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Highlights
- Bitcoin proponent Samson Mow said Bitcoin price cannot be down forever
- This statement is likely directed at Bitcoin's critics
- Samson Mow is an advocate of Bitcoin price hitting $1 million
Samson Mow, the CEO of JAN3 recently took to X to debunk one of the numerous bearish myths that is generally propagated about Bitcoin (BTC) price.
Bitcoin (BTC) Price Expectations Corrected
According to the Bitcoin Marxist, the possibility for the (BTC) Bitcoin price to remain flat for a significant period does not exist. His optimistic statement comes as the flagship cryptocurrency began to recover earlier this week.
At the time of this writing, Bitcoin price was $43,041.73, with a 0.76% gain within the last 24 hours. This is a huge price surge for the token considering that it had previously plummeted to around $38,000.
Markedly, Mow holds a very positive sentiment towards Bitcoin and this has been demonstrated previously in his bold predictions about the coin. In mid-January, right after the United States Securities and Exchange Commission (SEC) greenlighted 11 spot Bitcoin ETF products, the JAN3 founder forecasted that Bitcoin price would touch $1 million in days or weeks.
He also mentioned that the Max Pain Theory is still in play for Bitcoin. This theory states that “on expiry day, the price of the underlying index/stock moves toward a point that results in maximum loss (pain) to the highest number of options buyers. Alternatively, it also means a minimum loss to option sellers.”
Per the Bitcoin trajectory, Samson Mow is optimistic that short sellers might soon get burnt.
Samson Mow Firing Back at Bitcoin’s Critics
Mow has always been very vocal about his stance on Bitcoin, challenging anyone who attempts to sideline the cryptocurrency. Two weeks ago, he responded to a description of Bitcoin offered by Jamie Dimon, the CEO of JPMorgan. The traditional finance industry player tagged Bitcoin as a vehicle predominantly used for fraudulent activities and money laundering.
By this statement, it was obvious that Dimon was trying to promote a cautious approach towards cryptocurrencies. However, Bitcoin Marxists like Mow were not willing to take such a description of the largest cryptocurrency by market capitalization.
Mow claimed that Dimon’s statement was a result of a lack of information. He went on to clarify that Bitcoin offers a transformative potential as it could catalyze innovation in banking services.
Beyond the bickering about the potential of Bitcoin, it is worth noting that Bitcoin has a few drivers that may push its price to a new high. The advent of spot Bitcoin ETFs is expected to cause a surge in Bitcoin price, and so is the upcoming halving event. The core basis of Samson Mow’s Bitcoin (BTC) price prediction is hinged on these two events.
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