JAN3 CEO Samson Mow says the condition that would finally make him bearish on Bitcoin has nothing to do with charts, market cycles or short-term price declines.
“I will be bearish on Bitcoin the day they stop printing more fiat,” Mow said in a recent post on X.
The remark reinforces Mow’s long-standing argument that Bitcoin’s investment case comes from the contrast between its fixed monetary supply and fiat currencies whose supply can expand over time.
Bitcoin currently trades around $73,700, down more than 40% from its October 2025 record high above $126,000. Despite that correction, Mow’s latest statement suggests the drawdown has not changed his long-term thesis.
Mow Links Bitcoin Bull Case to Expanding Fiat Supply
Mow’s reference to “printing” is commonly used as shorthand for expansion of fiat money and central-bank-driven monetary systems rather than only the physical printing of banknotes.
Recent U.S. money-supply data provides context for his argument.
Federal Reserve data compiled by FRED shows seasonally adjusted U.S. M2 reached $23.414 trillion in September 2026, up from $23.301 trillion in August and $22.981 trillion in May.
M2 was also 5.7% higher than a year earlier in September.
Bitcoin operates under a fundamentally different issuance model.
Its protocol limits total supply to just under 21 million BTC, with new issuance declining through scheduled halvings until block subsidies eventually approach zero. Unlike a fiat monetary authority, no single institution can independently decide to issue additional Bitcoin beyond those consensus rules.
That scarcity is central to Mow’s argument: as long as the supply of fiat currencies continues expanding while Bitcoin remains capped, he sees little reason to abandon his bullish long-term position.
Bitcoin Near $73,700 Despite Mow’s Long-Term Optimism
Mow’s confidence comes during a difficult period for Bitcoin.
BTC currently trades around $73,700, with CoinGlass showing an approximately 8% decline over seven days and a 24-hour range between roughly $72,691 and $74,967.
The Crypto Basic’s latest Bitcoin price analysis has also followed BTC’s attempts to stabilize following the recent market-wide decline.
Still, Mow has consistently taken an aggressive long-term view of Bitcoin.
Earlier this year, he argued Bitcoin was more likely to approach $100,000 than remain below $80,000. Some of Mow’s previous short-term price projections have not materialized, but his latest statement is broader and does not attach a specific target or deadline.
Nation-State Adoption Remains Central to Mow’s Thesis
Mow’s outlook also extends beyond retail Bitcoin investment.
As founder and CEO of JAN3, he has focused extensively on promoting Bitcoin adoption among governments and public institutions. JAN3 says its mission includes helping individuals, businesses and nation-states access Bitcoin infrastructure.
Mow previously argued that governments should consider mining, purchasing and enabling the free flow of Bitcoin, predicting that Bitcoin could ultimately play a larger role in sovereign reserves.
His latest comment condenses that wider monetary argument into one condition: for Mow to become bearish on Bitcoin, governments and central banks would first have to stop expanding fiat money.
Until then, Bitcoin’s finite supply remains the foundation of his bullish case.