Samson Mow, CEO of Bitcoin technology firm Jan3, has dismissed concerns from some traders predicting that Bitcoin will fall to $40,000, attributing these predictions to fear rather than solid market fundamentals. In a recent post on X, Mow argued against the bearish outlook stating, “Bears saying Bitcoin will drop to $0.04M have no basis for that prediction other than self induced fear.”
Despite Bitcoin’s recent struggles, remaining under $60,000 for the past week and currently trading at $53,824 according to CoinMarketCap, Mow remains optimistic about its potential to surge to $100,000. He cites several macroeconomic factors supporting a bullish scenario for Bitcoin, including the substantial daily interest the U.S. government accrues on its debt, which has notably increased over time. “Bitcoin can just as easily go to $0.1M and that is supported by brrrr, +$3B in debt per day, strategic Bitcoin reserves, pensions allocating, and corporations buying,” Mow explained.
Supporting this viewpoint, The Kobeissi Letter highlighted the escalating U.S. debt interest expenses, noting, “The $3 billion daily interest expense for the US government on its debt is TRIPLE the amount paid 10 years ago and has DOUBLED in just 2.5 years.” The publication described the situation as an understatement of a debt crisis.
Mow further argues that the influence of fear on market prices is generally short-lived, as fundamental values tend to prevail over time. “Can fear move the market? Sure. But it never lasts long because the fundamentals win out over time. Even the unwinding of some of the greatest frauds like FTX can’t keep price down,” he asserted.
Amidst this debate, the broader sentiment in the cryptocurrency market remains cautious, with the Crypto Fear and Greed Index registering an “Extreme Fear” score of 23. Adding to the wary outlook, BitMEX founder Arthur Hayes recently expressed his bearish stance, saying, “BTC is heavy, I’m gunning for sub $50k this weekend. I took a cheeky short. Pray for my soul, for I am a degen.”