Popular Bitcoin maximalist says political support for Bitcoin is not good for the long run

On May 26, 2024

Samson Mow raised concerns over the increasing political support for the Bitcoin & Crypto sector.

Samson Mow is a strong advocate for Bitcoin. He supports Bitcoin’s potential as a secure, decentralised digital currency and believes it should remain true to its original purpose as a reliable store of value and medium of exchange.

As we know, the last couple of weeks were better for the crypto sector, from the perspective of political support for the Bitcoin & Crypto sector.

On one side the United States Securities and Exchange Commission (SEC) approved Ethereum spot ETF applications under some political pressure, while on the other side the majority of the US Senators voted to support a crypto regulatory bill, co-prepared by US Senator Cynthia Lummis.

It has been one of the most meaningful weeks ever for crypto in Washington.

I joined my friend @laurashin to discuss the eventful week and why I am more optimistic than ever about the future of crypto in America. https://t.co/4GN7C0YfXY
— Senator Cynthia Lummis (@SenLummis) May 25, 2024

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Popular Bitcoin proponent Samson Mow said that he is not bullish over the involvement of politicians in the crypto sector, even though they aimed to provide better & legal clarity for the crypto business.

Mow said that political power involvement in the Bitcoin sector is going to have a bad impact on Bitcoin. Furthermore, he tried to explain that without a strong commitment to Bitcoin’s core principles, moving away from them can lead to problems like the collapses of FTX, Luna, and Genesis, causing financial losses for many people.

I’m not bullish on politicians becoming pro “crypto.” It may feel nice given the prior hostile anti-crypto stances, but long term it’s bad for #Bitcoin. Without a strong Bitcoin ethos, this shift only paves the way for the next FTX/Luna/Genesis, & once again, we will pay for it. https://t.co/bXd9ymjkZY
— Samson Mow (@Excellion) May 25, 2024

In response, a Crypto enthusiast said that certain people or groups have given in to the current popularity of Bitcoin & some people are spreading as much misleading or worthless information around Bitcoin as possible and probably they hope this will cause a big crash, allowing them to justify taking emergency actions against cryptocurrencies, including Bitcoin.

In a follow-up tweet, Mow clarified that he was not against crypto-friendly US Senator Cynthia Lummis because it was only Cynthia who started the initial step to make it possible for the adoption of cryptocurrencies under proper rules & laws.

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