Samson Mow Says Bitcoin Bull Run Hasn’t Even Started Yet

Despite Bitcoin’s recent price turbulence, Jan3 founder and CEO Samson Mow believes the market’s true bull run has yet to begin.
Speaking after Bitcoin’s recent dip below the $110,000 mark, Mow dismissed the widespread fear that long-term holders — or “OGs” — are dumping their coins.

“The bull run hasn’t even started,” Mow said. “People are self-owning themselves by panicking too early. The real move is still to come.”

His comments come amid a wave of volatility that’s left many traders uncertain about Bitcoin’s short-term direction. Yet, for Mow — a well-known Bitcoin maximalist and early advocate of nation-state adoption — these price corrections are just noise in a much bigger trend.

Long-Term Holders Aren’t the Problem

Mow pushed back on the growing narrative that early Bitcoin holders are flooding the market with supply.
On social media, he argued that fears about OG selling are overblown, emphasizing that long-term holders rarely liquidate during early bull phases.

“If you’re worrying about OGs selling, you’re missing the point,” Mow wrote on X.
“They’ve held through every cycle. The ones panicking now are usually short-term tourists.”

This aligns with on-chain data showing that while some older wallets have moved BTC, overall long-term holder supply remains near record highs, suggesting that conviction among “diamond hands” remains strong.

Bitcoin’s Next Big Catalyst Is Still Ahead

Mow’s optimism centers around the structural drivers that could propel Bitcoin into its next explosive phase:

• Post-Halving Supply Shock: With Bitcoin’s supply issuance cut in half earlier this year, new daily supply remains at historic lows.
• ETF Demand Growth: Institutional inflows into U.S. Bitcoin ETFs continue to accelerate, despite short-term price weakness.
• Global Adoption Wave: Countries such as El Salvador and Bhutan are expanding their Bitcoin-related initiatives — a key area of focus for Mow’s firm, Jan3.

“Supply is tightening, institutional channels are expanding, and yet sentiment is fearful,” Mow noted.

“That’s the perfect setup for what comes next.”

“Stop Fighting the Cycle”

Mow’s message to traders: stay patient.
He urged investors not to “fight the cycle” by overtrading or giving in to short-term emotions, arguing that true bull runs unfold when most have stopped believing.

“Everyone wants the fireworks, but no one wants to wait for the fuse to burn,” he said.
“Bitcoin rewards conviction — not reaction.”

Historically, Bitcoin’s largest rallies have come months after the halving, once market participants have grown complacent.
If that pattern holds, Mow’s claim that “the bull run hasn’t even started yet” may not be far-fetched.

About Samson Mow and Jan3

Samson Mow is the founder and CEO of Jan3, a Bitcoin-focused infrastructure firm supporting nation-state Bitcoin adoption.
A long-time advocate for El Salvador’s Bitcoin strategy, Mow previously served as CSO at Blockstream and remains one of Bitcoin’s most vocal proponents of digital sovereignty and self-custody.

Through Jan3, Mow continues to push for Layer 2 scaling solutions, including Liquid Network, and partnerships with governments exploring Bitcoin-based financial systems.

Bottom Line

While traders focus on short-term volatility, Mow’s perspective reminds the crypto community of Bitcoin’s long-term design: a cyclical, deflationary asset built to absorb global demand over time.

With macro conditions shifting — from Federal Reserve policy to geopolitical instability — Bitcoin’s next major wave could be closer than most expect.

“When everyone thinks it’s over, that’s when Bitcoin begins,” Mow concluded.
“The real bull run hasn’t even started.”