Samson Mow, CEO of Bitcoin technology firm Jan3, has dismissed concerns from some traders predicting that Bitcoin will fall to $40,000. Mow believes these predictions are based on fear rather than solid market fundamentals.
Samson Mow's Statement
In a recent post on X, Samson Mow argued against the bearish outlook stating, “Bears saying Bitcoin will drop to $0.04M have no basis for that prediction other than self induced fear.”
Support from Macroeconomic Factors
Despite Bitcoin’s recent struggles, remaining under $60,000 for the past week and currently trading at $53,824 according to CoinMarketCap, Mow remains optimistic about its potential to surge to $100,000. He cites several macroeconomic factors supporting a bullish scenario for Bitcoin, including the substantial daily interest the U.S. government accrues on its debt, which has notably increased over time. Mow explained, “Bitcoin can just as easily go to $0.1M and that is supported by brrrr, +$3B in debt per day, strategic Bitcoin reserves, pensions allocating, and corporations buying.”
Market's Cautious Approach
The broader sentiment in the cryptocurrency market remains cautious, with the Crypto Fear and Greed Index registering an “Extreme Fear” score of 23. Adding to the wary outlook, BitMEX founder Arthur Hayes recently expressed his bearish stance, saying, “BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen.”
Mow argues that the influence of fear on market prices is generally short-lived, as fundamental values tend to prevail over time. He also mentioned that even the unwinding of some of the greatest financial frauds like FTX can’t keep the price down for long.
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