Samson Mow: Ignore Bad Press And Buy More Bitcoin
Bitcoin’s recent price surge has fueled substantial speculation and interest in the world first digital currency. During this time, the crypto industry has had to deal with the fear, uncertainty, and doubt (FUD) about the reliability of Bitcoin and the broader crypto market as a whole.
Samson Mow, the CSO of Blockstream, took to his Twitter to tell off the critics who were tarnishing the reputation of Bitcoin. Drawing inspiration from an old Steve Jobs speech, he tweeted that people who listened to the late computer guru at WWDC 1997 and ignored the FUD media gained massive profits. In 1997, jobs advised investors to 100 shares of APPL stock for $1,662; the stocks are currently worth $498,400, which is equivalent of a 300x gain on the initial investment. The tweet encouraged investors to ignore FUD and buy more Bitcoin.
Back then, Jobs argued that the tech industry was struggling with the problem of perception versus reality. He added that Apple would continue developing quality products for is customers, while the press continues doing what they want. Jobs concluded by encouraging people to buy Apple stocks as long the press is shorting them.
Mow believes that the analogy from 1997 is relevant to the current situation in the Bitcoin market. In this regard, he said that investors who follow the media would not gain anything from the crypto industry.
The Steve Jobs analogy makes sense because Apple defied the bad press to become the first company with a $1 trillion value. Although Bitcoin has to do considerable before attaining a similar valuation, the progress made over the past few weeks show that $1 trillion market cap for Bitcoin isn’t an impossibility.
Last month, Bitcoin reached $150 billion for the first time since the beginning of the year. The cryptocurrency had been ranging between $50 billion and $70 billion for the best part of 2019. This surge was boosted by the 11% increase in the price of Bitcoin. As a result, famous Bitcoin proponents have expressed optimism that this bullish run will persist for a long time.