Renowned Bitcoin advocate and CEO of Bitcoin-focused company Jan3, Samson Mow, recently took to Twitter to emphasize the pivotal role Bitcoin plays in the success stories of major corporations such as MicroStrategy and Tether. In a series of posts, Mow contrasted their strategies with a subtle dig at Ethereum, the second-largest cryptocurrency by market capitalization.
Mow’s Insight into MicroStrategy and Tether’s Success Strategy
According to Mow, the market capitalization dominance of companies like MicroStrategy and Tether, the issuer of the USDT stablecoin, can be attributed to their exclusive focus on Bitcoin within the broader cryptocurrency market. MicroStrategy, led by Michael Saylor, has consistently added substantial amounts of Bitcoin to its balance sheet since August 2020. Notably, the business intelligence giant now holds an impressive $8.7 billion worth of Bitcoin, surpassing its market capitalization by $1 billion.
In a recent plea to the crypto community, Saylor urged individuals not to sell their Bitcoin despite the ongoing price fluctuations, even after the SEC‘s approval of a spot ETF for Bitcoin.
Tether, in a similar vein, bolstered its Bitcoin reserves by acquiring an additional $380 million worth of the cryptocurrency in the last quarter. As of the latest update, Tether’s holdings include a substantial 66,465 BTC.
Mow’s Emphasis on Bitcoin Over Ethereum
In a tweet, Mow criticized Ethereum, likening the “Bitcoin-Ethereum” pair to the traditional “gold-silver” comparison. He stated that while “silver is the poor man’s gold,” Ethereum is deemed the “fool’s Bitcoin” in his analogy.
Further expressing his views on Bitcoin, Mow recently predicted the cryptocurrency’s price to reach $1 million. He clarified that this projection should not be expected to materialize immediately, even with the recent approval of a spot Bitcoin ETF. Mow asserted that the fundamental market dynamics for Bitcoin have evolved compared to the pre-ETF era.
In his latest tweet, Mow emphasized that the price movement of Bitcoin is independent of ETF approvals, asserting that it ascends autonomously and at its own pace.
