The advocacy for Bitcoin from Samson Mow is not bogus. It is worth noting that the spot Bitcoin ETF market has played a crucial role in shaping the supply of the coin. Recently, the sell-off from Germany and the bearish sentiment that trailed Mt. Gox’s Bitcoin redistribution drove the price of BTC to a low of $53,717.38 over the past month.
While many are choosing to focus on the negative impact of these sell-offs, Mow believes the accumulation by Bitcoin ETF products is properly counterbalancing the impact. With his projections, he has maintained his stance that the coin will hit a $1 million price mark overall.
MicroStrategy is also helping to boost the reality check for the coin with consistent accumulation in a mutually beneficial setup for its share price. The company initiated a 10-for-1 stock split recently, underscoring how the coin has triggered its growth since 2020.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
