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Samson Mow, the CEO of JAN3 and a prominent Bitcoin maximalist, is pushing back against a common misinterpretation in crypto analysis. Mow explained that coins moving on-chain are not necessarily sales.
Big take on on-chain coin movement
Typically, when crypto assets move from one wallet to another, many analysts and even media outlets automatically label it as a sales distribution. However, Mow shared a different opinion.
He noted that coins moving to exchange addresses are not necessarily sales. Mow mocked panic-driven retail investors and analysts who react to on-chain coin movement without context.
According to Mow, they lack the conviction needed to hold Bitcoin (BTC) long-term if they are scared by every wallet transfer.
Mow find it hilarious that people still fall for this narrative, especially after years of proof that on-chain moves are often misleading.
In reality, coins can move for many reasons, such as security rotation from cold storage to a hot wallet. Users can also move coins to exchanges for staking, lending or yield. Furthermore, exchange transfers may be part of a structured product or ETF rebalancing.
Overall, Mow is calling out fear, uncertainty and doubt (FUD) fueled by the misinterpretation of data. In his opinion, real Bitcoiners do not flinch at wallet movement but understand that context matters.
Samson Mow's Bitcoin predictions
Mow has consistently issued bold predictions for the leading coin over the years. In one of his popular predictions, Mow suggested Bitcoin reaching the $1 million milestone.
However, amid a recent gold market sell-off, Mow noted that the $1 million BTC target cannot happen quickly. He explained that post-gold dips may spur retail panic-selling to chase crypto gains.
Mow agreed in principle about the gold flows to BTC, but he has cautioned against expecting an immediate rally.
Nonetheless, he recently put out his next BTC target at $10 million per coin. He made it sound less like a long-term dream and more like a checkpoint that will come faster than most expect.
While many think this target is overwhelming, and that is understandable, Mow has always dismissed any skepticism toward BTC.
The JAN3 CEO recently warned investors that time is running out to buy BTC below $200,000. His remarks align with BTC tightening supply. Notably, the circulating supply equates to 19.92 million BTC. This is close to the 21 million hard cap, leaving 1.1 million coins to be mined.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team