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.
Samson Mow, major Bitcoin evangelist and boss of the Bitcoin-oriented company Jan3 that intends to help nation-states with Bitcoin adoption, has published a Twitter/X post in which he stressed the role of Bitcoin in the success of such major companies as MicroStrategy and Tether.
At the same time, he took a dig at the second-largest cryptocurrency by market cap, Ethereum.
Mow explains MicroStrategy’s and Tether’s success strategy
Prominent Bitcoiner Mow believes that companies like MicroStrategy and Tether (issuer of the USDT stablecoin) have such major market capitalization because they have chosen only Bitcoin from among the whole cryptocurrency market to bet on.
MicroStrategy has been adding large BTC chunks to its balance sheet regularly since August of 2020, and Tether holds Bitcoin among the assets that back the USDT supply issued by it. Michael Saylor’s business intelligence giant now holds an astonishing $8.7 billion worth of Bitcoin, and this, surprisingly, exceeds the company’s market capitalization by $1 billion.
Earlier this week, by the way, Michael Saylor called on the cryptocurrency community not to sell their Bitcoin, despite the continuous BTC price plunge that is taking place despite spot ETF approval by the SEC regulatory agency.
As for Tether, last quarter, it acquired another Bitcoin stash amounting to $380 million worth of Bitcoin. At the time of this writing, Tether holds 66,465 BTC.
Mow stressed the importance of the global flagship cryptocurrency Bitcoin as opposed to the second largest one by market capitalization value – Ethereum.
Mow slams Ethereum, praises Bitcoin
In another tweet today, Mow bashed Ethereum, comparing the “Bitcoin-Ethereum” pair to the “gold-silver” one. He stated that “silver is poor man’s gold,” while “Ethereum is fool’s Bitcoin.”
Mow has recently been tweeting about his expectations for Bitcoin to reach $1 million. Elaborating on that forecast in one of his tweets, the Bitcoiner explained that this prediction should not be expected to be fulfilled instantly, like after the spot Bitcoin ETF was greenlit. What he meant was that the overall market fundamentals for Bitcoin have changed compared to how they stood before.
In a tweet published earlier today, Mow stated that the Bitcoin price does not depend on the ETF approval, and it rises of its own accord and at its own pace.
Arman Shirinyan
Tomiwabold Olajide
U.Today Editorial Team
Vladislav Sopov
Dan Burgin