- In a recent interview, Adam Back shares his bullish perspectives on Bitcoin.
- Previously, Back has placed a bet with Vikingo on Bitcoin surpassing $100k before the next Bitcoin Halving.
- The current bearish track of Bitcoin results from several factors, including the impacts of the pandemic and the Ukraine war.
In a recent interview with the Bitcoin-focused entrepreneur Robert Breedlove, Adam Back, CEO of Blockstream and the inventor of Hashcash, shared insights on his positive outlook on Bitcoin (BTC). Reflecting on the growing Bitcoin revenue, he reiterated his bullish beliefs on BTC that the largest cryptocurrency would reach $100K before the upcoming Bitcoin Halving.
Recently, the cypherpunk took to Twitter to bet that Bitcoin would reach or exceed $100,000 by the next halving scheduled for March 2024. Back placed the bet with the pseudonymous Bitcoin enthusiast, known as Vikingo on X (formerly Twitter), with the winner receiving 1 million satoshis or 0.01 of a Bitcoin.
Bitcoin is moving through a tragic period with an unexpectedly low price range. The cryptocurrency trades for $27,048.25 at press time, with a 24-hour trading volume of $13,903,587,544. Though the current price and volume show a notable surge in the last 24 hours, the range shows a grave fall from 2021’s all-time high, when it stood at around $60,0000.
According to Back, the current bearish trend of the coin could be viewed as a result of various factors, including the prolonged COVID pandemic, the Ukraine war, the failure of crypto hedge funds, constant easing, etc. However, his words resonated with a positive outlook for Bitcoin’s future bullish trajectory, as he stated,
I’m thinking we undershot a lot due to Covid, quantitative easing, economic disruption plus in crypto DeFi cascading liquidations and 3AC, Celsius, Blockfi, Genesis bankruptcies… Positive financial industry adoption, holders stacking and miner reflexivity we could get a delayed upwards correction before.
Back’s bet on Bitcoin’s astounding future track is among the many bullish predictions on the cryptocurrency. For instance, analyst Dan Tapiero predicted that Bitcoin could exhibit a staggering hike between the second quarter of 2024 and 2025, surpassing the $100,000 level.
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