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Jan3 CEO: Bitcoin Price May Be ‘Artificially’ Suppressed

Jan3 CEO: Bitcoin Price May Be ‘Artificially’ Suppressed

Bitget2025/02/20 14:14

Samson Mow, CEO of bitcoin wallet company Jan3 and founder of Pixelmatic, warned at the Consensus Hong Kong cryptocurrency conference that the price of bitcoin could be ‘artificially’ suppressed. Although retail buyers are buying Bitcoin on a fixed basis, there appears to be selling pressure, ‘While both institutional and retail buyers are increasing their holdings of Bitcoin, the price of Bitcoin isn't going up, so there must be people selling,’ said Mow, adding that last year the market saw structural sellers due to bankruptcies and restructurings, but that period has largely come to an end. Additionally, FTX's payoff process has fuelled selling pressure. The company is basing its repayments on a November 2022 price of around $20,000 for bitcoin. As creditors try to realise profits, which could lead to more selling, FTX is selling bitcoin at a much lower price, which could explain the lack of upward momentum in the bitcoin price.

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