The current market activity points to the continuation of a major bull run across multiple cryptocurrencies. Bitcoin is showing signs of breaking past $100,000 and Ethereum could push toward $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 Lin, Mow 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 hit $1 million per Bitcoin, a projection that has garnered attention in the crypto community.
ETFs and Institutional Capital Boost Bitcoin’s Value
Mow attributes much of his bullish outlook on Bitcoin’s future to the surge in institutional investment, particularly from Bitcoin ETFs (Exchange-Traded Funds). He believes the approval of Bitcoin ETFs has introduced substantial capital into the market, creating upward pressure on the cryptocurrency’s price.
However, he pointed out that this impact has been somewhat muted by ongoing issues related to the unwinding of Grayscale Bitcoin Trust (GBTC), a situation that has lingered since the collapse of FTX. Despite these challenges, Mow remains confident that the ETF-driven capital influx will eventually propel Bitcoin toward the $1 million mark.
Macroeconomic Factors and Debt Crisis Fuel Bitcoin’s Potential
Beyond 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 U.S. debt approaching $1 trillion. According to Mow, this unsustainable financial situation will likely push more people and institutions toward alternative assets like Bitcoin, which offer a hedge against inflation and economic instability.
Bitcoin’s Parabolic Growth Is Imminent
Mow said that while Bitcoin has faced challenges over the past year, the stage is now set for it to enter a “parabolic” growth phase. He explained that the combination of institutional support, the decreasing effectiveness of traditional financial systems, and increasing demand for decentralized financial assets will drive Bitcoin’s price to unseen levels.
