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Bitcoin Price Likely to Go Parabolic: Samson Mow

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Wed, 31/01/2024 - 15:01
Bitcoin Price Likely to Go Parabolic: Samson Mow
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Samson Mow, one of the early Bitcoin supporters, former CSO at Blockstream (where he worked with the cypherpunk Adam Back whom many believe to be Satoshi Nakamoto) and now chief executive of Jan3, has been actively tweeting about Bitcoin recently.

He actively posted bullish Bitcoin tweets before the Securities and Exchange Commission and its chairman Garry Gensler finally approved eleven applications for launching spot Bitcoin ETFs and continued after that, often stressing the importance of this major approval for the Bitcoin industry.

Mow has often been tweeting about the Bitcoin price surge that he expects after the launch of Bitcoin-based exchange-traded funds and he even expects BTC to hit a staggering $1 million one day eventually. Today, one of his tweets hinted that Mow expects the Bitcoin price to go parabolic soon.

Mow's Bitcoin statement about ETFs

Mow has tweeted a meme, accompanying it with a text to again draw public attention to how fast Bitcoin ETF issuing companies have been accumulating Bitcoin after their new products launched.

The meme also says: “It’s impossible that ETFs keep accumulating at this rate without the price going parabolic.”

Overall, when Mow talks about a rapid Bitcoin price surge, including his beloved $1 million all-time high, he does not mean it literarily, as he explained on Twitter once. All he means by this is that the fundamentals of the Bitcoin market have radically improved. He provided that explanation after many started asking him on Twitter how come spot Bitcoin ETFs are trading already but Bitcoin still has not hit $1 million.

Related

New era for Bitcoin begins: Gabor Gurbacs

Another major Bitcoin evangelist, Gabor Gurbacs from BTC ETF issuer VanEck, stated today that he believes a new era for Bitcoin has started, as well as a new level of Bitcoin’s “maturity.”

Now that the SEC has yielded to make the approval, Bitcoin will not be damaged by cryptocurrency giants, like FTX and LUNA, crashing and selling their assets, nor is Bitcoin damaged by “estate sale”, like Grayscale is doing now. This is because spot ETF issuers and corporations have begun scooping up 2x Bitcoin that miners produce within a day and Bitcoin is simply moving from “weak hands” to “strong hands” on the market.

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