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Samson Mow Makes Crucial Bitcoin (BTC) Statement: Details

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Tue, 11/06/2024 - 8:43
Samson Mow Makes Crucial Bitcoin (BTC) Statement: Details
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Bitcoin maximalist and chief executive of Jan3 Samson Mow has published a BTC-themed post on his X platform account that triggered a wave of heated responses from the Bitcoin community.

Earlier today, Mow revisited his post published on Monday evening, adding a super bullish Bitcoin price prediction to it.

Mow's bullish Bitcoin statement

Samson Mow, the boss of the Bitcoin adoption-focused company Jan3, published a diagram that shows the proportion of available capital in the market versus Bitcoin - in terms of that available in circulation and to be potentially minted through mining.

There are no digits on this diagram, but it makes its point visually that the amount of available BTC is tiny compared to how much available capital can be used for buying it. Both the capital and Bitcoin are depicted in the shapes of triangle, and together they look like an hourglass.

Mow tweeted earlier today that while “watching the Bitcoin price dropping, just remember where it inevitably goes,” thus making a bullish BTC price prediction. Mow is one of the maximalists who expects the world’s flagship cryptocurrency to eventually reach the $1 million-per-coin price level.

However, Mow also shared surprise at the current Bitcoin decline despite the staggering level of adoption that can be observed now: “Feels weird seeing #Bitcoin price go down when we're at a level of unprecedented adoption. BTFD!” BTFD, as he explained in the comments to that tweet, stands for “buy the friendly dip.”

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Bitcoin community reacts

In the comments to the tweet with the diagram, many Bitcoin fans pointed out that in reality the triangle of the available capital should be much bigger and the triangle of available BTC much smaller.

Mow responded that it is worth taking a closer look at the bigger triangle of capital, and then it will become obvious that " 'Available Capital' goes outside the boundaries of the diagram.”

Bitcoin drops further

Over the past 24 hours, Bitcoin has demonstrated a sudden plunge of almost 4%, plummeting from the $70,000 price level that it managed to recapture on Monday to $67,453, where it is trading at the time of this writing.

Over the weekend, BTC faced a similar price decline, dropping from above $71,660 to the $69,000 price tag.

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