- According to Samson Mow, $27,000 is a good price to buy Bitcoin.
- Mow compared Bitcoin’s value with the United States debt profile.
- The U.S. added more than the equivalent of half of Bitcoin’s market cap in debt in one day.
According to Samson Mow, CEO of Pixelmatic, $27,000 is a good price to buy Bitcoin (BTC). In a recent post, Mow compared Bitcoin’s value with the United States’ debt profile. He noted that the U.S. added more than the equivalent of half of Bitcoin’s entire market cap in debt in a single day.
In a single day, the US added more than half of #Bitcoin’s entire market cap in debt. That’s something like 10 million @BTC. And yet there are still people that are unsure if $27k is a good price to buy. pic.twitter.com/RMxdzB01yL— Samson Mow (@Excellion) October 4, 2023
Mow shared a screenshot of data containing the latest U.S. borrowing activity on X (formerly Twitter). The shared data showed that the U.S. borrowed $275 billion in one day, causing its debt profile to reach a record high of $33.442 trillion.
Most respondents to Mow’s post considered the current U.S. debt profile absurd. One of them, Muaawiyah Tucker, thinks trying to wrap one’s head around it reveals how bad the situation is. According to Tucker, the problem does not end with how much money the U.S. government is printing, but how much the public would receive compared to the ‘powers that be.’ Tucker described them as “the owners and controllers of financial capital.”
Another respondent, ClipShoe, agrees with Mow’s impression that Bitcoin is undervalued at $27,000. According to ClipShoe, Bitcoin’s price is still low. He believes a tidal wave of new money will enter the financial industry soon. ClipShoe said that long-term buyers have no powder left, and things would change drastically when new people come in.
Bitcoin serves as an alternative storage of value for many people. The flagship cryptocurrency has served as a substitute for local currency in many countries. Its tendency to appreciate has also been explored by several investors, especially when fiat currencies struggle.
As of the time of writing, Bitcoin traded for $27,647. Many analysts believe the price of Bitcoin will go higher in the coming months due to multiple factors, including macroeconomic conditions like the skyrocketing U.S. debt profile.
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