Samson Mow, CEO of JAN3 and a vocal advocate for Bitcoin, has voiced his opinion about Ethereum’s current price trajectory. Following a recent drop in value below the $1,600 mark, Mow stated on Twitter that he believes ETH is still ‘overvalued’. The tweet echoes his previous stance from August 2022 when Ethereum traded at a similar price as it does now, with Bitcoin also experiencing a significant price increase.
Ethereum’s recent price decline is attributed by analysts to the market response to the suspension of additional trade tariffs imposed by former President Trump on over 180 countries. This decision impacted China significantly, imposing more than 100% in total trade tariffs on American goods entering the country. Mow specifically criticizes these trade wars, arguing they might not yield significant positive effects for the U.S. economy. He believes that close production ties between the two nations will lead to increased costs for raw materials and components, a lack of engineering skills in the US, and ultimately, a weakened manufacturing infrastructure.
In a subsequent post on Twitter, Mow further criticized President Trump’s trade war with China. He suggests that ‘Main Street’ needs to take charge, as businesses and individuals struggle to fund large-scale projects like factories and supply chains. This is especially true given the current economic climate of limited capital available for such initiatives.
The article highlights the impact of these tariffs on both countries and their implications on the future of trade and manufacturing.