Chief Strategy Officer of Blockstream and CEO of Pixelmatic Samson Mow questions whether Bitcoin will fall below $30,000 in the near future. Mow’s doubts stem from the fact that major financial institutions like BlackRock are becoming more interested in the Bitcoin market. Regarding speculation that investors were hoping to accumulate Bitcoin in the range of $30,000, Mow thought this would be disappoint
Doubting the Dip
After Bitcoin fell below $40,000 on the previous day, investors sold off their holdings in exchange-traded funds (ETFs) that track the cryptocurrency. Notably, Grayscale had a withdrawal of 14,292 BTC, or around $565.84 million. Conversely, eight spot Bitcoin ETF providers purchased 9,755 BTC for a total estimated value of $386.24 million. A $210.33 million inflow of 5,312 BTC was made to Fidelity.
Divergent Responses and Mow’s Hopefulness
Different reactions were sent out by the Bitcoin community in response to Mow’s tweet. Some say they’re willing to buy more if the price drops, while others talk about Mow’s optimistic prediction that Bitcoin would eventually hit $1 million. Nonetheless, others see Mow’s most recent tweets more as metaphors than as precise predictions because there is no timeframe attached to this prognosis.
So, Will $1 Million Arrive?
Mow explained that his past guesses on the $1 million mark for Bitcoin were merely “jokes” meant to draw attention to shifts in the market following the acceptance of spot Bitcoin ETFs. Mow’s observations add to the continuing conversation about the future of Bitcoin and its possible effects on the financial industry, even as the unpredictable market conditions continue to baffle us.