Adam Back Calls Bitcoin ‘Super Cheap’ at Current Levels
Highlights
- Adam Back, CEO of Blockstream, describes Bitcoin as "super cheap" at its current price of $66,720, despite a recent 4.77% drop in value.
- Back argues that the market lacks a full appreciation of Bitcoin's value.
- Despite these bearish predictions, Back remains bullish, proposing that Bitcoin could eventually match gold's market cap.
Adam Back, the CEO of Blockstream, has just stated that Bitcoin is “super cheap” at its current market price of $66,720. This statement comes after a 4.77% fall in Bitcoin’s value. Back implies that the market does not fully understand the value of Bitcoin. He is of the opinion that a few bear markets are what it takes for the investors to understand the money’s value.
Back’s remarks are opposite to the latest comments of other present-day industry players, who predict a steep fall in the price of Bitcoin. For example, Jeff Ross from Vailshire Capital forecasts a possible 40% correction after halving. However, despite such forecasts, Back remains upbeat on the long-term potential of Bitcoin and argues that a large rally in its price is due.
Halving Event Could Impact Bitcoin Prices
Although Adam Back sees a substantial growth prospect for BTC, some industry experts do not share his optimism. Jeff Ross expects the price of Bitcoin to fall, a view also echoed by Arthur Hayes, co-founder of BitMEX. Hayes also cautions against a potential drop before the halving event, a routine event to reduce the amount of new BTC’s in circulation.
Back, however, remains bullish in spite of these bearish predictions. He even suggests that Bitcoin can reach $700,000 if it captures a market cap similar to gold. This would be a monumental leap from its current levels.
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.
Read Also: Will El Salvador Change Its Bitcoin Laws For IMF’s $1.4B Loan?
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