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NEW YORK – Faced with the recent drop in bitcoin’s price, prominent bitcoin advocate Samson Mow expressed confidence in the cryptocurrency’s long-term potential, rejecting the idea that it could fall to $30,000 as some investors fear. Despite a 4.3% loss today, with bitcoin’s price hovering just above $39,000, Mr. Mow remains steadfast in his bullish outlook for the digital currency.
On the same day, the exchange-traded fund (ETF) market saw notable movements. Grayscale, a leading cryptocurrency investment firm, has seen significant capital outflows, with over 14,000 BTC leaving its holdings. Conversely, Fidelity, another major investment company, saw inflows above 5,000 BTC.
Mow’s optimism extends to an ambitious price target for bitcoin, suggesting it could eventually rise as high as $1 million. This bold statement does not come with a specific timetable, but it highlights a strong belief in bitcoin’s growth trajectory despite current market fluctuations.
The contrasting ETF activity of Grayscale and Fidelity highlights ongoing adjustments and different investor strategies in the cryptocurrency space.
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