Bitcoin's Price Soaring According to Blockstream CEO Adam Back
Bitcoin's Present Price Insufficient, Predicted to Reach $500K-$1M during Current Cycle: Adam Back
Bitcoin's current price is significantly undervalued, and could skyrocket to $500,000 to $1 million this cycle, claims Adam Back, CEO of Blockstream. In an exclusive interview with Decrypt, the renowned computer scientist shares his bullish outlook on the world's largest cryptocurrency.
Despite Bitcoin's recent trading price of around $103,300, Back believes that this figure is far from its potential. He argues that with the surge of institutional money pouring into the cryptocurrency market, Bitcoin's price should be much higher.
Bitcoin’s recent price stability, with just a 5% drop from its all-time high of $109,000, is striking, especially given a recent market downturn. However, Back remains optimistic, betting on a price spike in the near future.
Back's prediction stems from several key factors: the approval of spot Bitcoin ETFs in the U.S., Trump's crypto-friendly policies, and the increasing influence of Wall Street on the crypto market. The approval of these ETFs has drawn vast amounts of new money into the market, especially from institutional investors who previously had limited access to crypto investing.
Furthermore, Back points out that Bitcoin's latest record-high in January isn't as impressive when compared to previous cycles following historical halving events. Nevertheless, he expects the growing interest from individual investors and brokers to fuel price momentum as Bitcoin climbs. In his words, "a new all-time high could quickly become a lot higher."
Back, a computer science doctorate holder from Exeter University and an early player in cryptography, co-founded Blockstream, a company that builds Bitcoin infrastructure. In 2008, he had an email exchange with Bitcoin's anonymous creator, or creators, Satoshi Nakamoto, and Bitcoin's mining process is derived from Hashcash, a proof-of-work system that Back invented.
Edit by James Rubin.
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- With the approval of spot Bitcoin ETFs and increasing influence of Wall Street on the crypto market, Adam Back, CEO of Blockstream, envisions Bitcoin's price reaching $500,000 to $1 million this cycle.
- Back's bullish outlook on Bitcoin is based on the surge of institutional money pouring into the cryptocurrency market, one significant factor being the recent approval of spot Bitcoin ETFs in the U.S.
- Despite Bitcoin's current trading price of around $103,300, Adam Back believes this figure is far from its potential, given the influx of institutional funds entering the crypto market.
- In his view, the stabilized Bitcoin price following the recent market downturn is significant, and he remains optimistic about a near future price spike in the cryptocurrency market.
- Adam Back, a prominent figure in the cryptocurrency world, is a computer science doctorate holder who co-founded Blockstream and was involved in the early development of the proof-of-work system used in Bitcoin mining, which was derived from Hashcash, a system he himself invented.
