No, Bitcoin Price to $1 Million ‘Can’t Quickly Happen’: Samson Mow

Bitcoin (BTC) bull Samson Mow has repeatedly predicted that the leading coin will hit its $1 million mark. However, amid the recent sell-off in the gold market, Mow noted that the $1 million BTC target cannot happen quickly.

Why the $1 million goal may stall

Samson Mow, CEO of JAN3, provided an answer that tempers the excitement surrounding the spin of gold capital to Bitcoin.

Especially, gold stopped its bull run It dropped to $4,000 on Wednesday, October 22nd. After this crash, gold wiped approximately $2.64 trillion from its market capitalization. This loss equates to roughly 1.2 times Bitcoin’s market cap.

The event marked one of the largest single declines in gold in recent years, sparking discussion of a potential spin of capital into bitcoin.

In theory, this kind of rotation could happen through institutional trades such as spot bitcoin exchange-traded funds (ETFs). Also, dips in gold can fuel retail panic selling to chase cryptocurrency profits.

Although Mow agrees in principle with gold flows into BTC, he cautioned against expecting an immediate recovery.

His view is perhaps based on market dynamics and liquidity. For context, the bitcoin market is still relatively small and illiquid compared to gold.

Absorbing $2.64 trillion would therefore require massive, coordinated purchases without overwhelming order books. This can take weeks or months to avoid extreme volatility.

Samson Mow Raises Bitcoin Target to $10M

Still, Mow remains a strong supporter of Bitcoin. He recently stated that another bitcoin target would be $10 millionafter the coin reached $1 million.

If Bitcoin eventually reaches $10 million per coin, it would increase its market capitalization to $197 trillion. Some have argued that BTC hitting this market cap is absurd, which is understandable.

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However, Mow has always dismissed any skepticism towards BTC. Mow sees the leading coin beyond just being a speculative asset or a digital version of gold.

According to Mow and many other supporters of Bitcoin, the coin has the potential to replace the dollar, euro and any other fiat currency.

In addition, Mow constantly promotes unity within the BTC community. He recently issued a warning to the community in the middle of a debate about Bitcoin Core v30 upgrade and Knots implementation.

Mow suggested that the ongoing debates are not conducive to improving Bitcoin as an asset. Instead, he pointed out that the debate is a subtle way to undermine confidence in BTC.