Wed, 12/13/2023 – 12:07
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Samson Mow, former CSO of Blockstream (he quit on March 22 this year), took to Twitter/X to make an important statement. He addresses rigid Bitcoin and other crypto maximalists who stand against using the Bitcoin layer-2 chain called Liquid Bitcoin.
Defending Liquid Bitcoin against haters
The Liquid Bitcoin (L-BTC) network was created by Blockstream, and it enables fast and seamless settlement and also issuance of crypto assets on it – stablecoins, security tokens and others, and all of it is done on top of the Bitcoin chain.
Mow stated that people who hate and criticize Liquid Bitcoin do not even realize that in the future they will still end up using the Liquid Bitcoin infrastructure indirectly anyway. Basically, it was a hidden warning that their criticism is in vain. The former Blockstream CSO explained that Liquid Bitcoin is being adopted by various popular services (without naming any as an example, though), which are integrating it for settlement and rebalancing.
After Mow left Blockstream, he stated that he planned to concentrate on helping whole nations and states adopt Bitcoin. It was Mow and Blockstream that stood behind El Salvador’s issuance of “Volcano BTC Bonds” backed by Bitcoin. Prior to that, the state adopted BTC as national currency a few years ago. As Mow left Adam Back’s company, speculation sparked within the cryptocurrency community as to what country will adopt Bitcoin next (perhaps with Mow’s helping hand).
Mow bets on Bitcoin to reach $1 million
In several tweets published recently, Mow expressed his take on the future Bitcoin performance, stating that he expects the flagship cryptocurrency to reach $1 million ultimately. When recently Bitcoin recaptured the $44,000 level, pushing Ethereum and other top altcoins up too, Mow commented that this bull run was different from what the market had seen before.
Now, he said, we are about to see the clash of Bitcoin supply shock with the demand shock. He expects the approaching Bitcoin halvening to make sure the supply shock happens. The expert pointed out that financial institutions are now accumulating BTC en masse, expecting their Bitcoin ETF filings to be approved by the SEC very soon.
This week, representatives of four funds who plan to issue ETFs met with the regulator – BlackRock, Fidelity, Franklin and Grayscale.