Bitcoin evangelist and CEO of Bitcoin-focused company Jan3, Samson Mow, recently took to social media to emphasize the significant impact of Bitcoin on the success of major companies such as MicroStrategy and Tether. Mow’s remarks, shared on Twitter and other platforms, underscored his belief in Bitcoin’s pivotal role in the strategies that have propelled these companies to substantial market capitalization.
MicroStrategy and Tether’s Bitcoin-Centric Approach
According to Mow, companies like MicroStrategy and Tether have achieved notable market capitalization by exclusively embracing Bitcoin within the vast cryptocurrency landscape. MicroStrategy, under the leadership of CEO Michael Saylor, has consistently added substantial amounts of Bitcoin to its balance sheet since August 2020. The business intelligence giant now holds an impressive $8.7 billion worth of Bitcoin, surpassing its market capitalization by $1 billion.
Similarly, Tether, the issuer of the USDT stablecoin, has strategically included Bitcoin in its asset reserves. In the last quarter alone, Tether acquired an additional $380 million worth of Bitcoin, bringing its total Bitcoin holdings to 66,465 BTC.
Mow’s Critique of Ethereum
While praising Bitcoin’s role in the success of these companies, Mow took the opportunity to criticize Ethereum, the second-largest cryptocurrency by market capitalization. In a tweet, he compared the “Bitcoin-Ethereum” pair to the “gold-silver” relationship, stating that “silver is poor man’s gold,” while “Ethereum is fool’s Bitcoin.” Mow’s comments reflect his staunch support for Bitcoin over other cryptocurrencies.
Bitcoin Price Predictions and Market Fundamentals
Mow, who has been vocal about his expectations for Bitcoin to reach $1 million, clarified that this forecast should not be interpreted as an immediate outcome following the approval of a spot Bitcoin ETF by the SEC regulatory agency. He emphasized that the market fundamentals for Bitcoin have undergone significant changes, contributing to its rise at its own pace, independent of ETF approvals.
In a recent tweet, Mow reiterated that the Bitcoin price is not solely dependent on ETF approval, emphasizing the cryptocurrency’s ability to rise autonomously based on its inherent dynamics and market conditions.
