Samson Mow Issues Optimistic Bitcoin Statement as BTC Falls Below $62,000

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As a seasoned researcher with over two decades of experience in the financial industry, I find myself closely following the volatile yet intriguing world of Bitcoin and its market fluctuations. Having witnessed the dot-com bubble, the global financial crisis, and the rise of blockchain technology, I’ve learned to anticipate the unexpected.

Samson Mow, an influential proponent of Bitcoin and CEO at JAN3, a company dedicated to promoting Bitcoin adoption, recently released an explanation as to why Bitcoin, the world’s most significant cryptocurrency by market value, experienced a 5.4% decline within a day, dropping below the $62,000 threshold.

TradFi market crash pushes Bitcoin down, BTC ETF outflows “help”

Mow clarified that the value of Bitcoin is dropping significantly because the traditional financial market is currently experiencing a major collapse. On Friday, the principal stock markets showed substantial drops, as well as the shares of prominent tech companies. Initially at around $65,190, Bitcoin has dipped to $61,100. A brief recovery moved BTC up to the $61,900 range earlier today.

Bitcoin appears to be experiencing a temporary downturn, influenced significantly by traditional financial markets. The impact is heightened given the broader exposure brought about by ETFs. However, with M2 showing an uptick once more, there’s a sense that the main event for Bitcoin could be imminent. 🌐️

— Samson Mow (@Excellion) August 3, 2024

As someone who has closely followed the cryptocurrency market for several years now, I believe that the recent dip in Bitcoin’s value is merely a temporary setback and not a sign of its long-term decline. I have witnessed similar dips in the past, only to see Bitcoin rebound strongly afterwards. The CEO of JAN3’s assurance to the community is a positive sign, as it suggests that the company remains confident in the future of Bitcoin.

On August 2, Bitcoin spot ETF experienced an overall withdrawal of approximately $237 million. Meanwhile, Grayscale ETF GBTC saw a one-day outflow of around $45.95 million. Fidelity ETF FBTC and BlackRock ETF IBIT had single-day net withdrawals of roughly $104 million and an inflow of about $42.81 million, respectively.— Wu Blockchain (@WuBlockchain) August 3, 2024

In a single day, Fidelity ETF FBTC experienced the most significant loss of funds totaling $104 million. Meanwhile, Grayscale ETF also saw a loss as investors withdrew $45.94 million. On the other hand, BlackRock’s IBIT had the least amount of outflow at $42.81 million.

Potential U.S. Bitcoin reserves not priced in, Mow says

Just a few days ago, Samson Mow voiced his thoughts on Cynthia Lummis’ proposal to establish Bitcoin reserves for the American government over the following five years. This proposition was brought up during the Bitcoin 2024 conference held in Nashville, Tennessee, USA.

The senator suggested buying 1,000,000 Bitcoins over the next five years, which would constitute roughly 5% of all the 21-million Bitcoin supply, most of which (more than 19 million BTC) has already been mined.

In his recent tweet, Samson Mow expressed his opinion that the strategic Bitcoin reserves being underpriced won’t have an impact on slowing or reducing the significant growth in Bitcoin price that he anticipates. As CEO of JAN3, he is confident that within the next year, the value of a single Bitcoin could surpass $1 million.

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2024-08-03 23:22