Samson Mow, also known as Asia’s Michael Saylor, has stressed that the world is yet to understand Bitcoin and its uniqueness among other asset classes.
Bitcoin recently surged to a new all-time high of $112,000, pushing its market cap to $2.2 trillion. While the asset has retraced slightly, it remains atop the $109,000 price mark.
Meanwhile, the flagship cryptocurrency’s bullish momentum has seen it surpass Amazon to become the fifth-largest asset in the world by market cap. Yet Samson Mow, the CEO of JAN3 and a popular Bitcoin advocate, still feels the asset is undervalued.
The World Does Not Understand Bitcoin: Mow
In a tweet today, the maximalist noted that people are still in the dark about Bitcoin’s underlying technology and potential impact on the global financial system.
Several enthusiasts have termed the pioneering cryptocurrency the hardest money in existence and the most reliable store of value. Furthermore, Bitcoin’s scarce nature and pre-programmed issuance reduction model through periodical halving events make it even more valuable.
Mow understands these unique qualities but stresses that they are still obscure to many. He noted that if the world understood Bitcoin’s potential, it would be worth $10 million per coin in the current market.
The maximalist insinuated that the asset’s adoption rate would have been higher than it currently is, driving further scarcity and, consequently, explosive upward price actions.
Remarkably, Mow has been ever vocal about Bitcoin and its potential to create generational wealth. Earlier, he noted that Bitcoin has no top, calling its current $100,000 price undervalued. The market commentator had also predicted that Bitcoin would hit $1 million this year, as he believes the asset will replicate its 2017 feat.
Mass Adoption Slowly Emerging, Regardless
Meanwhile, corporate institutions and nation-states are slowly coming around, although not on the scale the JAN3 CEO expects. Public and private firms are increasingly gaining exposure to Bitcoin, with countries also creating reserves to store the largest cryptocurrency by market cap.
Data from BitcoinTreasury shows that 210 entities currently hold Bitcoin, up by 13 in the last 30 days. About 113 public firms, including MicroStrategy and Tesla, 30 private corporations like Block.one and Tether, and 12 governments hold Bitcoin as adoption swells.
The launch of Bitcoin spot ETFs has also hastened Bitcoin’s adoption rate. Recent Form 13F filings reveal that several institutions, like Goldman Sachs and Abu Dhabi’s sovereign wealth fund, Mubadala, have bought Bitcoin.
Is $10M Bitcoin Possible?
Notably, predictions of a Bitcoin rally to $1 million are now commonplace in crypto. However, some believe an ambitious $10 million price is still attainable.
For instance, Larry Lepard, the founder of Equity Management Associates, predicted that Bitcoin would hit $10 million in the long term, citing the US dollar’s decay. Adam Black, co-founder of Blockstream, also believes the price mark is attainable, asserting it would happen after the next two Bitcoin halvings in 2032.
Meanwhile, Michael Saylor finds the ambitious $10 million prediction a bit meager in comparison to Bitcoin’s trajectory. The Strategy co-founder predicted a rally to $13 million by 2045.
Bitcoin trades at $109,564 at press time.
