Bitcoin Maximalist Samson Mow Critiques Ethereum’s Overvaluation
Samson Mow, CEO of JAN3, has reiterated his view that Ethereum (ETH) remains overvalued despite Bitcoin (BTC) rising nearly 270% since 2022. He highlights a significant performance gap between the two cryptocurrencies.
Price Disparity
- Ethereum currently priced at $1,558, similar to its August 2022 value of $1,600.
- Bitcoin increased from $21,500 to $82,302 in the same period.
- Mow argues that Ethereum's price does not reflect its fundamentals.
Mow pointed out the supply difference: Bitcoin has under 21 million coins, while Ethereum has around 122 million circulating tokens.
#Ethereum is overvalued.
1 BTC = $21.5k
1 ETH = $1.6k21M BTC supply (actually less)
122M ETH supply (72M premined)Adjusted for unit bias (ETH price at 21M units) one ETH would be $9.3k.
So some people are paying $9.3k per unit of something that’s 60% printed from thin air.
— Samson Mow (@Excellion) August 23, 2022
Criticism of Ethereum's Supply
- Mow claims approximately 60% of the ETH supply was premined at launch.
- If Ethereum had a maximum supply like Bitcoin, each ETH would be valued around $9,300.
Ethereum recently dropped to $1,380 but quickly rebounded to $1,680 following a pause in US tariff hikes. This illustrates both cryptocurrencies' sensitivity to macroeconomic factors.
Continued Critique of Ethereum
- Mow has consistently criticized Ethereum over the years.
- He predicts Bitcoin could reach $1 million this year and advises investors to sell Ethereum in favor of Bitcoin.
The ongoing debate reflects differing investment philosophies between Bitcoin maximalists and Ethereum supporters, especially as the price gap widens.