‘$1 Million BTC’ Advocate Samson Mow Announces ‘Bitcoin Quantitative Hardening’

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Written By Maya Cantina

Sat, 20/04/2024 – 8:59

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Contents

  • “Bitcoin quantitative hardening” is here
  • Bitcoin keeps beating gold, Mow says

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Samson Mow, the former CSO at Adam Back’s Blockstream and now the chief executive at a Bitcoin-adoption company Jan3, has published a Twitter/X post to announce that the long-anticipated fourth BTC halving has finally arrived.

“Bitcoin quantitative hardening” is here

Mow has referred to it as the “4th Bitcoin quantitative hardening.” Here, the influencer opposes it to quantitative easing that the US Fed Reserve has taken to quite frequently over the last few years, injecting billions and trillions of US dollars into the economy and, as many experts believe, has started to debase the US dollar.

Many experts also believe these QEs to be a major driver that first pushed the Bitcoin price above $61,500 in April 2021 and then on to the $69,000 all-time high in November that year. In 2024, an unusual thing happened – the world’s pioneer cryptocurrency for the first time reached a new historic price peak before the halving (hitting $73,750 in March), not after it.

Every halving reduces the amount of new Bitcoins injected into circulation in the form of miners’ block rewards. Today, after the halving these rewards were slashed from 6.25 BTC to 3.125 BTC and they will remain at that level for the next four years until the fifth halving takes place.

On this critical aspect of the halving Mow also commented by posting a tweet, which said: “Whatever Bitcoin you owned before this moment (Block 840,000), is now twice as hard for miners to procure for the market.”

At the time of this writing, Bitcoin is changing hands at $63,913, according to the data provided by CoinMarketCap.

Bitcoin keeps beating gold, Mow says

The Jan3 boss also commented on Bitcoin continuing to surpass its physical rival gold which was been considered a store of value by the majority before Satoshi Nakamoto came up with BTC. Many traditional financiers still prefer gold, and many, like the author of the famous book on finance management “Rich Dad Poor Dad” Robert Kiyosaki, are combining gold and Bitcoin in their portfolios.

Mow tweeted that after the halving, Bitcoin’s inflation rate will drop to 0.9% whereas this metric for gold will remain at 1.4%.

As Anthony Pompliano stated during his CNBC interview this week, those who have held hold over the past five years, have lost purchasing power unlike Bitcoin holders.

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