According to U.Today, Samson Mow, the CEO of Bitcoin-focused company Jan3, remains optimistic about Bitcoin's future. In a recent tweet, Mow highlighted the importance of a key Bitcoin indicator, noting that many short-term holders are selling their Bitcoin due to recent market developments. He referred to these sellers as 'weak-handed', while 'diamond-handed' hodlers continue to buy more of the world's first cryptocurrency.
Over the past 24 hours, Bitcoin experienced a minor drop followed by a quick recovery. Prior to the drop, the leading digital currency showed a 2.56% growth. At the time of writing, Bitcoin is trading at the $68,130 price level.
Earlier this week, Mow drew parallels between spot-based Bitcoin exchange-traded funds (ETFs) and the main character of the iconic movie 'The Matrix'. He suggested that like Neo, who destroys Agent Smith by diving into him, Bitcoin ETFs have penetrated the traditional financial system. Without making specific predictions, Mow hinted at the possibility of Bitcoin disrupting the legacy system and potentially replacing the U.S. dollar in the future.
Mow also expressed his belief that Bitcoin is on its way to hitting the $1 million price mark. He has mentioned this prediction multiple times recently, particularly in the lead-up to the upcoming Bitcoin halving event scheduled for the second half of April. According to Mow, the launch of Bitcoin ETFs has created a demand shock, as these ETFs acquired 12 times the daily Bitcoin production of miners. He believes that this demand shock, coupled with the supply shock created by the Bitcoin halving, will drive the price to unprecedented highs. However, he noted that while all ETFs are buying Bitcoin, Grayscale's GBTC continues to see significant outflows.