Traders will always think like traders, added a top manager at Jan3. Bitcoin is a replacement for fiat currencies, not a trading instrument, Mow wrote on social media.
Mow's post followed recent tweets from trader Peter Brandt, who predicted that Bitcoin would soon collapse to $58,000–$62,000. The trader admitted that about 50% of his predictions are wrong, but assured that over the past 14 years, more than half of his trades have been successful.
Mow suggested evaluating Bitcoin not based on technical analysis, as Brandt does, but on demand. Jan3 CEO cited the factors driving continued demand for Bitcoin: unlimited fiat printing by central banks, the creation of a strategic Bitcoin reserve in the US, companies issuing bonds to buy Bitcoin, the depreciation of national currencies, and large companies investing in cryptocurrency exchange-traded funds (ETFs).
"The influence of every factor pushing Bitcoin to replace the traditional financial system is rapidly increasing. So plan your investments," Mow advised.
Earlier, Jan3's founder suggested that, thanks to the attractiveness of the first cryptocurrency for large investors, Bitcoin could replicate the evolution of gold, and that the next Bitcoin bull run would surpass gold in growth rate.