Samson Mow, former Chief Strategy Officer at Blockstream and the CEO of Jan3, recently shared an insight into Bitcoin’s impact on modern financial technology.
1000x Superiority Over Traditional Finance
In a bold statement on X, Mow proclaimed that Bitcoin represents a “quantum” leap in monetary technology, surpassing traditional financial systems by “1,000.” The CEO of Jan3 emphasized that BTC is not merely an “incremental improvement” over existing monetary systems like gold or the US dollar.
Instead, Mow asserted that Bitcoin’s emergence marks a pivotal shift, “revolutionizing” how society perceives and interacts with money. Mow described BTC as a “step change” in the global financial system.
As indicated in the shared screenshot from a dictionary, this signifies a “sudden and discontinuous” transformation. According to Mow, diminishing returns become “irrelevant” in such a transformative scenario because BTC has altered the fundamental nature of monetary exchange and storage.
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
Regarding the monetary system, a notable industry figure, BitMEX co-founder Arthur Hayes, has pointed out that BTC is decoupling from traditional market indices like the S&P Index.
Hayes highlighted this shift on X, noting that BTC’s price movements began diverging from the S&P Index after introducing spot BTC exchange-traded funds (ETFs) in the US. According to Hayes, this divergence signals differing market expectations and a potential forewarning of challenges for the US dollar.
Bitcoin Continous Bearish Price Action
Meanwhile, Bitcoin has experienced a significant price drop, declining by nearly 10% over the past two weeks and retracting all gains in anticipation of spot ETF approvals. When writing, Bitcoin is trading below the $41,000 mark, with a current value of $40,526, marking a 2.8% decrease in the past day.
This downturn, partly attributed to Grayscale’s BTC sell-offs, hasn’t dampened investor interest in Bitcoin and its associated ETFs. Recent data indicates continued substantial inflows into spot BTC ETFs.
NEW:
Top 5 spot #Bitcoin total inflows as of yesterday:
BlackRock: $1.23 billion Fidelity: $1.06 billion Bitwise: $393 million ARK 21Shares: $319 million Invesco Galaxy: $194 million pic.twitter.com/hVDwOM4YQS
— Bitcoin Magazine (@BitcoinMagazine) January 19, 2024
Despite the optimism surrounding these inflows, Kiarash Hossainpour, founder of Colorways Ventures and The Consensus, has recently issued a cautionary note regarding the potential market volatility in the BTC space. Hossainpour alluded to several significant BTC holdings that could exert considerable selling pressure in the market’s first half of 2024.
However, the Consensus founder also acknowledged that the potential impact of these sell-offs might be mitigated by each holder’s varied timelines and strategies, suggesting that the market might absorb these movements without drastic consequences.
Featured image from Unsplash, Chart from TradingView
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