Samson Mow, chief executive officer of technology company JAN3, has characterized Bitcoin as a generational investment opportunity rather than a conventional trade.
According to The Street, Mow has maintained a consistent price prediction for the cryptocurrency, stating it will reach the $1 million milestone by 2031. With Bitcoin trading below recent highs, the executive has described current price levels as a buying opportunity.
The comments came in response to veteran trader Peter Brandt’s analysis suggesting Bitcoin could decline to lower levels. Mow stated that traders cannot fully appreciate Bitcoin’s fundamental purpose, describing it as a replacement for fiat currencies rather than a trading instrument, according to the report.
Bitcoin was launched in 2009, one year after the global financial crisis. The cryptocurrency’s decentralized structure was designed to challenge traditional financial institutions’ dominance in global finance.
Supporters of the cryptocurrency maintain that Bitcoin gains value when fiat currencies decline. Recent factors cited include geopolitical uncertainty from trade conflicts, economic crises in multiple countries, concerns about Federal Reserve independence, and rising U.S. federal debt. These conditions have contributed to declining public confidence in major fiat currencies, according to cryptocurrency advocates.
However, Bitcoin has declined in recent months and has not capitalized on dollar devaluation during this period.
Mow stated that factors driving cryptocurrency adoption as an alternative to traditional financial systems are accelerating, urging market participants to plan accordingly, the report said.
Bitcoin’s price performance and its role as an alternative to fiat currencies remain subjects of debate among market analysts and traders.
