According to the CEO of blockchain technology firm Blockstream, the main digital commodity Bitcoin (BTC) might experience a 5x increase in value by the end of the year. Adam Back informs his 481,600 Twitter followers that he expects the US Federal Reserve to loosen its tight financial insurance policies by the end of 2022, creating a macro environment favorable to Bitcoin growth.
Blockstream CEO Adam Back Predicts That Bitcoin (BTC) Will Surge To $100,000 This Year
Everyone has their favorite macro-perspectives. Back predicts that the stock market + US election season increased moral hazard, increased quantitative easing, lower rates, and the money printer goes into overdrive.
So once Defi (decentralized finance) is flushed, the interest rate overhang melts away, and BTC decorrelates somewhere along the road. “
Back believes that the approval of the long-awaited spot Bitcoin exchange-traded fund (ETF) will keep many bears on the sidelines, given the favorable economic background. Adam Back, the CEO of Blockstream, believes that while Bitcoin will reach $100k, GBTC and other ETH currencies will plummet.
It will be difficult, according to a member of the crypto community, as inflation reaches double digits. Bitcoin fell to $20,072 before quickly rebounding to $22,973. Despite widespread anxiety, uncertainty, and mistrust in the crypto market, analysts on Twitter (NYSE: TWTR) believe Bitcoin (BTC) will hit $100k this year.
Bitcoin will go way above $100k in the next bull market, according to a YouTuber who goes by the handle Blockchain Chick on Twitter, and “anyone buying around these prices will be extremely delighted in the next run-up to ATH.” Some Twitter users disputed her assertion.
The “sole reason” BTC touched $69,000 the last time was because governments had created fiat money nonstop for two years, according to user @day_nft_io. As a result, BTC reaching $100k is quite implausible.
As inflation hits double digits, this may become increasingly difficult,” they added. However, Blockchain Chick’s assertions were confirmed by Adam Back, the CEO of Blockstream and the creator of Hashcash, which is used in Bitcoin mining.
While he trusts her prognosis, he also believes Grayscale Bitcoin Trust (GBTC) and other Bitcoin exchange-traded funds will likely collapse (ETF). As he puts it, “This year, my permeable case for BTCUSD is $100,000.”
A US physical ETF chaser (GBTC upgrade + other) would also create a beautiful whipsaw, likely triggering a large uncoupling and positive reflexivity into a blow-off high next year.
Bitcoin has yet to break beyond the $20,000 price barrier this week. BTC’s highs and lows in the previous 24 hours have been $21,870 and $20,205, respectively. Similarly, its market value has dropped to $397 billion from $553 billion in the previous seven days.
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