Blockstream CEO Adam Back: Bitcoin ETFs Could Propel Price to $100,000
Blockstream CEO Adam Back believes 2024 could mark a period of resurgence for Bitcoin (BTC), propelling the leading cryptocurrency towards $100,000.
In a recent interview, the renowned cryptographer and the pioneer of the proof-of-work algorithm used in Bitcoin’s protocol said that Bitcoin is currently trailing below the historical price trend line observed during previous mining reward halving events.
Bitcoin’s block reward halvings are programmed to occur every 210,000 blocks, reducing the block reward given to miners from 6.25 BTC to 3.125 BTC.
Back suggested that when considering the average trends of previous market cycles and halvings, Bitcoin’s current value lags behind widely accepted projections.
Various factors have contributed to the decline in BTC’s price, which has been observed across both traditional financial markets and the cryptocurrency space.
“The last few years were like biblical pestilence and plague. There was COVID-19, quantitative easing and wars affecting power prices. Inflation running up people, companies are going bankrupt,” Back explained.
These market challenges have had a profound impact on portfolio management and investment strategies.
Investment managers have had to navigate risk and losses, often resulting in the sale of more liquid assets, including Bitcoin.
“They have to come up with cash, and sometimes they’ll sell the good stuff because it’s liquid, and Bitcoin is super liquid. It used to happen with gold, and I think that’s a factor for Bitcoin in the last couple of years.”
Looking ahead to 2024, Back said that many of the macro events that negatively affected Bitcoin’s price have either subsided or been resolved. This is reflected in Bitcoin’s recent price surge from
Read more on cryptonews.com
