U.Today - Samson Mow, prominent Bitcoin evangelist and CEO at JAN3 BTC adoption-focused company, has shared that he believes he is currently in a situation similar to Michael Burry from “The Big Short” movie.
The only difference is that rather than making a “big short” on mortgage bonds in the U.S. market, Mow is taking a “big long” on Bitcoin, with a hunch that the world’s leading cryptocurrency is about to demonstrate an “Omega candle” and soar through the roof.
Mow takes "big long" on Bitcoin, expecting Omega candle
In a recent tweet, Bitcoin believer Samson Mow confessed that he sometimes feels like Michael Burry, the legendary trader and investor from “The Big Short” movie, whose part was brilliantly played by Christian Bale. Burry predicted the future crash of the housing market in the U.S. in 2008.Mow's comparison of himself to Burry was made in relation to Mow’s confidence (which he believes to be firm knowledge) in a Bitcoin Omega candle coming to hit the market. He stressed this fact, adding that the arrival of this mega-sized green Bitcoin candle “is taking longer than expected.”
The advice Mow gives to himself and other believers in Bitcoin is the following: “If your core thesis is correct you just need to keep focused and wait.”
$1 trillion wiped from U.S. stocks, ripples hit Bitcoin market
On Aug. 4, the U.S. stock market had a big shake-up as a mind-boggling $1 trillion were wiped from it as a result of a huge sell-off. This mega sale also hit the cryptocurrency market, causing Bitcoin to lose 5.37% and plunge from $59,390 to the $65,803 price level.Today, however, a big green candle on an hourly chart helped Bitcoin to regain $58,000 briefly. BTC is currently changing hands at $56,832 again.
Financial commentator Jim Cramer, took to his X account to clarify what was going on. According to his tweet, the sell-off was focused mainly on everything related to AI technology, data centers and/or computing. But, he pointed out, it was also about selling the stocks of companies dealing with housing, oil and some companies working with infrastructure.
Nvidia giant and leading producer of chips used for cryptocurrency mining and AI training received a subpoena from the U.S. Department of Justice.