Bitcoin is still in the early stages of a bull market, according to Bitcoin veteran and Blockstream CEO Adam Back. He believes the price could skyrocket by more than 700% from its current value.
Bitcoin’s Bullish Run
Back sees a lot of potential for Bitcoin to grow. He says the long-term holding of Bitcoin by investors and the recent popularity of Bitcoin spot ETFs are key drivers of this bullish trend.
“We’re still in the early stages of the bull market,” Back said. “I see that [BitMEX founder] Arthur Hayes was predicting $1 million per Bitcoin by the end of this cycle. Other people have said half a million. So anything in that range I think is possible.”
Why Bitcoin Could Explode
Back explains that when new money enters the Bitcoin market, the market cap increases. But the amount of new money doesn’t have to be huge to drive up the price.
“There are not necessarily that many Bitcoins on the exchange,” he said. “So as new users buy up those coins and cold store them or the ETFs buy them and store them with a custodian, it will tend to push the price up.”
He also pointed out that Bitcoin holders are increasingly holding onto their coins for the long term, which further fuels the price increase.
“The evidence so far is that [ETF investors] hold,” Back said. “So when the price fell a bit, not many ETFs were actually sold.”
Bitcoin’s Current Price
Bitcoin is currently trading at around $59,212, up nearly 2% in the last 24 hours.
Disclaimer:
This information is for educational purposes only and should not be considered investment advice. /p>
