A veteran of the Bitcoin ecosystem says that BTC is moving into a phase where extreme price impulses to the upside will become normalized.
In a new interview on the Block Rewards podcast, Samson Mow says that BTC is almost ready to graduate from printing “god candles” – $10,000 daily moves – to “omega candles” representing $100,000 daily moves.
Mow notes that in some countries with much weaker currencies than the USD, omega candles are already taking place on a regular basis.
“The world’s going to change. After $100,000, I think everything starts to accelerate and go faster.
So post-$100,000 we’re not going to be watching $500 candles. A $1,000 candle is already kind of normal in one day in terms of volatility, and I think the next step from that is the $10,000 and $100,000.
We almost had a god candle a couple weeks ago. I think we went up $9,000 on the day. But $100,000 is the next step. Once we start to go well into the higher ranges of Bitcoin.
But it just goes to show you the fiat system does not really make sense anymore because an omega candle is nothing in terms of fiat money. Like the debt increases by a couple of omega candles every day – many, many omega candles each day, but no one blinks an eye for that.
There’s this disconnect between the fiat monetary system where that’s normalized. It’s growing very fast at ridiculous rates but it’s normal. But when you talk about Bitcoin, people are like ‘Whoa that’s crazy.’ But it’s not at all.
So the omega candle is just a big move up in Bitcoin price.
And the interesting thing is we already see omega candles in countries with weaker fiat currencies: Egypt, Turkey, Argentina even, it’s normal. Omega candles every day.”
At time of writing, Bitcoin is trading at $96,126.
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The post ‘Omega Candle’ Is the Next Step for Bitcoin, Says BTC Veteran Samson Mow – Here’s What He Means appeared first on The Daily Hodl.
