Prominent proponent of Bitcoin Samson Mow said in a recent social media post that he does not think the value of the leading cryptocurrency in the world would go to as low as $30,000.
In his tweet, Mow made reference to speculations and views that he had lately come across, according to which a lot of investors are holding out hope that Bitcoin would drop to the $30,000 area—or the “$0.03 million range,” as Mow put it—so they can start buying it at those prices.
https://x.com/Excellion/status/1749557311016992836?s=20
“I believe they will be let down,” Mow said in closing.
In the meanwhile, investors have been pulling out of Bitcoin ETFs, and specifically Grayscale, as the top digital currency globally has fallen below the $40,000 mark in the last day. A significant outflow of 14,292 BTC, valued as around $565.84 million, was seen on Grayscale yesterday.
https://x.com/lookonchain/status/1749709619482783951?s=20
Eight other spot Bitcoin ETF providers have obtained 9,755 BTC, valued at $386.24 million, in contrast to Grayscale. In instance, 5,312 BTC worth of $210.33 million were deposited into Fidelity.
As of right now, the price of Bitcoin is trading at $39,062, down 4.33% from the previous day.
“Wen $1 million” for Bitcoin?
In response to Mow’s previously stated tweet, the Bitcoin community sent a variety of views. Many would not mind Bitcoin falling so low in order to purchase additional digital gold, based on the comments. In response to Mow’s message, a number of Twitter users stated they intended to begin purchasing more as soon as the price of Bitcoin fell somewhat from its current level.
As stated in the tweet, when he referred to $30,000 as “$0.03 million,” Mow is a firm believer that Bitcoin will undoubtedly reach $1 million in the future. He currently views Bitcoin values below $100,000 in the “$0.0..” million range.
Nonetheless, Mow does not specify a specific moment when he believes Bitcoin will reach $1 million, therefore all of his recent tweets expressing his belief that “Bitcoin will reach $1 million” seem figurative. Recently, he went into further detail on X to explain why Bitcoin did not reach that high of a level following the adoption of the spot Bitcoin ETF. He also emphasised that he had made his million USD forecasts “for fun” and that the general market underpinnings for Bitcoin had altered dramatically.
