Samson Mow Raises Questions About Bitcoin’s Price Falling Below $30,000 Amidst Market Volatility
Samson Mow, the Chief Strategy Officer of Blockstream and CEO of Pixelmatic, has expressed doubt regarding the likelihood of Bitcoin dropping below the $30,000 mark in the near future. Mow’s skepticism stems from the growing interest from financial giants like BlackRock in the Bitcoin industry. In response to rumors about investors anticipating a drop in Bitcoin’s price to the $30,000 range for accumulation purposes, Mow believes that these investors will ultimately be disappointed.
Mow’s candid remarks come at a time when Bitcoin has experienced a decline below the $40,000 level in the past 24 hours. This decline has led to investors liquidating their holdings in Bitcoin exchange-traded funds (ETFs), particularly in the case of Grayscale, which saw a significant outflow of 14,292 BTC, equivalent to approximately $565.84 million.
In contrast, eight other spot Bitcoin ETF issuers collectively acquired 9,755 BTC, valued at $386.24 million. Notably, Fidelity attracted an inflow of 5,312 BTC, amounting to $210.33 million.
The reaction within the crypto community to Mow’s optimism has been mixed. Some individuals have stated that they would buy more Bitcoin if the price were to decrease, while others have discussed Mow’s positive view that Bitcoin will eventually reach $1 million. However, Mow has not provided a specific timeframe for when he expects Bitcoin to reach this milestone, leading some to interpret his recent tweets as more of a metaphor than an actual prediction.
Furthermore, Mow elaborated on his previous predictions that Bitcoin would reach $1 million, stating that they were made “for fun” and intended to demonstrate the significant changes in the Bitcoin market, particularly since the approval of spot Bitcoin ETFs. As the cryptocurrency community grapples with uncertain market conditions, Mow’s comments contribute to the ongoing discussion about Bitcoin’s future and its potential impact on the financial world.