Amid the turbulent landscape of Bitcoin price volatility, one prominent figure stands out as one who exudes unwavering optimism amidst the chaos: Samson Mow, the cryptocurrency's self-proclaimed evangelist.
Mow recently moved from his position as chief strategy officer at Blockstream to the position of CEO at Jan3, a company focused on facilitating Bitcoin adoption at the nation-state level, making a significant bet on the future of digital gold.
Bitcoin supporters see investors' hopes disappointed
Despite rumors of a possible crash below $30,000, Mow maintains its positive outlook. He dismissed concerns, writing on Twitter: “I think they will be disappointed.”
This statement comes in the wake of Bitcoin falling below $38,000, driven by a significant sell-off in Bitcoin exchange-traded funds (ETFs), particularly from the Grayscale giant. A whopping 15,000 BTC, equivalent to $566 million, left the market, leaving Grayscale with empty coffers.
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From what I've heard, many investors believe #Bitcoin will fall to the low $0.03 million area and then wait to buy. I think they will be disappointed.
— Samson Mow (@Excellion) January 22, 2024
However, the cryptocurrency landscape is not free from conflicting sentiments. While Grayscale is dumping its BTC holdings, other ETF issuers are taking a different stance. Notable among them is Fidelity, which acquired 9,755 BTC worth $386 million.
Fidelity emerged as the leading player, securing 5,312 BTC worth $210 million. These different approaches suggest that not all market participants are rushing to sell their Bitcoin assets.
BTC market cap at $761 billion on daily chart: TradingView.com
About break-ins and pain
Opinions differ within the community and a symphony of mixed tones emerges. In response to Mow's tweet, some participants expressed excitement about a possible bargain sale of the top cryptocurrency, eagerly hoping for the opportunity to accumulate more during the decline. Others are bracing for what they call “maximum pain,” imagining a scenario similar to Mow’s own predictions of Bitcoin rising to $1 million.
The concept of “maximum pain” is borrowed from traditional financial markets and suggests that markets are likely to follow the “max pain theory,” which suggests that markets are likely to follow the path that causes the greatest financial pain for the largest number of market participants.
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The Max Pain theory suggests that a flush in #Bitcoin shorts is next. https://t.co/zuJe2vpEEX
— Samson Mow (@Excellion) January 14, 2024
How about a million for Bitcoin?
In the context of Bitcoin, Mow believes that a quick rise to $1 million would disrupt the strategic plans of many, including nation states and corporations, that want to invest in Bitcoin.
In the area of monetary innovation, Mow has published an important commentary on Bitcoin and its importance to modern civilization. For example, Mow boasted on Twitter that Bitcoin was a thousand times better than any other financial technology.
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There are no diminishing returns when incremental change occurs. Bitcoin is not an insignificantly better dollar or gold. #Bitcoin is a 1000x improvement over any monetary technology developed throughout human history. Diminishing returns is an irrelevant concept when the entire game has changed. pic.twitter.com/0jbotFLDqc
— Samson Mow (@Excellion) January 22, 2024
Mow warns of a multi-million dollar crypto blitzkrieg, a surge that would spell disappointment for various stakeholders, from January 3rd with its strategic plans to analyst PlanB and its stock-to-flow model to MicroStrategy with its ambitious Bitcoin Acquisitions even El Salvador, whose dreams of a Bitcoin-backed bond would evaporate at over $100,000.
When navigating the Bitcoin roller coaster, the average investor is urged to prepare for a journey filled with hairpin turns, dizzying drops and, if Mow's predictions come true, a possible climb to the highly anticipated peak of $1 million.
Featured image from Freepik
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