The CEO of blockchain technology company Blockstream Adam Back has said the price of bitcoin hitting the $100,000 mark this year is “quite possible,” and even suggested that BTC trading at $500,000 in the long run is feasible.
During an interview with Anthony Pompliano, first reported on by Benzinga, Back said that after analyzing Bitcoin options price, a $100,000 target is “quite possible” for this year. He added he liked the comparison suggesting BTC is a gold competitor, adding that “in many ways bitcoin is a better physical gold”
Back added that using that comparison and inferring “a kind of valuation from how many coins there are” and the current price of the precious metal, he could come up with a bitcoin price in the “hundreds of thousands… like maybe half a million even on that basis alone.”
Adam Back was notably one of the first people to own bitcoin, and one of the first to receive an email from Bitcoin’s pseudonymous creator Satoshi Nakamoto. He founded Blockstream in 2014 and some have suggested he may be Nakamoto himself, although Back denies these claims.
Blockstream has notably recently raised $210 million in a Series B funding round that valued it at $3.2 billion. The firm has also teamed up with Jack Dorsey’s Square to launch an open-source renewable energy mining project using solar energy.
Notably, Bloomberg analyst Mike McGlone has revealed on social media that the cryptocurrency price crash saw BTC’s price drop for “reasons that support an extended bull market” and a path for it to hit $100,000 per coin.
Earlier this month, Fidelity’s Director of Global Macro Jurrien Timmer suggested bitcoin was ready to resume its uptrend as the cryptocurrency’s fundamentals keep on improving and that it’s “no longer a sideshow.”
The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
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