Blockstream CEO Adam Back considered it quite possible that the price of bitcoin will reach $100,000 later this year. He even suggested that a BTC valuation of half a billion dollars is not out of the question in the long run.
During an interview with Anthony Pompliano, Back said that after analyzing the price of bitcoin options, a peak at $100,000 is “quite possible.” He added that he likes the comparison suggesting that BTC is a competitor to gold, adding that “bitcoin is in many ways the better physical gold.”
Back admitted that using this comparison, inferring “a kind of valuation from how many digital BTC coins there are” and given the current price of yellow bullion, he might be tempted to forecast the price of bitcoin in the “hundreds of thousands… maybe even half a million dollars” based on this.
Why should you count what Adam Back has to say?
Adam Back was one of the first people to own bitcoin and one of the first to receive an email from bitcoin’s anonymous creator, Satoshi Nakamoto. Back founded the company Blockstream in 2014. Some have even suggested that he may be Nakamoto himself, although Back himself has denied these claims.
Blockstream recently raised $210 million in a Series B funding round that valued the company at $3.2 billion. It has also partnered with Square Jack Dorsey to launch a renewable energy-based mining project.
Bloomberg analyst Mike McGlone wrote on social media that the collapse in cryptocurrency prices has caused BTC to fall for “reasons that support an extended bull market” and a path to $100,000 per coin.
Mike McGlone (@mikemcglone11) May 25, 2021
One of Fidelity’s directors, Jurrien Timmer, suggested earlier this month that bitcoin is poised to resume its uptrend as the cryptocurrency’s fundamentals continue to improve and the hype around it ceases to be a minor phenomenon anymore.
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