Samson Mow, the CEO of Bitcoin-focused technology firm Jan3, has ignited a fresh debate in the cryptocurrency community by asserting that Ethereum (ETH) fails to function as "money," a role he claims Bitcoin (BTC) successfully fulfills. Mow's critique, delivered via social media platform X on March 19, 2026, centers on the financial practices of the Ethereum Foundation and the perceived lack of willingness within its ecosystem to use ETH as a medium of exchange.
Mow's core argument hinges on the observation that "workers building Ethereum do not want to be paid in ETH," while those in the Bitcoin ecosystem would happily accept BTC as compensation. He pointed to the Ethereum Foundation's recent sale of 5,000 ETH—valued at approximately $2,049 each at the time—as evidence that even its core developers view the asset as something to sell rather than a currency to use or hold. This, Mow argues, undermines ETH's fundamental utility as money.
In contrast, Mow highlighted that organizations within the Bitcoin space, such as OpenSats, accept fiat donations specifically to convert them into Bitcoin for grants, demonstrating institutional preference and recognition of BTC as a legitimate store of value and payment method. This philosophical stance was backed by a personal strategic move: Mow announced late last year his intention to liquidate all his ETH-related assets and reinvest the proceeds entirely into Bitcoin, signaling his long-term confidence in the original cryptocurrency.
Beyond the Ethereum critique, Mow and Jan3 also issued a broader warning about exchange risk, advising the community to control their own private keys rather than trusting third-party custodians, framing it as part of a larger philosophy against centralization. The debate underscores a fundamental divide in crypto: Bitcoin maximalists view BTC as digital gold and the supreme store of value, while Ethereum defenders argue that ETH's value is driven by its utility in powering decentralized applications, independent of its acceptance as money.
