Samson Mow: Bitcoin Could Reach $1 Million This Year as Altcoins Are “Overpriced”

Bitcoin's future price has been a topic of debate among crypto enthusiasts and financial experts alike. While price fluctuations can be unpredictable in the short term

Samson Mow, CEO of Jan3 and founder of Pixelmatic, has made a bold prediction for Bitcoin’s future price, projecting that it could reach an astonishing $1 million per coin, possibly even within this year.

In an interview with Blockworks, Mow expressed his optimism about Bitcoin’s remarkable price trajectory, dismissing the notion of diminishing returns. He highlighted the scarcity of Bitcoin, with a limited supply of 21 million coins, and argued that there’s no upper bound to its potential value, unlike traditional assets.

"It's going to be this year,” Mow said, regarding Bitcoin reaching $1 million.

The scarcity of Bitcoin, coupled with rising demand from institutions, nation-states, and individuals, has led Mow to believe that its potential is still largely underestimated. He pointed out the surprising lack of price movement, despite strong institutional interest and El Salvador adopting Bitcoin as legal tender.

"Everyone's talking about why the price didn't go up — we had institutions buying, we had nation-states buying, and everyone's like, 'Oh my God, the price should be $300,000.' But it's not,” Mow stated.

According to Mow, the recent price pullback is a natural market correction, especially considering the inflated prices of several altcoins. He singled out XRP (Ripple) and Solana, among others, as being overpriced compared to Bitcoin.

"I've been predicting $1 million for a while and hopefully I'll hit sometime but I believe this pullback is very normal because the altcoin market was overheated. If you look at XRP (Ripple), it was $3, that's ridiculous with Bitcoin at $97,000. And then you have Solana. Everything is overpriced right now for the altcoins, so I think it's normal we come down, they shake off."

Mow emphasized the need for Bitcoin's dominance to increase as the market corrects the excessive speculation in altcoins. He highlighted that even at prices of $100,000 or $200,000, Bitcoin would still be undervalued.

"Institutions are still scared to touch crypto. Even at $100,000, $200,000, Bitcoin is still massively undervalued. I think we'll continue to see institutions slowly, slowly coming in and building up their reserves, which will slowly drive the price up over time. But I think we'll hit $1 million this year, for sure. After that, who knows?"

As Bitcoin's journey unfolds, key developments to watch include the strategic Bitcoin reserves and the rising popularity of Bitcoin ETFs, which are facilitating institutional entry into the crypto market.