Gold prices steady, holding sharp gains in wake of soft U.S. jobs data
U.Today - Samson Mow, vocal Bitcoin supporter and the chief executive at JAN3 company that helps nation-states with BTC adoption, has taken a jab at the second largest cryptocurrency, Ethereum, once again.
Mow commented on its price as ETH has reached the lows that were last seen in October 2023.
Samson Mow's anti-Ethereum statement
Samson Mow revisited a tweet he published back on Aug. 23, 2022, when Ethereum traded roughly at the same price as it is now - $1,600 per coin. Bitcoin on that day traded at $21,600. Currently, Ethereum is changing hands at $1,589 after plunging by 5.24% over the past 24 hours.The last time Ethereum fell to those lows was October 2023.
Before that, however, ETH demonstrated a price surge of 14.26% on Wednesday, following Bitcoin’s 8.51% rise and price trajectory – both printed a massive green candle at first.
This was BTC’s reaction to the suspension of additional trade tariffs implemented by U.S. President Donald Trump on 180 countries. They were particularly heavy on China – more than 100% in total – since the country rejected Trump’s demand that China eliminate its own 34% tariff on all American goods entering the country.
Mow criticizes Trump's trade war with China
In a tweet published earlier, Mow shared his take on the immense increase of trade tariffs on China. While many seem to believe that this move represents a victory and would bring more jobs to the United States, expanding local production, the JAN3 boss doubts that this measure would have such a positive effect on the U.S. economy.Mow openly opposed the administration's overall celebratory mood surrounding these tariffs, saying that he wants to hear how they will “revitalize jobs and production in the US.” The problem, per the JAN3 boss, is that production connections between the two countries are too close. Under the current massive tariffs from both sides, in the U.S., "input costs for raw materials and components will be up," a "lack of engineering skills" will follow, and then there is "virtually no manufacturing infrastructure" in the U.S.
“Who’s able to hire workers to make widgets. Main Street is pretty broke. You can’t build infra and pay workers with platitudes,” Mow stated, adding a post to his X thread.