Opportunity for Ethereum Owners to Earn Bitcoins, Suggested by Samson Mow
In a recent address, Samson Mow, CEO of JAN3, has urged Ethereum holders to consider selling their ETH and investing in Bitcoin. Mow, known for his frequent predictions and criticisms regarding Bitcoin and Ethereum, believes that Bitcoin is the ultimate long-term store of value and that Ethereum's recent price gains are mostly short-term phenomena driven by rotation from Bitcoin rather than sustainable growth.
Mow's argument is based on several points. He suggests that many Ethereum holders originally came from Bitcoin, particularly ICO insiders, who have been rotating their BTC into ETH to pump its price using new narratives such as Ethereum Treasury companies. Once the price moves up sufficiently, these holders will sell ETH and return to BTC, causing ETH to drop and BTC to rise again.
Another point Mow emphasizes is the "Bagholder’s Dilemma", where ETH prices approach all-time highs but face strong selling pressure, making it challenging for ETH to sustain new peaks. He also highlights the significant amount of ETH (about 768,400 ETH worth ~$3.5 billion) waiting to be unstaked soon, which could flood the market and increase selling pressure on ETH, further pushing funds toward Bitcoin.
Mow rejects the idea that Ethereum will "flip" Bitcoin in market dominance, instead arguing that Ethereum primarily serves as a temporary vehicle for Bitcoin accumulation historically and currently. He predicts that once Bitcoin prints an Omega/Godzilla candle on a chart, followed by more of those, a surge could occur, with the unstaked ETH potentially flowing into Bitcoin.
It's important to note that the opinions expressed by Samson Mow do not represent the views of U.Today. Meanwhile, Mike Novogratz has stated that for Bitcoin to reach $1 million, the dollar should be completely debased with inflation soaring to levels seen in third-world countries.
In a separate statement, Mow disagreed with Tom Lee's recent statement about ETH flipping BTC. He predicts that Bitcoin will eventually reach $1 million per coin and potentially go higher. The U.S. Treasury secretary, Scott Bessent, has also confirmed the White House's intention to create a Strategic Bitcoin Reserve.
In conclusion, Mow's advice for Ethereum holders to sell ETH and move to Bitcoin is grounded in his belief that Bitcoin is the ultimate long-term store of value and that Ethereum's recent price gains are mostly short-term phenomena driven by rotation from BTC rather than sustainable growth. He expects a market cycle where altcoin mania fades and Bitcoin dominance (and price) resumes its upward trajectory.
- Samson Mow, CEO of JAN3, suggests that Ethereum holders consider selling their ETH and investing in Bitcoin, believing Bitcoin to be the ultimate long-term store of value.
- Mow asserts that Ethereum's recent price gains are mostly short-term phenomena driven by rotation from Bitcoin, rather than sustainable growth.
- He predicts that a market cycle will occur where altcoin mania fades and Bitcoin dominance (and price) resumes its upward trajectory.
- Mow expects that the unstaked ETH could potentially flow into Bitcoin once Bitcoin prints an Omega/Godzilla candle on a chart, followed by more of those, leading to a surge.
