Bitcoin proponent Samson Mow confirms BTC price target of $1 million

The digital currency ecosystem is on the brink of crisis as the price of Bitcoin has crossed the $100,000 mark. At the time of writing, the coin was changing hands for $102,668, up 3.68% in 24 hours. Following this historic move, Bitcoin proponent Samson Mow has set an ambitious $1 million price target for the coin.

Bitcoin’s journey to $1 million

It took exactly 15 years since its inception for Bitcoin to reach the $100,000 milestone. With the coin changing hands at half the current price, Samson Mow has always remained confident that it has the potential to reach the $1 million mark.

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The indices suggest the possibility of this projection. First, the Bitcoin halving in April this year resulted in severe shortages of the coin. Since an average of 450 Bitcoin units are mined every day, there is not enough supply to meet current demand.

The demand for Bitcoin is growing in different ways. Business intelligence and software company MicroStrategy has continued to accumulate Bitcoin. In its latest move, the Michael Saylor-led company acquired 15,400 BTC for $1.5 billion, bringing its total holdings to 402,100 BTC.

Other companies such as Metaplanet and Semler Scientific have also borrowed an example from MicroStrategy. This source of demand could also increase if Microsoft purchases Bitcoin, taking advantage of Saylor’s offer to the company.

Spot Bitcoin ETF Advantage

In addition to purchasing the coin on the open market, many American investors are now also gaining exposure to Bitcoin through spot Bitcoin ETF products.

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This adoption has led BlackRock’s Bitcoin ETF product to surpass the historic $50 billion mark in assets under management (AUM). The asset management firm continued to enjoy inflows as industry hype fueled sentiment across the board.

With these key adoption channels, it will become easier for Bitcoin to surpass the predicted $1 million milestone as scarcity increases.