Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
The JAN3 chief executive officer, Samson Mow, has made a public Bitcoin statement, voicing his expectations about the next Bitcoin price leg. Among those who responded in the comments was Charlie Lee, the creator of first-generation crypto Litecoin (LTC), known as digital silver, created in 2011, after Bitcoin but before Dogecoin and XRP.
Litecoin and Dogecoin are mined together through the merged mining protocol (also known as auxiliary proof of work, AuxPoW).
$0.5K, Charlie Lee says — Bitcoin price target?
Somson Mow, a well-known advocate of Bitcoin going to one million dollars in the near future, commented on the new BTC historic peak of $112,000 reached on Wednesday. However, this ATH does not seem sufficient for Mow.
In his tweet, he said, “$0.112M isn’t interesting.” What the JAN3 CEO finds interesting is $500,000 or $0.5 million, as Mow prefers to count BTC prices in terms of a one-million-dollar scale.
Charlie Lee left a comment saying: “$0.5k is interesting as well!” Mow’s response was: “For Litecoin?” It was as if the Bitcoin maximalist trolled the LTC founder, and he does not even let in a thought that BTC could crash that low, from $111,000 to $5,000.
On the other hand, Lee could mean that for Bitcoin, $500,000 is the new $500, with huge prospects for growth ahead. However, he did not say if he indeed thought so about BTC.
Mow reveals most likely $1 million Bitcoin scenario
Earlier this week, Mow published an extract from his recent online interview, where he shared a scenario of Bitcoin reaching $1 million, which he believes to be the most likely scenario.
He thinks that Bitcoin will soar to $1 million, not gradually and slowly, but rather in a “very short and violent upheaval” that will take BTC to the desired level. He reckons it will happen “in a matter of weeks to months.”
Mow also shared a theory that a global hyperbitcoinization is coming as he thinks that governments are going to start mining Bitcoin, like Bhutan is doing now. Besides, Mow believes, governments will soon start issuing sovereign debt to raise money and buy BTC, following Strategy’s playbook. This is likely to happen, he said, because fiat currencies, they do not fail gradually, “they fail spectacularly. And this is the premise behind the $1 million Bitcoin call.”
Dan Burgin
Vladislav Sopov
U.Today Editorial Team