U.Today – Samson Mow, prominent evangelist and CEO of BTC adoption-focused company JAN3, has shared that he believes he is currently in a similar situation to Michael Burry from the movie “The Big Short.”
The only difference is that instead of doing a “big short” in mortgage bonds in the US market, Mow is doing a “big long” in Bitcoin, with a hunch that the world’s leading cryptocurrency is about to demonstrate an “Omega candle” and shoot through the roof.
Mow takes a “big position” in Bitcoin, waiting for an Omega candle
In a recent tweet, Samson Mow, a Bitcoin believer, confessed that he sometimes feels like Michael Burry, the legendary trader and investor from the movie “The Big Short,” whose role was brilliantly played by Christian Bale. Burry predicted the future crash of the US housing market in 2008.
Mow's comparison of himself to Burry was made in relation to Mow's confidence (which he believes is firm knowledge) that a Bitcoin Omega candle would hit the market. He emphasized this fact, adding that the arrival of this large green Bitcoin candle “is taking longer than expected.”
Mow’s advice to himself and other Bitcoin believers is this: “If your central thesis is correct, you just need to stay focused and wait.”
$1 trillion worth of US stocks lost, repercussions hit Bitcoin market
On August 4, the US stock market suffered a major shock when it lost a staggering $1 trillion as a result of a massive sell-off. This mega sell-off also affected the cryptocurrency market, causing Bitcoin to lose 5.37% and plummet from $59,390 to the price level of $65,803.
However, today a large green candle on an hourly chart helped Bitcoin briefly reclaim $58,000. BTC is currently trading 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 primarily focused on anything related to artificial intelligence technology, data centers, and/or computing. But, he noted, there was also the selling of stocks in companies involved in housing, oil, and some companies working with infrastructure.
Computer giant Nvidia (NASDAQ:) and leading producer of chips used for cryptocurrency mining and artificial intelligence training has received a subpoena from the US Department of Justice.
This article was originally published on U.Today
