Yuri Molchan
Vocal Bitcoiner Mow believes this is the last time you will be able to exchange Ethereum for BTC at a reasonable price
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Samson Mow, former CSO of Blockstream and now CEO of Jan3, a company focused on Bitcoin adoption, is a rabid Bitcoin maximalist.
As the deadline for the SEC to announce its decision on the spot Ethereum ETF approaches, Mow has begun to slam the Ethereum-based ETF, writing in a recent tweet that the “$1M Bitcoin” advocate expects to lose out to a Bitcoin-based ETF.
Moreover, he believes this may be the last time holders can sell their Ethereum against Bitcoin at a good price.
“Last chance to sell ETH for more than 0.05 BTC”
Samson Mo said in a tweet that he does not think the chances of approval of the Ethereum fund by SEC regulators are bullish. Even if approved, he said, an Ethereum-based spot ETF would “arguably underperform a Bitcoin ETF by a significant margin.”
For those in doubt, Bitcoin Maximalist suggested comparing the demand for both BTC and ETH in other markets, noting that it is important to consider that Ethereum does not offer staking rewards.
Mow ended his tweet by saying that now is his “last chance to sell ETH for above 0.05 BTC.”
In a comment on his Root Tweet, Samson added that he expected news of the possible approval to be one of the biggest “news-selling events” of the year.
One commentator pointed out that no company the size of MicroStrategy is currently buying as much Ethereum as Michael Saylor’s company and accumulating Bitcoin.
In contrast to Mow, Bitcoin advocate and venture capital investor Anthony Pompliano believes the SEC’s potential approval of an Ethereum ETF could be the “last dam to be breached” before the U.S. approves the cryptocurrency industry as a whole.
Funds continue to flow into Bitcoin ETFs
X @spotonchain's analytical account revealed recent updates on spot Bitcoin ETF flows. On May 22, these funds had net inflows of $154 million. This indicator has been positive for the past eight consecutive days. This has not been seen since mid-March, the report highlighted.
The BlackRock Fund remains the ETF leader, with $92 million in inflows on Wednesday. On May 21st, BlackRock's IBIT inflows were $291 million, the largest in 32 business days.
About the Author
Yuri Molchan
Yuri is interested in technology and innovation. He has been writing about DLT and cryptocurrencies since 2017. He believes that blockchain and cryptocurrencies have the potential to change the world in the future in many aspects. He is a contributor to multiple crypto media outlets. His articles have been cited by crypto influencers such as Tyler Winklevoss, John McAfee, CZ Binance, and Max Keiser.
