Cover image via U.Today
Samson Mow, former CSO at Blockstream and now chief bitcoin executive at Jan3, a company that helps nation-states to adopt Bitcoin into their economies, has published an important statement about Bitcoin and why it is important for current society in the context of monetary technologies.
In particular, Mow tweeted that Bitcoin marked a massive improvement on all financial technology – by 1,000x.
Bitcoin brings “step change” to finance, Mow says
Bitcoin maximalist Samson Mow tweeted that he believes Bitcoin not to be “marginally better” than gold or the U.S. dollar. Per thr Jan3 boss, the world’s flagship cryptocurrency has brought a “1,000x improvement on any monetary technology devised in all human history.”
There are no diminishing returns when a step change takes place. Bitcoin is not a marginally better $ or gold. #Bitcoin is a 1000x improvement on any monetary technology devised in all human history. Diminishing returns is an irrelevant concept when the entire game has changed. pic.twitter.com/0jbotFLDqc— Samson Mow (@Excellion) January 22, 2024
Mow stated that Bitcoin has brought “a step change” to the global financial system, adding a screenshot from an online thesaurus, which means “a sudden, discontinuous change.”
When this change takes place, Mow explained, diminishing returns do not matter. “Diminishing returns is an irrelevant concept when the entire game has changed.”
In multiple recent tweets, even before the spot-based Bitcoin ETF was approved by the Securities and Exchange Commission, Mow shared his prediction, saying that Bitcoin will eventually reach the much-expected $1 million price level. With the purpose of taking $1 million as a reference point, he even suggested that Bitcoiner and head of MicroStrategy Michael Saylor begin referring to $1 million as $0.05 million.
Still, when faced with criticism that Bitcoin did not skyrocket to the aforementioned $1 million level, Mow responded in a tweet that he, in fact, had not meant it literally, but rather he intended to say that the financial market’s foundations have changed drastically.
In his recent tweets, Samson Mow also criticized Ethereum, calling it “stupid man’s Bitcoin,” while “silver is poor man’s gold.”
Bitcoin price keeps declining
Since Jan. 11, the global flagship cryptocurrency has lost quite a lot of its value, going down under selling pressure, and it continues to decline. Since that day, when spot Bitcoin ETFs were approved, Bitcoin has staged a decline of 16.56% in total, falling from above $49,000 to the $40,000 price mark.