Adam Back, CEO of a cryptocurrency software company that specializes in the Bitcoin blockchain, expects next year to be a big year for crypto. For example, Back expects that the Bitcoin price can finally move towards 100,000 USD.
In a recent interview, the owner of the company Blockstream says that the Bitcoin price is trading below the historical trend of previous Bitcoin halvings. These Bitcoin halvings will happen after 210,000 blocks have been mined and the next one will take place around April next year.
When this happens, the number of Bitcoins miners receive per block will decrease from 6.25 to 3.125. According to Back, the price of Bitcoin is relatively low if you look at the data of previous market trends and cycles during the Bitcoin halvings.
According to him, this is a surprise as Bitcoin is better accepted in society than four years ago. These price developments are due to various factors that were also felt in, for example, the share market.
“The past few years have been like a Biblical plague. There was the Covid-19 crisis, quantitative easing and wars that had an impact on energy prices. Inflation drove people crazy and companies went bankrupt,” Back explained.
These crises had a significant impact on the market and therefore on the portfolios and investment strategies of many investors. Asset managers had difficulty limiting risk, resulting in many investments being liquidated.
“Asset managers have had to come up with money and sometimes they will have to sell good things because they are liquid, and Bitcoin is very liquid. It used to happen with gold, and I think that’s been a factor influencing Bitcoin prices over the past few years.”
Most of the crises that had an impact on the Bitcoin price have now been resolved. As a result, we can look to 2024 with great hope, according to Back.
This can also be seen in the progress in the crypto price since the beginning of the year and the bull run that started in November. Back does not expect to see any major changes as happened at Three Arrows Capital, Celsius, BlockFi, FTX and Binance.
Adam Back Is Confident Bitcoin Will Go to 100,000 USD
Adam Back previously predicted that Bitcoin’s price will grow to 100,000 USD in the next market cycle, and he stands by his statement. He claims that the macroeconomic factors you read above are the reason Bitcoin hasn’t done this yet.
Back also references Bitcoin’s “stock-to-flow” chart developed by former investor PlanB. Here you can clearly see the general market trend in the price of Bitcoin.
If you want to know more about bitcoin Stock-to-Flow:
* This is the original 2019 article:https://t.co/n5P5uMCKHT
* Or watch this YouTube video:https://t.co/3SGMU1Ln00 pic.twitter.com/Qp8SjqtXIB— PlanB (@100trillionUSD) December 5, 2023
He pointed out that the price of Bitcoin has already touched the $44,000 level several times this month. This means that his Bitcoin price expectation of 100,000 USDis not that crazy after all.
Other institutional investors also pointed out the potential impact of a possible approval of spot Bitcoin ETFs. Eric Balchunas and James Seyfarrt, two ETF analysts, expect these ETFs to get the green light at the beginning of the year.
“I think Bitcoin can reach 100,000 USD before the ETF and halving. And I am sure that the ETF should not be underestimated in its influence.” confirmed Back.
One of the main reasons for this belief is that some aspect of the market is inaccessible to large asset managers like BlackRock and Fidelity Investments.
“If they run a mutual fund, they have rules, either externally imposed or part of their fund, that only allow them to buy things like public stocks and ETFs. They can’t invest in startups, they can’t physically buy precious metals. They can’t do any of that stuff.”
Alternative Investment For The Next Crypto Bull Run
Another project that has the potential to benefit significantly from both the approval of spot Bitcoin ETFs and the Bitcoin halving is Bitcoin Minetrix. This is because Bitcoin Minetrix plans to revolutionize the Bitcoin mining sector.
Bitcoin Minetrix (BTCMTX) is a presale crypto so it has not yet reached the market. In this presale they have already raised 5.5 million USD to support the project, indicating high investor confidence in the success of the project.
Bitcoin Minetrix is a cloud mining platform that uses the Ethereum blockchain. This allows you to use crypto staking, but the Bitcoin Minetrix staking mechanism is very unique.
With the staking mechanism of this revolutionary platform, you not only earn BTCMTX tokens, but also mining credits. You can then exchange these credits for actual Bitcoins.
The Bitcoin Minetrix presale has a total of 39 phases, each with an increasing price. They are now in the 14th phase where you can buy the coin for 0.0123 USD.
You do this by going to the official Bitcoin Minetrix website and submitting your ETH, USDT, BNB or MATIC. You can then add the coin to your crypto wallet, but be quick before the price goes up again.
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