Bitcoin Maxi Samson Mow Says Ethereum Remains Overvalued Even at $1,600
Samson Mow, popular Bitcoin maximalist and CEO of the JAN3 firm, reinforces his old jab at Ethereum, noting that ETH remains overvalued at the $1,600 price mark. The outspoken Bitcoin maximalist made the comment today while resurfacing an old tweet he published on August 23, 2022, regarding ETHs valuation. Mows Views on Ethereum ValuationAt the time, ETH traded around $1,600 per coin, which is the same level Ethereum is trading at today. Meanwhile, Bitcoin was trading at $21,500 back then in 2022 but today, its value is around $80K.Interestingly, Mow, who expects Bitcoin to hit $1 million this year, emphasized that ETH was overvalued in proportion to Bitcoin's valuation. He maintains the sentiment even today, when the gap between Bitcoin and Ethereum has further widened. https://twitter.com/Excellion/status/1910257673880186957Mow suggested that Bitcoin has a total supply of less than 21 million BTC, possibly due to lost keys. However, he noted that out of Ethereums 122 million total supply, 72 million of those coins were premined. Interestingly, he suggested that ETH would be worth $9,300 per coin if it had a supply of 21 million coins like Bitcoin. Referencing the adjusted calculation, Mow shaded Ethereum investors for paying a premium price of $9,300 to acquire one ETH.Ethereum Is Still Overvalued Nearly three years after his initial tweet, Mow reinforces the idea that Ethereums price is still overvalued. This indicates that Ethereums price does not seem justified by its supply, of which Mow claims 60% was "minted out of thin air."At press time, ETH is trading at $1,579 per coin, up 5.41% over the past 24 hours. The second-biggest cryptocurrency, which traded around the $1,800 territory earlier this week, plunged to a multi-year low of $1,386 yesterday due to escalated tension from the tariff war. Shortly after hitting this level, ETH recovered to a high of $1,687 on April 9, as Trump announced a three-month pause of the increased tariff he initially imposed against several countries except China. While ETH hovers around $1,600, as it did on August 23, 2022, Bitcoin is changing hands at $81,332. Bitcoins current price represents an increase of 278.28% from the $21,500 mark where it traded on that date. Despite this, Mow insists that Ethereum remains overvalued. The JAN3 CEO has been slamming Ethereum over the years. In November 2024, he cautioned meme coin investors that what happened to Ethereum may likely happen to their favorite token of choice. Therefore, he advised them to sell everything, including ETH, and buy Bitcoin.
Text source: The Crypto Basic
