Today in crypto, Bitcoin maximalist Samson Mow predicts Ether investors will rotate capital back into Bitcoin once ETH goes high enough, leaving a new generation of “bagholders.” World Mobile launches drone-based network to provide 5G service and Unicoin CEO says US banks continue closing accounts for crypto firms under “Operation Chokepoint.”
Ethereum bag holders will rotate back to Bitcoin: Samson Mow
Bitcoin pioneer Samson Mow predicts Ethereum investors will switch back to Bitcoin once ETH prices get high enough, potentially reversing a five-week surge in Ether.
However, historical market cycle patterns could indicate otherwise.
“Most ETH holders have a lot of BTC (ICO/insiders) and they are rotating that BTC into ETH to pump it on new narratives (Ethereum Treasury co’s),” said the CEO of Bitcoin adoption firm JAN3 on Sunday.
He added that once Ether (ETH) is high enough, “they’ll dump their ETH, creating new generational bagholders, and then rotate the gains back into BTC.”
“No one wants ETH in the long run,” the Bitcoin (BTC) maximalist said.
Mow, who has repeatedly ridiculed altcoins, added that it will be “challenging” for ETH to break all-time highs “because the closer you reach that psychological level, the stronger the drive to sell,” describing it as a “Bagholder’s Dilemma.”
World Mobile launches aerial drone network for telecommunication
World Mobile, a decentralized physical infrastructure network (DePin) for telecommunications, launched a new initiative with Indonesian telecom firm Protelindo to provide 5G wireless service through drone-based platforms.
The project, called World Mobile Stratosphere, uses hydrogen-powered drones, deployed at 60,000 feet in the stratosphere, to provide wireless coverage, Charles Barnett, the chief business officer of World Mobile Group, told Cointelegraph.
World Mobile Stratospheric aims to expand wireless coverage to dead zones and underserved areas that are ignored by larger telecom players by beaming data directly to individual devices.
The atmospheric and satellite-based communications sector continues to grow as these solutions present a way to provide online infrastructure for billions of individuals lacking an internet connection.
Crypto debanking is ‘still occurring’ as banks stick to Chokepoint policies
Crypto firms have been facing account closures and denials of banking services for years under the label of de-risking. Many in the crypto industry believe that the debanking represents a policy-driven effort to suppress digital assets, referred to as “Operation ChokePoint 2.0.”
After President Donald Trump’s pro-crypto team won the election, many believed the era of debanking was over. His campaign rhetoric and early policy moves signaled a friendlier environment for digital assets, leading some to expect banks would ease restrictions on crypto clients.
However, recent incidents suggest the practice remains entrenched. Last week, Andreessen Horowitz partner Alex Rampell warned that big banks are squeezing fintech and crypto apps in “Operation Chokepoint 3.0,” by hiking fees to access account data or transfer funds to platforms like Coinbase and Robinhood.
Echoing these concerns, Alex Konanykhin, CEO of Unicoin, told Cointelegraph that US banks are continuing to close accounts for crypto firms without explanation, despite growing political pressure to end the practice.
“We know about it first-hand, as Unicoin and its subsidiaries have been de-banked, without explanations, by several banks,” Konanykhin said. He listed five banks that have cut ties with Unicoin or its subsidiaries over the past years, including Citibank, Chase, Wells Fargo, City National Bank of Florida and TD Bank.
