Adam Back Calls Bitcoin ‘Super Cheap’ at Current Levels

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Adam Back, the head of Blockstream, recently remarked that the current Bitcoin price of $66,720 is a steal. This comment was made following a 4.77% decrease in Bitcoin‘s worth. Back suggests that the market underestimates Bitcoin’s true value. He believes that experiencing a few market downturns will help investors truly grasp Bitcoin’s significance as a monetary asset.

other industry experts anticipate a significant drop in Bitcoin’s price following the halving event. For instance, Jeff Ross from Vailshire Capital suggests a potential 40% decrease. In contrast, Back maintains an optimistic outlook for Bitcoin’s future value and believes a substantial price increase is imminent.

Halving Event Could Impact Bitcoin Prices

While Adam Back is bullish about Bitcoin’s future growth, not all industry experts agree. Jeff Ross predicts that the price of Bitcoin will decrease, and this view is shared by Arthur Hayes, BitMEX’s co-founder. Hayes also issues a warning about a possible price drop preceding the upcoming halving event, which occurs regularly to decrease the supply of new Bitcoin being released.

Despite the pessimistic outlooks, Back remains optimistic and believes Bitcoin could soar to $700,000 if it manages to match gold’s market capitalization. Such a jump is significant given its present value.

Defiance 2X Short MSTR ETF criticism

Further to his comments on Bitcoin price, Adam Back’s harsh comments on Defiance 2X Short MSTR ETF are openly stated. He called the financial product “terrible,” saying that it would never survive. To Back, it is risky because the ETF targets to short MicroStrategy Incorporated, a company overly invested in Bitcoin. Back, however, states that BTC’s volatility and its high correlation with MicroStrategy’s stock present an important danger for investors who apply such a strategy.

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2024-04-12 23:55