Samson Moe: “Bitcoin is a double-edged sword”
The CEO of Jan3 and the former head of the blockchain firm Blockstream said that he considers Bitcoin to be a difficult to predict instrument during periods of financial turmoil in the market.
Samson Mow recalled that at the end of the week the stock market lost about $3 trillion, and investors overvalued their own portfolios. According to the businessman, this is why investments in spot Bitcoin ETFs were the first to fall, and one should not be surprised by the significant outflow of funds from exchange-traded products based on the first cryptocurrency:
I think Bitcoin is a double-edged sword. Its rate falls first, but it turns out to be the only asset that remains in the black.”
The CEO of Jan3 emphasized that Bitcoin should still be perceived as a profitable investment tool, and that it is pointless to talk in terms of faith in relation to the first cryptocurrency. Reason: Bitcoin held up well during the market sell-off on August 2, 2024, and forecasts that the asset’s value would fall below the critical support level of $55,000 did not materialize.
