Samson Mow, CEO of Jan3, a Bitcoin-focused technology company, made statements that sparked debate in the cryptocurrency market. Mow argued that Ethereum is incapable of fulfilling the function of “money,” while Bitcoin successfully takes on this role.
Commenting on the issue via the social media platform X, Mow pointed out that the Ethereum Foundation occasionally sells $ETH. Criticizing this practice, Mow argued that even individuals connected to the Ethereum ecosystem don’t receive their salaries in $ETH, suggesting that this indicates the asset’s limited use as a medium of exchange.
In contrast, Mow stated that the situation is different in the Bitcoin ecosystem, arguing that many participants accept BTC as payment, demonstrating that Bitcoin functions as a true currency. Mow’s statements have reignited the debate between the two major crypto assets: “store of value or means of payment?”
On the other hand, Mow announced in a statement late last year that he planned to liquidate all of his $ETH-related assets and invest the proceeds entirely in Bitcoin. This strategic move was interpreted as a demonstration of his long-term confidence in Bitcoin.
While opinions vary within the cryptocurrency market, experts emphasize that both Bitcoin and Ethereum have distinct use cases and play significant roles within the ecosystem.
*This is not investment advice.