Samson Mow, CEO of the Bitcoin technology company JAN3, believes the popular cryptocurrency is more than just a trade. He views Bitcoin as "the trade" of "your lifetime" and for "generations to come."
Mow, a strong advocate for Bitcoin, consistently reiterates his price prediction of $1 million for the cryptocurrency, stating that BTC will reach this milestone in 2031. He considers buying Bitcoin below $100,000 an opportunity of a lifetime, especially as it currently trades below that mark.
Bitcoin as a Replacement for Fiat Currencies
In response to veteran trader Peter Brandt suggesting that BTC could fall to the price range of $58,000-$62,000, Mow argued that a trader's perspective cannot fully appreciate the essence of Bitcoin. He asserted that Bitcoin is not merely a trade but a replacement for fiat currencies.
Launched in 2009, a year after the global financial crisis, Bitcoin's decentralized model was designed to challenge the dominance of Wall Street in global finance. Bitcoin maximalists believe the cryptocurrency is the ultimate gainer when fiat currency declines in value.
The U.S. dollar index (DXY), which measures the dollar's value against a basket of foreign currencies, recently fell to 98.35 on January 20, its weakest point in weeks. Geopolitical uncertainties, including U.S. President Donald Trump's tariff war, crises in Venezuela and Iran, threats to the Federal Reserve's independence, and soaring U.S. federal debt, have contributed to a decline in public trust in the leading fiat currency.
Despite these factors, Bitcoin has not fully capitalized on the dollar's devaluation, declining by over 15% in the past three months. At press time, it was trading at $89,300.32. Nevertheless, Mow believes that all factors pushing for Bitcoin to displace the legacy system are accelerating and urges everyone to plan accordingly.