Binance CEO Richard Teng now expects the price of bitcoin to surpass his earlier estimate of ,000 this year. The executive anticipates continued significant inflows into U.S. spot bitcoin exchange-traded funds (ETFs) as endowments and family offices increase bitcoin exposure in their investment portfolios. Binance CEO Teng’s Bitcoin Price Prediction Binance CEO Richard Teng shared […]
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Samson Mow Gives Reasons Why Bitcoin Price Could Reach $1 Million This Year
The CEO of Jan3 and Bitcoiner, Samson Mow, is still standing by his prediction that Bitcoin could hit million sooner rather than later. During a recent interview, he explained why he is sticking to his ambitious price prediction.
Why Bitcoin Would Hit Million This Year
Mow mentioned during an interview with ‘What Bitcoin Did’ Host Peter McCormack that BTC will hit million this year, if not this year, in 2025. He further explained that BTC’s current setup is well structured for this parabolic run. For one, he noted that BTC’s demand far exceeds its supply.
Mow highlighted the Spot Bitcoin ETFs, which accumulate almost 4,000 BTC daily. This amounts to about 1.5 million BTC, which these funds can pull over a year, which could drastically reduce the amount of BTC in circulation. These Bitcoin ETFs are already reported to hold a significant percentage of Bitcoin’s circulating supply.
The Bitcoin maximalist also recognized crypto exchanges that take in large BTC inflows. Therefore, Mow believes the price should “react accordingly” as Bitcoin’s demand continues to exceed the Miners’ supply, which will be cut in half during the Bitcoin Halving. Even if this theory doesn’t play out, he remarked that the concept of the ‘Veblen effect’ will apply to Bitcoin.
What The ‘Veblen Effect’ Is About
The Veblen effect is when consumers purchase an item even as its price increases. In this case, Mow opines that investors will continue to invest in Bitcoin regardless of how high this rises. This sustained interest in the flagship crypto can also lead to further price surges. This Veblen effect is already in full force as Bitcoin continues to attract new investors.
Mow also laid a scenario where BTC attains Gold’s market cap and surpasses it. When that happens, he stated that people will start demonetizing Gold and substituting it for BTC, seeing the crypto token as a better alternative. While he recognized that some investors are already substituting their Gold for Bitcoin, Mow stated that it will happen “en masse” when BTC flips Gold.
Although ambitious, Samson Mow’s ambitious prediction cannot be discarded, considering that he had previously predicted that Bitcoin would hit a new all-time high (ATH) before the Halving event, which it already did. This is the first time the crypto token hit a new ATH before the Halving.
At the time of writing, BTC is trading at around ,000, up in the last 24 hours according to data from CoinMarketCap.
Central Bank of the Philippines to Complete Wholesale CBDC Pilot This Year, Hints at Securities Focused Use Case
The Central Bank of the Philippines revealed that it aims to conclude the ongoing wholesale CBDC pilot, Project Agila, later this year. The pilot, which currently includes the participation of six local financial institutions, might be the gate for democratizing access to securities according to Deputy Governor for Payments and Currency Management Sector Mamerto Tangonan. […]
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Galaxy Digital CEO Anticipates BTC Reaching $100K This Year Citing ‘Runaway Momentum’ in Spot Bitcoin ETFs
Galaxy Digital CEO Mike Novogratz firmly believes that bitcoin will reach 0K this year. “Right now there are more buyers and sellers,” he explained, adding that there is “runaway momentum” in bitcoin exchange-traded funds (ETFs). In addition, he pointed to a “new phase of bitcoin” as the asset class welcomes baby boomers. He further asserted […]
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Rich Dad Poor Dad Author Robert Kiyosaki: Bitcoin ‘on Fire’ — BTC Headed for $300K This Year
Rich Dad Poor Dad author Robert Kiyosaki says bitcoin is “on fire,” predicting that the crypto will hit 0K this year. Bitcoin surged to a new all-time high this week, fueled by soaring demand for spot bitcoin exchange-traded funds (ETFs). Robert Kiyosaki: Bitcoin Is on Its Way to 0K The author of Rich Dad Poor […]
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Hong Kong to Kickstart New Web3 and Digital Yuan Initiatives This Year
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Bitwise CIO Says Bitcoin Could Top $200K This Year Citing ‘Too Much Demand, Not Enough Supply’
Bitwise’s chief investment officer says bitcoin price could surge above 0K this year due to a “massive supply-demand dynamic,” emphasizing that “there’s too much demand and not enough supply” for the cryptocurrency. Predicting “an even bigger wave” of demand for bitcoin due to spot bitcoin exchange-traded funds (ETFs), he described: “It’s in a new era […]
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Fundstrat’s Tom Lee Anticipates Bitcoin Hitting $150K This Year — Calls BTC ‘Sound Money’
Fundstrat’s head of research, Tom Lee, has doubled down on his 0,000 bitcoin price prediction, stating that the crypto could reach that price level this year. He cited three key reasons driving his bullish price forecast. Describing bitcoin as “sound money,” he emphasized that the cryptocurrency is incredibly secure and proving to be a good […]
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Robert Kiyosaki Expects Bitcoin to Hit $100K by June This Year
Rich Dad Poor Dad author Robert Kiyosaki expects the price of bitcoin to reach 0,000 by June this year. This prediction aligns with his earlier forecast of bitcoin’s rise and gold’s decline. Kiyosaki recently increased his bitcoin holdings in anticipation of a price surge fueled by the recent approval of spot bitcoin exchange-traded funds (ETFs) […]
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First Lunar New Year Verse Scratcher Jackpots Hits for 8,888,888 VERSE
Fortune smiled upon a lucky winner this Lunar New Year as the Bitcoin.com Verse Team announced a major jackpot hit on their decentralized app, the Lunar New Year Scratcher. With every ticket offering an equal shot at the jackpot, participants are encouraged to continue playing until Mar. 1 for their chance at fortune and glory […]
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