitcoin will soon reach a valuation of $1 million. Mow’s prediction, made in a tweet to his followers, drew upon the narrative of the famous financial markets movie, “The Big Short”, which depicts the events leading to the creation of Bitcoin.
However, in the wake of Mow’s tweet, Bitcoin experienced an approximate 6.35% loss after reaching a new record high last Friday. This has raised questions within the Bitcoin community, as hopes were high for Bitcoin to quickly surpass the $100,000 mark.
In his tweet, Mow stated his confidence that Bitcoin would first reach $0.1 million, before going on to hit $1 million. He accompanied this statement with a quote from “The Big Short”, a movie that chronicles the collapse of the mortgage loan market in 2008. This event was significant in that a handful of traders, including Michael Burry, profited by shorting the market and betting on its downfall.
Bitcoin, the world’s leading cryptocurrency, is now trading at $93,500, having partially recovered from a significant 8% price drop on Monday. In response to this downturn, Mow tweeted about a “Black Friday Bitcoin sale”, suggesting that followers could take advantage of the dip to buy Bitcoin.
Michael Saylor, a well-known Bitcoin evangelist, responded with a tweet of his own. He revealed plans to host a $100,000 Bitcoin party at his home in late December 2024, in anticipation of Bitcoin reaching this milestone either in November or December.
However, not everyone shares Mow and Saylor’s optimism. Analyst Charles Edwards, CEO and founder of the Capriole Investments fund, explained his belief that Bitcoin has failed to cross the $100,000 threshold due to numerous traders selling Bitcoin. He also suggested that the general public, or “nocoiners” as he referred to them, are not mentally prepared for Bitcoin to exceed $100,000.
Despite this, Edwards remains confident in Bitcoin’s ability to rebound and surpass the $100,000 mark. He went as far as to predict that, once this threshold is crossed, the next $100,000 increase could occur within a matter of weeks.
This ongoing debate within the Bitcoin community has led to a heightened sense of anticipation, as many wait with bated breath to see whether Bitcoin can indeed reach these lofty heights.
