Mow is confident that Bitcoin could reach a seven-figure price in the near future, representing an increase of around 1,264% from the current level. "I think this year we will reach $1 million, if not this year, then next year. But it's coming very soon," Mow said.
Mow's bullish thesis for Bitcoin is largely influenced by current market conditions. He emphasizes that the demand for Bitcoin far exceeds the supply, and that the upcoming halving will further tighten the supply situation. Additionally, exchange-traded funds (ETFs) alone are already attracting about 22,000 BTC, further increasing demand.
Mow also refers to the Veblen Effect, a concept that states that as the price of a good rises, the demand for it increases. Even if this effect does not occur, Mow still believes that the value of Bitcoin will be enhanced by its increasing appreciation. He sees an important threshold when Bitcoin reaches the market capitalization of gold. Once this happens, Bitcoin could begin to replace gold as a store of value and experience significant appreciation.
