Samson Mow, CEO of JAN3 and a prominent Bitcoin maximalist, has issued a direct challenge to companies holding Bitcoin in their treasuries, asserting that a "Bitcoin Standard" leaves "no place for Ethereum." Mow's statement, made via social media, underscores a growing ideological divide within the cryptocurrency space, questioning the long-term strategy of companies that might consider diversifying beyond Bitcoin.
"On a Bitcoin Standard, there's no place for Ethereum. Will be interesting to see what crypto people at BTC treasury companies say publicly. Either you’re 100% Bitcoin with 100% conviction and the strategy reflects that, or investors should assume you’ll “diversify” eventually."
Mow's remarks highlight his consistent advocacy for a singular focus on Bitcoin, often criticizing altcoins, including Ethereum, which he refers to as "s-coins." He has previously stated that "s-coins do not help Bitcoin" and that "there still is no second best" for the flagship cryptocurrency. This stance is rooted in the belief that Bitcoin alone offers the necessary decentralization and scarcity for a sound monetary system.
The statement puts a spotlight on major corporate holders of Bitcoin, such as MicroStrategy, led by Michael Saylor, which has amassed over 628,000 BTC, making it the largest public Bitcoin holder. Other companies like Marathon Digital (MARA) and Metaplanet have also adopted significant Bitcoin treasury strategies. These firms, often referred to as "Bitcoin treasury companies," have integrated Bitcoin into their balance sheets as a strategic asset, with their stock prices increasingly correlated to Bitcoin's performance.
Mow's challenge suggests that any perceived wavering or diversification into other cryptocurrencies like Ethereum by these companies could be seen as a lack of conviction by investors. This perspective aligns with his broader vision of Bitcoin reaching a $1 million price target, driven by increasing demand from institutional adoption and nation-states, coupled with supply shocks from halving events. His firm, JAN3, focuses on accelerating global Bitcoin adoption, including through tools like the AQUA wallet.
The debate intensified following the approval of spot Ethereum ETFs, which Mow dismissed, reiterating that "there is no demand for securitized ETH" from a Bitcoin maximalist viewpoint. His latest comments further solidify the maximalist position, pushing for clear, undiluted commitment to Bitcoin from corporate entities that have embraced the digital asset. This ideological clash is expected to continue shaping corporate treasury strategies and investment narratives in the evolving cryptocurrency market.