Samson Mow, CEO of JAN3 and staunch Bitcoin proponent, has set the market abuzz with his new critical analysis of the Ethereum price

Through a post on X, Mow claimed that Ethereum, the second-largest cryptocurrency, is “exponentially overvalued”

Samson Mow, the CEO of JAN3 and a fervent Bitcoin (BTC) proponent, has sparked debate in the crypto sphere with his critical take on Ethereum's (ETH) price. In a recent X post, Mow asserted that the second-largest cryptocurrency is "exponentially overvalued."

This statement follows Bitcoin's impressive recovery from the Black Monday crash, a factor that Mow highlighted in comparing the top two cryptocurrencies. He further pointed out the widening gap in profitability and valuation between Bitcoin and Ethereum.

"Bitcoin is now trading at $82,000, up 270% since August 2022, while Ethereum is still floundering around $1,500, nearly the same price as in 2022," Mow noted.

This stark difference in price performance is what Mow used to argue that Ethereum's valuation does not align with its fundamentals, especially considering Bitcoin's supply dynamics.

"With a capped supply of 21 million coins, Bitcoin's scarcity is a key aspect of its value proposition. In contrast, Ethereum has a circulating supply of 122 million tokens, with 72 million premined at launch," Mow explained.

This practice of premining has been the subject of criticism from crypto purists, who prefer Bitcoin's design with no premining and a fixed supply.

"If Ethereum had a supply closer to Bitcoin's 21 million, it would be worth around $9,300 right now," Mow added. "So some people are paying $9.3k per unit of something that’s 60% printed from thin air."

This isn't the first time Mow has contributed to the Bitcoin vs. Ethereum debate. Previously, he urged investors to abandon Ethereum and invest in Bitcoin instead, predicting dire outcomes for ETH holders.

Moreover, Bitcoin's profitability has been far better than Ethereum's in the past two years, a point that maximalists often cite in their arguments. These criticisms also highlight the sentimental divide between Bitcoin maximalists, who prefer Bitcoin's original design and maximalist philosophy, and Ethereum supporters, who value the smart contract platform's utility and potential for scaling.