Samson Mow claims that the marketing of ETH influencers is causing Korean retail investors to pour billions of dollars into Ethereum Treasury firms, and that “this won’t end well.”
Maximum Bitcoin (CRYPTO: BTC) Samson Mow claimed on Sunday that billions of dollars were being invested in ETH treasury corporations by Korean individual investors, who were so supporting Ethereum (CRYPTO: ETH).
Korean Investors Propping Up ETH Treasury Firms?
Mow discussed South Korea’s current position in relation to the second-largest cryptocurrency in the world by market capitalization in an X post.
He asserted that the primary factor maintaining ETH at its present levels is Korean retail investors, specifically the seohak gaemie, a phrase used to describe those who invest largely in foreign markets like the U.S.
Mow, CEO of Bitcoin technology business JAN3, said, “The Ethereum treasury companies are supported by about $6 billion (dollars, not KRW) of Korean retail capital.”
‘ETH Influencers Flying To Korea’
Mow’s remarks followed a tweet that attacked Tom Lee, the chairman of Bitmine Immersion Technologies Inc. (AMEX:BMNR), a corporation that hoards Ethereum and has set ambitious upward goals for the cryptocurrency.
Many of these investors think they are investing in the next Strategy Inc. (NASDAQ:MSTR), the biggest cryptocurrency treasury firm in the world, Mow added. “ETH influencers have been flying to South Korea just to market to retail.”
“This will not go well,” Mow cautioned. Benzinga asked Lee for comment, but Lee did not immediately respond.
The Debate Around Lee’s Bull Thesis
Citing historical price bases, the ETH-to-BTC ratio, and Ethereum’s potential in financial infrastructure, Lee predicted last month that ETH might reach $62,000. Andrew Kang, the founder of Mechanism Capital, however, rejected the bull thesis as “financially illiterate” and “retarded.”
Without significant structural changes, Kang contended, Ethereum may underperform and be range-bound because its valuation is primarily dependent on macro liquidity and speculative belief.
Some observers are still hopeful about Ethereum’s future in spite of the criticism. Geoff Kendrick, an analyst at Standard Chartered, stated last month that, in contrast to their Bitcoin competitors, ETH treasury companies have the “highest probability of being sustainable.”
Price Action: According to Benzinga data, Bitcoin was trading at $124,026 at the time of writing, up 0.85% over the previous day. At the last check, Pro. ETH was up 0.67% at $4,576.
After closing 0.27% higher at $56.65 during Friday’s regular trading session, Bitmine shares were up 4.18% in pre-market trading.
In the short, medium, and long terms, the stock showed a positive price trend. To compare it to its Bitcoin counterpart, Strategy, go to Benzinga Edge Stock Rankings.
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