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Samson Mow, vocal Bitcoin supporter and chief executive officer at BTC-focused company Jan3, remains optimistic about Bitcoin’s future no matter what. In his recent tweet, the BTC expert made an important statement to the crypto community.
Key Bitcoin indicator, per Jan3 CEO
The major Bitcoiner tweeted that it is important to watch a key Bitcoin indicator now that many short-term holders are dumping their BTC in light of recent market developments.
Mow has referred to them as the weak-handed (who are selling), while diamond-handed hodlers continue to purchase the world’s pioneer cryptocurrency, adding to their stashes.
Weak handed sellers are decreasing.
— Samson Mow (@Excellion) April 5, 2024
Diamond handed #Bitcoin HODLers are increasing.
This is the key indicator to watch.
Over the past 24 hours, Bitcoin has made a minor drop followed by an as quick recovery. Prior to the drop, on Friday, the leading digital currency demonstrated a 2.56% growth. At the time of this writing, BTC is changing hands at the $68,130 price level.
Mow likens Bitcoin ETFs to Matrix's Neo
Earlier this week, Mow posted a curious tweet, in which he pointed out similarities between spot-based Bitcoin exchange-traded funds and the main character of Watchowski’s iconic movie “The Matrix”.
Mow published an extract from the final part of the film, in which Neo beats Agent Smith by diving into him and destroying him from the inside. The Bitcoin advocate commented that the ETFs have penetrated the conventional financial system by also diving inside them. Now, without naming any expectations or making predictions, Mow wonders what will happen next. However, judging by the overall Bitcoin-bullish mood of his tweets, he likely expects Bitcoin to destroy the legacy system and replace the US dollar in the future.
Bitcoin to hit $1 million, per Samson Mow
The least what Mow certainly believes in is that Bitcoin is heading for the $1 million price mark. He has mentioned that multiple times recently in the run-up to the approaching Bitcoin halving event, which is to take place in the second half of April.
Per Mow, Bitcoin ETFs are creating the BTC demand shock (straight after the launch, these ETFs acquired 12x BTC that miners producer daily), and after the Bitcoin halvening creates a supply shock these two “shocks” will inevitably slash, propelling the price to unimaginable highs.
Still, while all ETFs are consuming Bitcoin, Grayscale’s GBTC keeps seeing massive outflows.