Blockstream’s Samson Mow: Bitcoin ETF Approval Can Happen Faster with LN Sidechain Project
Samson Mow Believes Bitcoin ETF Could be Sped Up With Blockstream Sidechain Project
According to Samson Mow, a Bitcoin ETF could be sped up with Blockstream sidechain project. Mr. Mow is the CSO of Blockstream and was talking during an interview about the current state of the famous virtual currency. Additionally, he gave a potential approval date for the first Bitcoin ETF.
He started the interview saying that investors are looking at Bitcoin as consumers. Nonetheless, Bitcoin is like a ‘communication protocol’ for him, something similar to TCP/IP.
He has also given his thoughts about the second layer scaling solution for Bitcoin, the Lightning Network (LN). He explained that the Bitcoin’s main network has some problems that the layer two solution aims to solve.
Additionally, Mow stated that they are developing the LN and Side Chain technology.
“I am paying the most attention to a technique that uses an external source of Bitcoin blocks to operate on two layers,” said Mow. “We are developing using ‘Lightning Network’ and ‘Side Chain’ technology. Investors tend to think of Bitcoin as a means of payment… I think we should focus on how much value to send per second rather than how many we can pay per second.”
For him, Blockchain is the only blockchain available in the market that is able to deliver the most value in the fastest time. He takes into account liquidity and universality. In this case, Bitcoin is much more useful than other blockchains.
He has also talked about the future price of Bitcoin. He said that it could reach high prices as people would realize that the famous virtual currency is a scarce asset. However, he did not mention the exact future price.
Furthermore, he noted that in the past there was no scarce asset, and that Bitcoin was created with a new concept of ‘scarcity.’ To this, he added that several companies and developers are working with technologies related to Bitcoin, which is quite promising for the future.
Another important topic was related to the U.S. Securities and Exchange Commission (SEC) and its decision to delay the approval of several Bitcoin ETFs. He explained that the Bitcoin ETF needs more liquidity and that’s why it was not approved.
He commented on the matter:
“We will soon launch a Bitcoin sidechain project. I think it will give some help to the Bitcoin’s liquidity supply. I will speed up the trading of Bitcoins between exchanges. These efforts will indirectly help deliver the Bitcoin’s liquidity, and as a result we will be able to speed up the launch of Bitcoin ETF.”
Finally, he said that the introduction of an ETF in the market would play a very important role in the price of Bitcoin. ‘I do not think the Bitcoin ETF approval is a matter of ‘if’. It’s just a matter of when,’ he stated.