Adam Back, the creator of Hashcash and the CEO of Blockstream
6/17/2022, 07:05 PM
Despite the recent pullback of the cryptocurrency market, the British cryptographer and an outspoken supporter of bitcoin – Adam Back – thinks the asset could tap $100,000 by the end of 2022. He also admitted that he kept buying amounts of BTC and HODL for the long term. No Matter the Crash, Back Remains BullishThe cryptocurrency industry has collapsed significantly in the past week, causing panic among investors and doubts about whether the asset class could overcome its issues. An example of the minor mood is Bitcoin’s Fear and Greed Index, which dropped to 7 (a level unseen since early 2020 when COVID-19 shocked the world).
Contrary to the negative trend, the CEO of the blockchain technology firm Blockstream – Adam Back – envisioned a bright future for the primary cryptocurrency, forecasting its USD valuation to tap $100,000 by the year’s end. In his view, the price increase will be triggered if the US Securities of Exchange Commission approves Grayscale’s BTC ETF application. Earlier this month, the company doubled down on its ambitions to convert its Bitcoin trust into an exchange-traded fund by appointing Donald B. Verrilli as additional legal counsel. Another reason why the cryptocurrency could soar to $100K this year is that Back expects it to decorrelate from stocks and traditional financial markets.
everyone has their pet macro-views. my guess: stock market + US election season, moral hazard kicks up, QE ramps up again, rates drop again, money printer goes into over-drive. so the interest rate overhang falls off. and BTC decorrelates somewhere alongthe way once defi flushed — Adam Back June 16, 2022.
Subsequently,the British described himself as a “permabull," admitting he keeps buying and holding BTC forthe long run. He said he does not use leverage,and thus “timing matters not." His Previous Forecasts Two years agoBack saidthe global economic situation could boost bitcoin’s price to $300000 by 2025 He explained thatthe COVID-19 pandemic caused many people to work from home which affected thereal-estate industryand made property investments riskier Additionally people had more time to “think aboutthe valueof moneyand lookfor ways topreserve money" whichcouldpush them towards bitcoinsBack also deniedthespeculations thatheisthe mysterious creatorof digital asset– known under thename Satoshi NakamotoIn April last year whenbitcoinwas ina bullrunand was trading around$55 000Back predicted its valuation would tap $100K bytheendof 2021 His forecast did not come true despitefactthatBTC surged Novembertoan all time high of almost $70K Despite recent market conditions, Blockstream CEO Adam Back predicts that Bitcoin will reach $100k per coin by late 2022 due primarily to institutional investment via a Grayscale approved ETF
Contrary to the negative trend, the CEO of the blockchain technology firm Blockstream – Adam Back – envisioned a bright future for the primary cryptocurrency, forecasting its USD valuation to tap $100,000 by the year’s end. In his view, the price increase will be triggered if the US Securities of Exchange Commission approves Grayscale’s BTC ETF application. Earlier this month, the company doubled down on its ambitions to convert its Bitcoin trust into an exchange-traded fund by appointing Donald B. Verrilli as additional legal counsel. Another reason why the cryptocurrency could soar to $100K this year is that Back expects it to decorrelate from stocks and traditional financial markets.
everyone has their pet macro-views. my guess: stock market + US election season, moral hazard kicks up, QE ramps up again, rates drop again, money printer goes into over-drive. so the interest rate overhang falls off. and BTC decorrelates somewhere alongthe way once defi flushed — Adam Back June 16, 2022.
Subsequently,the British described himself as a “permabull," admitting he keeps buying and holding BTC forthe long run. He said he does not use leverage,and thus “timing matters not." His Previous Forecasts Two years agoBack saidthe global economic situation could boost bitcoin’s price to $300000 by 2025 He explained thatthe COVID-19 pandemic caused many people to work from home which affected thereal-estate industryand made property investments riskier Additionally people had more time to “think aboutthe valueof moneyand lookfor ways topreserve money" whichcouldpush them towards bitcoinsBack also deniedthespeculations thatheisthe mysterious creatorof digital asset– known under thename Satoshi NakamotoIn April last year whenbitcoinwas ina bullrunand was trading around$55 000Back predicted its valuation would tap $100K bytheendof 2021 His forecast did not come true despitefactthatBTC surged Novembertoan all time high of almost $70K Despite recent market conditions, Blockstream CEO Adam Back predicts that Bitcoin will reach $100k per coin by late 2022 due primarily to institutional investment via a Grayscale approved ETF