Crucial Bitcoin value statement from Samson Mow based on this metric from U.Today

U.Today – Samson Mow, CEO of JAN3 and vocal supporter, made an important statement regarding the current value of BTC.

This happened while the world’s largest cryptocurrency, Bitcoin, reclaimed the $63,000 mark overnight, only to lose it again today. In the last 24 hours, BTC rose from $61,825 to $63,600, up almost 3%. Currently, Bitcoin is trading at $62,710.

BTC Statement by Samson Mow

Samson Mow, CEO of a Bitcoin adoption company and Bitcoin maximalist, shared his assessment of BTC’s current value based on his own criteria on social media platform X.

Mow invoked “Omega Law” to explain that he currently believes Bitcoin is “incredibly undervalued.” “Omega” here refers to “Omega candles,” which Samson continues to expect will take BTC to $1 million “soon” practically overnight. However, his “soon” refers to this year or next year, according to his recent tweets, in which he stated that he “knows” BTC is heading for $1 million.

In a recent interview, Mow said that even if Bitcoin doesn’t reach $1 million in 2024 or 2025, that point in time is still pretty close. The JAN3 boss’s assessment is based on the fact that spot Bitcoin ETFs continue to actively accumulate Bitcoin and have been doing so since mid-January, when issuers received SEC approval to launch these products.

These companies included BlackRock (NYSE:), Fidelity, VanEck, and Grayscale. The ETFs caused a Bitcoin demand shock, while the fourth BTC halving on April 20 caused a supply shock for BTC, according to Mow’s previous tweets. Once these two “Bitcoin shocks” converge, the price will rise above $1 million.

Over the weekend, Mow commented on the Bitcoin sales currently taking place. The JAN3 boss believes the market can absorb them all.

ETFs await approval

The same companies later also filed applications to launch Ethereum spot exchange-traded funds. The SEC granted the initial approval in late May, but the final approval is expected to be announced this week on July 2. Many in the crypto community are looking forward to it, as they did before the American regulator gave the green light to trading Bitcoin ETFs.

This article was originally published on U.Today.