[DigitalToday reporter Yoonseo Lee] Samson Mow (샘슨 모우), CEO of JAN3, cited an end to fiat money supply expansion as the condition for dropping his bullish outlook on Bitcoin.

On Nov. 11, blockchain media outlet The Crypto Basic reported that Mow wrote in a recent post on X, formerly Twitter, "I will be bearish on Bitcoin the day they stop printing more fiat."

The remark reaffirmed his longstanding view that Bitcoin’s investment value comes from scarcity. Mow sees Bitcoin’s capped total issuance as the basis for his bullish stance, unlike fiat currencies whose supply can continue to expand.

Bitcoin is trading around $73,700, about 40 percent below its all-time high of $126,000 recorded in October 2025. Mow maintained his long-term optimism despite the pullback.

His phrase "printing" refers to expanding the money supply rather than physically printing banknotes. U.S. money supply has been rising. Federal Reserve Economic Data (FRED) showed seasonally adjusted U.S. M2 stood at $23.414 trillion in September 2026, up 5.7 percent from a year earlier.

By contrast, Bitcoin’s total supply is capped at 21 million BTC. New issuance declines through halvings, and block subsidies move closer to zero over the long term. No single institution can arbitrarily increase supply.

Mow views the basis for a bullish outlook as remaining valid as long as Bitcoin’s scarcity holds while fiat money supply expands. He has put more weight on differences in monetary structure than short-term price swings, even as Bitcoin has recently weakened.

Not all of his short-term price calls have been accurate. Earlier this year, Mow argued Bitcoin was more likely to approach $100,000 than remain below $80,000, but some projections did not materialise. The latest remarks are seen as emphasising a long-term investment rationale rather than setting a specific target or deadline.

This view also extends to calls for state-level adoption of Bitcoin. JAN3 says its goal is to support individuals, companies and countries in accessing Bitcoin infrastructure. Mow has previously argued governments should consider allowing Bitcoin mining, purchases and free circulation. He also holds that Bitcoin could play a larger role in national reserve assets over the long term.

I will be bearish on Bitcoin the day they stop printing more fiat.