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Bitcoin advocate Samson Mow dismisses $30,000 price drop fears

EditorLina Guerrero
Published 01/23/2024, 07:21 PM
© Reuters.

NEW YORK - In the face of Bitcoin's recent price dip, prominent Bitcoin advocate Samson Mow has expressed confidence in the cryptocurrency's long-term potential, dismissing the notion that it could fall to $30,000 as some investors fear. Despite a trading loss of 4.3% today, with the price of Bitcoin hovering just above $39,000, Mow remains steadfast in his bullish outlook for the digital currency.

On the same day, the exchange-traded fund (ETF) market witnessed notable movements. Grayscale, a leading cryptocurrency investment firm, experienced significant outflows, with more than 14,000 BTC leaving its holdings. Conversely, Fidelity, another major investment firm, reported inflows exceeding 5,000 BTC.

Mow's optimism extends to an ambitious price target for Bitcoin, suggesting that it could eventually soar to $1 million. This bold statement comes without a set timeframe, but it underscores a strong belief in Bitcoin's growth trajectory amidst the current market fluctuations.

The contrasting ETF activities of Grayscale and Fidelity highlight the ongoing adjustments and differing strategies among investors in the cryptocurrency space.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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