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The CEO of blockchain firm JAN3, Samson Mow, stated that no cryptocurrency can rival Bitcoin as a form of money and criticized Ethereum, the second-largest cryptocurrency by market capitalization.
Mow made these comments in response to a post from the Ethereum Foundation on social media platform X, where the organization announced the completion of an over-the-counter transaction involving the sale of 5,000 ETH to BitMine, the largest corporate holder of Ether. The deal was valued at approximately $10.2 million, with an average price of $2,042 per coin.
According to Mow, the Ethereum Foundation opted to sell ETH because it does not wish to pay salaries in Ether. As the Bitcoin maximalist noted, none of the employees at the Ethereum Foundation want to receive their salaries in ETH, which he believes serves as strong evidence that Ether is not a form of money.
In contrast to Ether, anyone involved in Bitcoin, regardless of their role—be it research, protocol development, or application creation—would gladly accept BTC as payment, Mow asserts. This supports the notion that Bitcoin can function as money and has the potential to replace traditional currency in the future, according to the crypto enthusiast.
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Mow shared a screenshot from the FAQ section of the charitable organization OpenSats. The screenshot indicates that OpenSats accepts donations in fiat currency, converts them into Bitcoin, and distributes grants in that cryptocurrency.
Recently, JAN3 warned its followers against storing digital assets on cryptocurrency exchanges. The company stated that even the best trading platforms are not immune to collapse. According to the company’s leadership, trusting an exchange is akin to trusting a stranger, making self-custody of one’s keys the only prudent choice.
Meanwhile, Bitcoin has decreased by 5% over the past 24 hours and is trading around $70,000, while Ether has fallen by 6% to $2,170. Currently, Bitcoin’s market capitalization stands at $1.4 trillion, while Ethereum’s is at $261.9 billion.
Recently, Mow urged investors to disregard Bitcoin’s volatility, as the increasing demand for BTC from major corporations suggests an inevitable long-term growth for the cryptocurrency.
