Crucial Bitcoin (BTC) Statement Voiced by Samson Mow
Samson Mow, formerly the CSO of Blockstream founded by cryptographer and cypherpunk Adam Back and now the chief executive at Bitcoin adoption-focused company Jan3, has taken to the X/Twitter social media network to share a bullish statement on Bitcoin.
Besides, Mow has shared his take on Coinbase, criticizing its role as a Bitcoin custodian as this platform was picked by several issuers of spot Bitcoin ETFs.
Mow’s crucial Bitcoin statement
This time, the Jan3 boss reminded the global cryptocurrency community about the upcoming Bitcoin halvening scheduled for April this year and the thing that he expects to happen after it – Bitcoin supply shock.
This seems especially real for Mow as, recently, major Wall Street hedge funds, including Blackrock, Fidelity, Ark Invest and VanEck, have been purchasing all Bitcoin within their reach.
That happened before the Securities and Exchange Commission approved the launch of spot Bitcoin ETFs on Jan. 11. Also, after those ETFs began to trade, these companies continued to accumulate the flagship cryptocurrency in terms of market capitalization value.
In a tweet published at the end of December, Mow tweeted that pretty soon he expects Bitcoin supply shock to meet Bitcoin demand shock. While spot Bitcoin ETF issuers keep accumulating BTC, other investors are also on the hunt for it, and this is the point where these two “Bitcoin shocks” will meet, Mow believes.
By now, Bitcoin has dropped back below $40,000, trading at $39,879 at the time of this writing after surging by almost 2% before that.
Mow’s take on Coinbase and Bitcoin custody for ETFs
Earlier today, Samson Mow also published a post about Coinbase in connection with the role of the crypto custodian that this exchange has taken for spot-based Bitcoin ETF issuers – Blackrock, Franklin Templeton and Grayscale.
Mow believes that there is a problem with using this major cryptocurrency exchange as a BTC custodian. This problem, per Samson, is that Coinbase does not have a well-developed Bitcoin infrastructure since they have also been busy working with altcoins.
Mow reckons that in the future some exchange-traded fund makers will build their own infrastructure for holding Bitcoin or they will migrate from Coinbase to other custodian platforms within the next couple of quarters.
