What is the significance of Jesus saying 'I am' in John 8:58?

In John 8:58, Jesus' declaration, 'I am,' is profoundly significant as it identifies Him with the God of the Old Testament, who revealed Himself to Moses as 'I AM THAT I AM' (Exodus 3:14). This statement asserts His divinity and eternal nature, which was recognized by the Jewish leaders of the time, leading to their attempts to stone Him for blasphemy. The phrase emphasizes that Jesus is the self-existent one and fulfills the covenant name of God, affirming His role as the eternal Son and validating His claims about His nature and authority over salvation and truth.