CEO Samson Mow has long been very critical of altcoins with XRP one of the main targets. Mow's analysis focuses on evaluating the market values of altcoins through the lens of Bitcoin's limited supply, leading him to conclude that XRP is not as cheap as its face value suggests. His calculations paint a different picture along with some serious red flags that XRP is currently overvalued relative to its fundamentals.
Mow has been a long-time proponent of Bitcoin being the only cryptocurrency worth investing in for the long-haul. Well now his recent time Bitcoin is much more valuable than its altcoin counterparts. This has cleared the ground for considerable re-debate within the crypto community. By reimagining the value of all cryptocurrencies, relative to Bitcoin’s finite supply, Mow thus Freedom 2.0izes the prevailing wisdom that altcoins are priced separately from Bitcoin.
Recalculating Altcoin Values
Mow's analysis involves recalculating the value of popular cryptocurrencies, including XRP and Solana, based on Bitcoin's fixed supply of 21 million coins. This unique approach offers a comparative perspective that can help uncover altcoin overvaluations hiding in plain sight. When Mow’s analysis was published, XRP’s market cap was close to $122 billion.
Applying Bitcoin’s highly artificial supply standard, Mow found that each XRP coin should be worth close to $6,000. For comparison, Bitcoin is currently trading at ~$85,000 with its 21 million supply cap – an enormous price difference. This apples to apples comparison indicates that XRP’s market cap is likely too large compared to its fundamentals.
Likewise, Mow examined Solana, a protocol with a market cap of $71 billion dollars when he reviewed it. Applying the same Bitcoin-based calculation, Solana would currently be valued at about $3,400 per coin. While these calculations can’t provide a definitive answer, they do help show that most altcoins are greatly overvalued when measured against Bitcoin’s scarcity.
XRP's Market Cap Under Scrutiny
Mow has posited that countless investors have been duped by XRP’s apparently low price without considering its enormous circulating supply. This perception, he argues, adds up to a bloated market cap completely disconnected from the cryptocurrency’s true value. He pointed out that XRP's market capitalization reached $122 billion, surpassing that of MicroStrategy, a company holding billions in Bitcoin.
"XRP is *only* $2 but Bitcoin is too expensive at $85,000!" - Samson Mow (@Excellion)
Mow’s critique encompasses the entire altcoin market itself, which he argues is a distraction taking time and resources away from Bitcoin. Per his past statements, altcoins don’t help Bitcoin grow and in fact hurt it. On one hand, this outlook highlights his clear dedication to Bitcoin’s long-term dominance and superiority as the only truly decentralized and most valuable cryptocurrency.
Bitcoin Maximalism
Mow takes a “Bitcoin maximalist” view. Bitcoin, according to him, is the only cryptocurrency with real value and long-term sustainability. From the very beginning, he has used these public platforms to promote Bitcoin’s cause, sometimes even at the cost of promoting other cryptocurrencies’ interests. He likes Bitcoin’s decentralized nature and its limited supply as reasons why it’s the better investment. That’s why he dislikes altcoins like XRP and Solana.
Mow has a history of making optimistic predictions about XRP’s future price. In fact, he thinks it can go that high if Bitcoin itself goes to $4 million. This forecast underscores his skepticism about XRP's independent growth potential, linking its success to Bitcoin's performance. His remarks represent a common perspective shared by Bitcoin maximalists who see the majority of altcoins as speculative vehicles with little real long-term promise.
