Mow has shared his prediction that the world’s flagship cryptocurrency will finally reach one million in the year 2025.
Mow tweeted that Bitcoin is likely to skyrocket, even though many people may doubt this.
His certainty is based on the approval of spot Bitcoin ETFs in January and the fourth Bitcoin halving that took place in late April. After the ETFs got the green light from the U.S. Securities and Exchange Commission (the SEC), they began to accumulate massive amounts of BTC. Every business day, they scooped up millions of BTC to back their exchange-traded products.
The only ETF that was losing Bitcoin every day in withdrawals was Grayscale’s GBTC. This allowed BlackRock’s IBIT to finally surpass GBTC in terms of Bitcoin holdings size. Mow then stated that the spot ETFs will create a Bitcoin demand shock.
Once the halving took place and the block size reduced from 6.25 to 3.125 BTC, the Jan3 boss tweeted that a Bitcoin supply shock had occurred. By his predictions, the world’s flagship cryptocurrency will soar to $1 million (and even higher later on) once the demand shock meets the supply shock.
Since Sunday, the Bitcoin price has gone down by 3.32%, falling from $64,345 to the $62,190 level, where it is changing hands at the time of this writing.
As reported by U.Today earlier, Bitcoin miners continue to sell as much BTC as they can. The selling pressure on Bitcoin from them continues to hold at a high level, becoming one of the key triggers that have been pushing the BTC price down recently. Miners are dumping their BTC to cover mining expenses and lock in their profits.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
