Bitcoin maximalist Samson Mow has doubled up on his worth criticism of Ethereum’s worth, asserting ETH remains to be overvalued regardless of Bitcoin’s worth nearly quadrupling since 2022. The JAN3 CEO referred to the evident disparity in efficiency between the 2 prime cryptocurrencies over a close to three-year span.
Value Hole Grows As Bitcoin Rises
In accordance with knowledge, Ethereum now sits at $1,558, primarily the identical as its August 2022 worth of $1,600. In the meantime, Bitcoin has climbed from $21,500 to $82,302 – an eye-popping 270% rise. The widening hole has solely served to bolster Mow’s rivalry that Ethereum’s worth doesn’t correlate with its fundamentals.
Mow re-tweeted his August 23, 2022 publish this week to emphasise his steadfast stance. His criticism focuses on provide variations between the cryptocurrencies. Bitcoin has lower than 21 million general cash, whereas Ethereum boasts 122 million circulating tokens.
#Ethereum is overvalued.
1 BTC = $21.5k 1 ETH = $1.6k
21M BTC provide (truly much less) 122M ETH provide (72M premined)
Adjusted for unit bias (ETH worth at 21M models) one ETH could be $9.3k.
So some persons are paying $9.3k per unit of one thing that’s 60% printed from skinny air.
‘60% Minted Out Of Thin Air’ Claim Targets Ethereum’s Origins
Based on Mow’s quotations, 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.
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.Sensitive To Macroeconomic Forces
Ethereum recently 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 tariff hike pause on various countries, with China being the exception.
These movements illustrate how both cryptocurrencies are still sensitive to macroeconomic forces even as they have different value propositions and market performances.
Long-Standing Campaign Against Ethereum Continues
This is not Mow’s first time criticizing Ethereum. He has been vocal against ETH for years. In November 2024, he cautioned investors that the fate of Ethereum could be the same as their favorite tokens.
Mow, who forecasts Bitcoin to hit $1 million this year, has told investors to sell everything, including Ethereum, and invest in Bitcoin instead.
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 debates regarding relative value and suitable pricing models draw greater interest from investors and market analysts in common.
Featured image from Reuters, chart from TradingView
