Adam Back, CEO and founder of Blockstream, a famous cypherpunk and a person mentioned in Satoshi Nakamoto’s Bitcoin white paper, has made insightful remarks about the current state of the crypto market and the prospects for Bitcoin in the near future.
Bitcoin under $100,000 is considered “cheap”
In a comment on a recent post on platform X by Matt Hougan, CIO of Bitwise, Back argued that this is a reasonable time to invest in Bitcoin as it is still trading below the $100,000 threshold. He called this price “cheap.”
Back also agrees with Hougan’s assessment that after surpassing the $100,000 mark, the price of Bitcoin will tend to rise more sharply. According to the CEO of Bitwise, the current price increase of Bitcoin is a consequence of the weak economic situation: “Bitcoin is rising because the economy has been broken.”
Many believe that when the US government begins to implement measures to improve the economy, Bitcoin will break out even more strongly.
In the past 24 hours, Bitcoin has increased by 6.5%, from $88,590 to $94,355. However, currently, a slight adjustment has brought the price down to $93,650 at this moment.
Bitcoin could reach ATH this year, following the rise of gold: Tom Lee
This week, Tom Lee from Fundstrat appeared on CNBC’s Squawk Box to discuss stocks, Bitcoin, and gold. Lee predicts that Bitcoin is about to enter a new bullish phase as the deleveraging process has ended — financial institutions have sold off everything they could, including Bitcoin, to protect their investments.
The price of gold has surged this year and has reached an all-time high twice, the most recent being last Monday when gold hit $3,500 per ounce. Tom Lee believes that Bitcoin could start to catch up with gold, which means it has the potential to reach a new all-time high.
He believes that Bitcoin still has a lot of potential to catch up with the rise of gold.
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Mr. Teacher
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