U.Today
Published Jul 29, 2024 22:02
Updated Jul 30, 2024 01:30
Samson Mow Teases Crucial Bitcoin Argument to Be Resolved Within Coming Months
U.Today - Samson Mow, vocal Bitcoin proponent and the chief executive officer of JAN3, has commented on a recent statement about the suggestion made by Senator Cynthia Lummis during the Bitcoin 2024 conference to transfer U.S. Federal Reserve banks’ reserves from treasuries into Bitcoin over the next five years. That would constitute 1,000,000 BTC – 5% of the Bitcoin circulating supply.
Paul Vigna, co-author of the “The Age of Cryptocurrency” book, also made a comment on that suggestion, and Mow basically responded to him, citing Vigna's tweet in his own.
Vigna pondered why the Federal Reserve would want to convert its treasuries reserves into Bitcoin, labeling the former as “the safest asset in the world” and the latter as “the most volatile” one. The writer wondered what benefit that would provide to the Federal Reserve.
Mow responded to that, saying that he saw that as the beginning of conversations on whether Bitcoin is a reserve asset or not. The JAN3 boss shared his expectations, saying that “The preconception of what is a “safe asset” and what is “volatile” will be shattered in the coming months.” Perhaps this is another statement of the “super bullish Bitcoin news” that he promised last week, saying that it will become known within the next few days.
Overall, Mow is a believer that within the next year, Bitcoin is bound to skyrocket to $1 million per coin. On Saturday, he tweeted that by 2045 he does not expect the U.S. dollar to exist.
Last week, Samson Mow made an optimistic Bitcoin prediction as he tweeted that the crypto community should say goodbye to “sub $0.07 million Bitcoin forever.” Today, the Bitcoin maximalist revisited that tweet and reposted it, adding an “eyes” emoji to it.
That happened as, over the past 24 hours, the global flagship digital currency gained approximately 3.7% and came very close to recapturing the $70,000 price level. There was one particularly big hourly green candle that pushed Bitcoin up 1.45%. As of this writing, BTC is trading in the $69,500 zone. As for a slightly broader picture, since last Thursday, Bitcoin has increased by 8.57%, gradually soaring from the $64,030 price tag.
This content was originally published on U.Today
Written By: U.Today
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.