Ethereum Drops 5.24% as Samson Mow Criticizes Overvaluation

Samson Mow, a prominent Bitcoin advocate and the chief executive at JAN3, a company assisting nation-states with Bitcoin adoption, has once again criticized Ethereum, the second-largest cryptocurrency. Mow's comments come as the price of Ethereum revisits lows last seen in October 2023, currently trading at approximately $1,589 after a 5.24% drop over the past 24 hours.

Mow revisited a tweet from August 23, 2022, when Ethereum was trading at around $1,600 per coin, while Bitcoin was at $21,600. He reiterated his stance that Ethereum is still overvalued, a sentiment he has expressed before. The last time Ethereum fell to these lows was in October 2023, following a 14.26% price surge on Wednesday, which was influenced by Bitcoin’s 8.51% rise and the suspension of additional trade tariffs implemented by the US president on 180 countries, with particularly heavy tariffs on China.

Mow also criticized the trade war with China, expressing doubts about the positive impact of the increased tariffs on the US economy. He questioned how the tariffs would revitalize jobs and production in the US, citing the close production connections between the two countries. Mow argued that the US lacks the necessary engineering skills and manufacturing infrastructure to support such a shift, and that Main Street, the backbone of the US economy, is not in a position to fund the construction of factories and supply chains or hire workers.

Mow's criticism of Ethereum and his stance on the trade war with China highlight his views on the current state of the cryptocurrency market and the global economy. His comments suggest that he believes Ethereum is overvalued and that the US economy may not be well-positioned to benefit from increased tariffs on China. Mow's statements reflect his long-standing support for Bitcoin and his skepticism towards other cryptocurrencies, as well as his concerns about the economic policies of the US government.