Bitcoin Maximalist Samson Mow Doubles Down on His Value Criticism of Ethereum's Price

Bitcoin maximalist Samson Mow has doubled down on his value criticism of Ethereum's price, asserting ETH is still overvalued despite Bitcoin's price almost quadrupling

Samson Mow, the Bitcoin maximalist and CEO of JAN3, has continued his criticism of Ethereum’s price, asserting that ETH is still overvalued despite Bitcoin’s price almost quadrupling since 2022.

Mow, known for his bullish Bitcoin predictions and maximalist views, highlighted the glaring disparity in performance between the two top cryptocurrencies over a near three-year span. According to data, Ethereum now trades at $1,558, essentially the same as its August 2022 price of $1,600.

On the other hand, Bitcoin has experienced a meteoric rise, climbing from $21,500 to $82,302 – a 270% increase. This widening gap has only served to bolster Mow’s contention that Ethereum’s price does not correlate with its fundamentals.

Earlier this week, Mow re-tweeted his August 23, 2022 post to emphasize his steadfast stance. His criticism focuses on the stark difference in supply between the cryptocurrencies. Bitcoin has a maximum supply of 21 million coins, while Ethereum boasts 122 million circulating tokens.

According to Mow’s calculations, about 72 million ETH tokens (approximately 60% of the supply) were premined at the time of Ethereum’s launch. Token creation before the start of public mining has been quite an issue for purists in cryptocurrency for some time.

“If there was only 21M supply like Bitcoin, each ETH would be worth $9,300 today,” Mow stated.

Possibly, the Bitcoin maximalist suggested that if 21 million coins were all there would be in supply for Ethereum like in Bitcoin, then each ETH would be valued today at around $9,300. Mow is again targeting investors in Ethereum, saying they are paying too much for an asset whose supply is exaggerated.

Earlier this year, Ethereum fell to a multi-year low of $1,380 on the back of global tariff trade war tensions. The cryptocurrency bounced back immediately to $1,680 on April 9 after US President Donald Trump declared a three-month tariff hike pause on various countries, with China being the exception.

These movements highlight how both cryptocurrencies are still sensitive to macroeconomic forces even as they have different value propositions and market performances.

Mow’s criticism of Ethereum is well-known, and he has previously warned investors that the fate of their favorite tokens could be the same as Ethereum’s.

The debate underscores deep-seated differences in cryptocurrency investment philosophies. While Bitcoin maximalists such as Mow focus on scarcity and Bitcoin’s “digital gold” status, Ethereum supporters highlight the platform’s smart contract abilities and wider applications ecosystem.

As the price differential between the two leading cryptocurrencies continues to expand, these discussions regarding relative value and suitable pricing models draw greater interest from investors and market analysts.