Bitcoin is Undervalued Despite Market Dip, According to Blockstream CEO
Adam Back, CEO of Blockstream, recently expressed his belief that Bitcoin is undervalued at its current price of $66,900.
He suggests that the market fails to grasp Bitcoin’s true worth, indicating that experiencing a few bear markets is necessary for investors to recognize its value.
Back’s perspective contrasts with recent remarks from other industry figures who anticipate a significant Bitcoin price drop. For instance, Jeff Ross of Vailshire Capital predicts a potential 40% correction post-halving.
Despite these forecasts, Back remains optimistic about Bitcoin’s long-term potential, foreseeing a substantial price rally in the future.
The upcoming halving event, a periodic occurrence to reduce new BTC issuance, could influence Bitcoin prices. While Back sees significant growth potential for BTC, some experts, like Jeff Ross and Arthur Hayes, expect a decline in its price, cautioning against a pre-halving drop.
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Back even suggests that Bitcoin could soar to $700,000 if it attains a market cap similar to gold, signifying a remarkable leap from its current valuation.
In addition to his views on Bitcoin’s price, Back criticized the Defiance 2X Short MSTR ETF, labeling it as “terrible” and unlikely to endure.
This ETF targets shorting MicroStrategy Incorporated, a company heavily invested in Bitcoin. Back highlights the risk associated with this strategy due to Bitcoin’s volatility and its strong correlation with MicroStrategy’s stock, warning investors against its use.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
