Jan3 CEO Samson Mow says that people who think Bitcoin will go back to $40,000 are acting out of “self-induced fear” instead of real facts. In a post on X on September 6, Mow said that these negative predictions are not based on any facts or figures. “Bears claiming Bitcoin will drop to $40,000 are acting out of fear,” he noted.
Bitcoin has been trading below $60,000 for the past week, but Mow is still optimistic that it could reach $10,000. He says this because of macroeconomic reasons like the U.S. government paying interest on its debt every day and more businesses adopting Bitcoin.
Bitcoin Faces U.S. Debt Challenges
“Bitcoin could just as easily reach $100,000,” he wrote, referring to things like rising government debt, business investments, and pension fund distributions. The Kobeissi Letter, a macroeconomic source, talked about how hard things are for the U.S. economy.
It said that the government now pays $3 billion a day in interest, which is three times as much as it was ten years ago and twice as much in the last two and a half years alone. “Debt crisis is an understatement,” the study said.
The market is currently affected by fear, but Mow thinks that principles will win out in the end. “Fear can make people act, but it doesn’t last for long.” “Fundamentals win in the end,” he said, adding that even significant incidents like the FTX fall couldn’t keep Bitcoin’s price down for long.
CoinMarketCap says that the price of Bitcoin is $53,824. It has been below the important $60,000 mark since August 30. The Crypto Fear & Greed Index, on the other hand, is at a scary “Extreme Fear” level of 23.
Some experts are not feeling good. Arthur Hayes, the founder of BitMEX, said he has taken a short position and expected a drop below $50,000. “BTC is heavy. “I want to make less than $50,000 this weekend,” he wrote on X.
