Bitcoin Surges 270% While Ethereum Stagnates
1min read Bitcoin maximalist Samson Mow, CEO of JAN3, has reiterated his criticism of Ethereum’s price, asserting that ETH remains overvalued despite Bitcoin’s significant price increase since 2022. Mow highlighted the stark performance disparity between the two top cryptocurrencies over nearly three years. Ethereum’s price has remained relatively stagnant, hovering around $1,558, similar to its August 2022 price of $1,600. In contrast, Bitcoin has surged from $21,500 to $82,302, marking a 270% rise. This widening gap has reinforced Mow’s argument that Ethereum’s price does not align with its fundamentals.
Mow’s criticism centers on the supply differences between the two cryptocurrencies. Bitcoin has a fixed supply of less than 21 million coins, while Ethereum has 122 million circulating tokens. Mow re-tweeted his August 23, 2022 post to emphasize his stance, pointing out that about 72 million ETH tokens (approximately 60% of the supply) were premined at Ethereum’s launch. This premining has been a contentious issue among cryptocurrency purists. Mow suggested that if Ethereum had the same supply cap as Bitcoin, each ETH would be valued at around $9,300, implying that investors are overpaying for an asset with an inflated supply.
Ethereum’s price movements have also been influenced by macroeconomic factors. Recently, it fell to a multi-year low of $1,380 due to global trade war tensions but quickly rebounded to $1,680 following a pause in tariff hikes announced by the US President. These fluctuations demonstrate that both cryptocurrencies remain sensitive to broader economic forces, despite their differing value propositions and market performances.
Mow’s criticism of Ethereum is not new; he has been vocal against ETH for years. In November 2024, he warned investors that Ethereum’s fate could mirror that of other tokens. Mow, who predicts Bitcoin will reach $1 million this year, has advised investors to sell all their assets, including Ethereum, and invest solely in Bitcoin. This debate highlights the philosophical divide between Bitcoin maximalists, who emphasize scarcity and Bitcoin’s “digital gold” status, and Ethereum supporters, who focus on the platform’s smart contract capabilities and broader applications ecosystem.
As the price differential between Bitcoin and Ethereum continues to grow, the debate over their relative value and appropriate pricing models has garnered increased attention from investors and market analysts. The ongoing discussion underscores the deep-seated differences in investment philosophies within the cryptocurrency community.
