Samson Mow, the well-known Bitcoin maximalist and CEO of Jan3, recently made a crucial statement about Bitcoin. In a post published on his X platform account, Mow shared a diagram depicting the proportion of available capital in the market compared to the amount of Bitcoin available in circulation. The diagram visually showcased the scarcity of available BTC relative to the capital that could potentially be used to purchase it.
Mow’s post sparked intense discussions within the Bitcoin community, with many enthusiasts pointing out that the triangle representing available capital should be larger, while the triangle representing available BTC should be smaller. In response, Mow emphasized that a closer examination of the diagram reveals that the “Available Capital” extends beyond its boundaries.
Despite the optimism surrounding Bitcoin’s adoption and its potential for future growth, the cryptocurrency experienced a sudden drop in price. Over the past 24 hours, Bitcoin plunged by nearly 4%, falling from $70,000 to $67,453 at the time of writing. This decline follows a similar drop over the weekend, when BTC went from above $71,660 to around $69,000.
Nonetheless, Mow remains bullish on Bitcoin’s long-term prospects. In a tweet accompanying the diagram, he reminded followers to remember where Bitcoin’s price inevitably goes and expressed surprise at the downward trend despite the unprecedented level of adoption. Mow also encouraged buying the dip, reinforcing his belief in Bitcoin’s eventual rise to reach a price level of $1 million per coin.
As Samson Mow’s statement continues to generate buzz among the Bitcoin community, opinions and debates on the future of the cryptocurrency are sure to persist.