Blockstream CEO Adam Back Predicts $700k Bitcoin Within 2 Years – Here’s How
Bitcoin (BTC)’s market cap could flip that of gold within two years, thus bringing its price up to $700,000 per coin.
That’s according to Blockstream CEO Adam Back – a “Bitcoin OG” and one of the internet’s popular suspects for being Bitcoin’s anonymous creator, Satoshi Nakamoto.
“Digital gold, bitcoin, will surely flip physical gold sooner or later; and probably this halving cycle. so within a year or two,” said the developer in an X post on Sunday.
digital gold #bitcoin will surely flip physical gold sooner or later; and probably this halving cycle. so within a year or two. currently it'd take $700k/BTC but it maybe partially a substitute (some people start selling gold to buy #bitcoin crossing the market caps below that).
— Adam Back (@adam3us) December 4, 2023
“Digital gold” is a nickname meant to highlight Bitcoin’s many parallels with the premiere precious metal, which served as humanity’s money of choice for thousands of years.
While both are reliably scarce assets, BTC boasts all of the benefits of digitization including portability, divisibility, and minimal storage costs/ auditing costs. These factors have led many investors to believe that Bitcoin could one day overtake gold as a store of value, as investors in the latter trade in their holdings for the former.
“Currently it’d take $700k/BTC but it may be partially a substitute (some people start selling gold to buy #bitcoin crossing the market caps below that),” explained Back.
Back clarified that his prediction applies to any point within Bitcoin’s next halving cycle, which begins in April 2024. Back in August, he predicted that the asset could reach $100,000 before that date.
On Monday, Bitcoin surged to a 19-month high of 42,300 while gold touched a new all-time
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