Bitcoin advocate Samson Mow says BTC price cannot fall forever. This statement is probably a response to harsh critics of Bitcoin.
Bitcoin master defends the view that the price will reach $ 1 million
Samson Mow, CEO of JAN3, recently stepped in to debunk one of the numerous bearish myths widely spread about the Bitcoin (BTC) price. According to the Bitcoin Marxist, the BTC price is unlikely to remain stable for a significant period of time. His optimistic statement comes as the leading cryptocurrency began its recovery earlier this week.
Notably, Mow has a very positive sentiment towards Bitcoin. He has shown this before with his bold predictions about cryptocurrency. cryptokoin.comAs you follow from , in mid-January, the US Securities and Exchange Commission (SEC) gave the green light to 11 spot Bitcoin ETF products. Immediately after this, the JAN3 founder predicted that the BTC price would reach $1 million. He also stated that the Maximum Pain Theory is still valid for BTC. This theory states that “on the expiration day, the price of the underlying index/stock moves towards a point that results in maximum loss (pain) for the largest number of option buyers. Alternatively, this also means minimal losses for option sellers. Based on Bitcoin trajectory, Samson Mow is optimistic that short sellers will get burned soon.
Samson Mow Responds to Critics of Bitcoin
Mow has always been very outspoken about his stance on the leading cryptocurrency. He challenged anyone who tried to put cryptocurrency aside. Two weeks ago, JPMorgan’s CEO responded to Jamie Dimon’s definition of Bitcoin. Dimon labeled Bitcoin as a tool used for fraudulent activities and money laundering. With this statement, it was clear that Dimon was trying to encourage a cautious approach towards cryptocurrencies. But Bitcoin maximalists like Mow do not accept such a definition for BTC.
Mow claimed that Dimon’s statement was a result of a lack of information. Mow went on to explain that Bitcoin offers transformative potential as it can catalyze innovation in banking services. Beyond the discussions regarding Bitcoin’s potential, it is worth noting that it has several driving forces that could push the BTC price to a new high. Experts expect spot Bitcoin ETFs to cause an increase in BTC price. Also, so is the upcoming halving. The main basis of Samson Mow’s BTC price prediction is based on these two events.
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