Disclaimer: The opinions expressed by our authors are their own and do not reflect the views of U.Today. Financial and market information provided on U.Today is for informational purposes only. U.Today is not responsible for any financial losses incurred when trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe all content is accurate as of the date of publication, but some offers mentioned may no longer be available.
Content
Samson MoeA well-known Bitcoin evangelist and CEO of BTC adoption-focused company JAN3 shared that he believes he is currently in a situation similar to Michael Burry in the movie The Big Short.
The only difference is that instead of taking a “big short” position on mortgage bonds in the US market, Mow takes a “big long” position on Bitcoin, sensing that the world’s leading cryptocurrency is about to demonstrate an “Omega candle” and skyrocket.
Mow Opens 'Big Long' Position on Bitcoin, Waiting for Omega Candle
In a recent tweet, Bitcoin proponent Samson Mow admitted that he sometimes feels like Michael Burry, the legendary trader and investor from the movie The Big Short, played brilliantly by Christian Bale. Burry predicted the future crash of the US housing market in 2008.
Mow compared himself to Berry in regards to Mow’s belief (which he considers hard knowledge) that the Bitcoin Omega candle will hit the market. He emphasized this fact by adding that the appearance of this huge green Bitcoin candle is “taking longer than expected.”
The advice Mow gives to himself and other Bitcoin proponents is this: “If your core thesis is right, you just have to focus and wait.”
US Stocks Lose $1 Trillion, Unrest Hits Bitcoin Market
On August 4, the US stock market experienced a major shake-up as a massive sell-off wiped out an incredible $1 trillion. This mega sell-off also affected the cryptocurrency market, causing Bitcoin to lose 5.37% from $59,390 to $65,803.
However, today a large green candle on the hourly chart helped Bitcoin briefly reclaim $58,000. BTC is currently changing hands again at $56,832.
Connected
Financial commentator Jim Cramer took X personally to clarify what was going on. According to his tweet, the selloff was mostly focused on anything related to AI, data centers, and/or computing. But, as he noted, there was also selling of housing, oil, and some infrastructure stocks.
NVIDIA, the leading manufacturer of chips used for cryptocurrency mining and artificial intelligence training, has received a subpoena from the US Department of Justice.