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Samson Mow, the CEO of Jan3 and a prominent Bitcoin investor, has expressed confidence in the future of the cryptocurrency, suggesting that a victory for its supporters is on the horizon. Despite criticism from influential figures, Mow remains optimistic, stating that it feels like a win is imminent.
Bitcoin recently reached its highest point this year, trading above $44,000. However, it has since experienced a retracement, with its value decreasing by 4.4% in the past 24 hours to $42,000. This decline is also reflected in its daily trading volume, which has decreased from $34 billion to $27 billion.
Mow has expressed surprise at Bitcoin’s failure to quickly rebound to the $44,000 mark, considering the upcoming spot BTC exchange-traded fund (ETF) and the halving event. Nevertheless, he maintains that Bitcoin’s path to a $1 million valuation is still achievable, citing an influx of institutional capital and the scarcity effect brought about by halving events.
Mow believes that as more institutional investors enter the market, the limited supply of Bitcoin will become even more pronounced, leading to an increase in its valuation. He aligns with the belief in the BTC community that institutional investment will be a crucial catalyst for major price increases.