As a seasoned crypto-enthusiast with years of experience under my belt, I can’t help but feel a surge of optimism when I see high-profile figures like Samson Mow endorsing Bitcoin’s scarcity. Having witnessed the crypto market’s volatile yet transformative journey, I find it intriguing to compare Bitcoin’s 21 million cap with gold and silver. Indeed, Bitcoin is the hardest asset on the planet, not just in terms of its code, but also in its scarcity – a fact that has been underscored by Samson Mow’s recent tweet.
Samson Mow, a well-known advocate for Bitcoin and CEO of JAN3, recently took to Twitter to express his support for the world’s leading digital currency, emphasizing its unique attribute that guarantees scarcity.
Bullish tweet on Bitcoin scarcity by Mow
As a researcher delving into the fascinating world of cryptocurrencies, I recently came across a concise video shared by Samson Mow. In this clip, he underscores an intriguing fact: there are only 21 million Bitcoins in circulation. This scarcity, when compared to precious metals like gold and silver, positions Bitcoin as a rarity among assets. Indeed, as Mow emphasized both in the video and subsequent tweets, “Bitcoin stands out as the hardest asset on Earth.
#Bitcoin is the hardest asset on the planet.
— Samson Mow (@Excellion) September 28, 2024
Back in the early days of this year, I’ve found myself repeatedly emphasizing the scarcity aspect of Bitcoin as a significant factor potentially pushing its price towards the astounding figure of $1 million per coin. The other catalysts, currently unfolding, as per Samson Mow, CEO of JAN3, are the influx of spot Bitcoin ETFs accumulating vast amounts of this digital gold and the halving that occurred in April. Post this event, the Bitcoin block rewards decreased from 6.25 to 3.125 coins.
Mow anticipates a point in time where the shortage in Bitcoin supply due to halving, combined with the increasing demand driven by ETFs, will inevitably collide, potentially driving Bitcoin’s price up to a million dollars.
JAN3 CEO looks forward to “Uptober”
Last Friday, Samson Mow expressed readiness alongside his ex-boss and colleague of Satoshi Nakamoto, the CEO of Blockstream, Adam Back, who announced his readiness for an anticipated surge in cryptocurrency markets, often referred to as “Uptober.” In response, Mow stated, “We’re all set. Let’s do this!
Traditionally, October is often seen as a favorable month for rising prices in the stock market, along with November, and typically, this trend continues into a “Santa Claus rally” during December. In the trading community, this period, particularly October, is commonly referred to as “Uptober,” where significant assets – be they crypto or traditional – tend to witness an increase in their prices.
Indications are growing that we might be on the brink of an “Uptober,” a term used to describe potential market rallies in October. One significant development occurred last Wednesday, as Fed Chairman Jerome Powell announced a reduction in interest rates by 0.5% for the first time in four years. The People’s Bank of China (PBOC) also made a similar move shortly after.
A positive factor is the recent release from a four-month detention of Changpeng Zhao, co-founder and former CEO of Binance exchange. Many people speculate that this event might boost Bitcoin and BNB prices. Today, he made his first tweet in four months with just “gm,” which stands for “good morning.
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2024-09-28 23:13