In recent weeks, the cryptocurrency market has been facing bearish trends, which have brought market capitalization down to its lowest level in over two months. Despite the overall market climate, Bitcoin ($26,122) and other altcoins are still proving to be resilient. It’s not only the market trends that hold onto a bullish sentiment. At the Bitcoin Prague 2023 conference, JAN3 CEO Samson Mow spoke with Cointelegraph about how he sees the current state of the Bitcoin market and why he’s bullish for the near- and long-term future.
In terms of price, Mow said that anything under $30,000 is “massively undervalued” and bound to make a rebound sometime soon. The last time BTC hit that price point was in April 2023, for the first time in ten months. Mow is not bearish at all and believes that BTC will hit six figures. “I’m bullish because everyone needs Bitcoin.” He pointed out that this is becoming more apparent to the greater world as traditional financial systems continue to face turmoil.
“The banking system is failing. The legacy financial system is failing. Money is not money anymore and stopped being money some time ago, payments can be frozen. Nothing works. Only Bitcoin works.” Mow told Cointelegraph that he expects to see a wave of Bitcoin adoption within the next five years.
In terms of the technology behind Bitcoin, Mow said, “there’s no more exciting time than now.” “We’re seeing more people talking about new Bitcoin layers, new protocols, ARK – and I think liquid is getting more traction again.” “I think people are just now understanding that maybe we should look into liquid,” he said. “It’s a very exciting time if you’re paying attention to the technical part of Bitcoin, so pay attention, everyone.”
On the other hand, some concerns arise when it comes to the regulatory landscape. For example, Binance.US recently rebutted a motion to freeze funds, filed by the Securities and Exchange Commission (SEC). Binance.US argued that the restraining order would force the closure of BAM Trading Services Inc., the entity that provides crypto trading and exchange services for Binance.US, stating: “The requested relief would primarily harm BAM’s customers, effectively put BAM out of business, and prevent BAM from defending itself in this litigation.”
In conclusion, despite bearish trends and regulatory challenges, many experts like Samson Mow continue to express optimism for Bitcoin’s future, pointing to the failing traditional financial systems and exciting technological developments in the space.
Source: Cointelegraph
