Bitcoin maximalist Samson Mow is again arguing that Ethereum’s price is way too high. He points to the huge difference in price performance between Bitcoin and Ethereum over the past few years.
The Widening Gap
Since August 2022, Bitcoin’s price has exploded, going from around $21,500 to over $82,000—a massive 270% increase! Ethereum, on the other hand, is trading around $1,558, pretty much where it was in August 2022. This huge gap is fueling Mow’s argument that Ethereum’s price isn’t justified by its fundamentals.
Mow’s Argument: Supply and Demand
Mow’s main point revolves around the difference in supply. Bitcoin has a maximum supply of just under 21 million coins, while Ethereum has over 122 million circulating tokens. He claims that a significant portion of Ethereum’s supply (around 72 million, or 60%) was pre-mined. He argues that if Ethereum had the same supply as Bitcoin, each ETH would be worth around $9,300, not the current price. Essentially, he’s saying people are overpaying for an asset with a much larger supply than they realize.
Ethereum’s Sensitivity to the Market
Mow’s criticism isn’t just about supply. He also highlights how both Bitcoin and Ethereum are affected by global events. For example, Ethereum’s price dipped to a low of $1,380 during trade war tensions, then quickly bounced back after a pause in tariff hikes was announced. This shows that despite their differences, both cryptocurrencies are still sensitive to macroeconomic factors.
A Long-Standing Beef
This isn’t the first time Mow has slammed Ethereum. He’s been a vocal critic for years, even advising investors to sell everything and buy Bitcoin instead. He predicts Bitcoin will reach $1 million this year.
The Great Crypto Debate
This disagreement highlights the fundamental differences in how people view cryptocurrencies. Bitcoin maximalists like Mow emphasize Bitcoin’s scarcity and its potential as “digital gold.” Ethereum supporters, on the other hand, focus on its smart contract capabilities and its broader ecosystem of applications. As the price gap continues to widen, this debate about value and pricing is only going to get more interesting.
