Adam Back, CEO of #Blockstream , believes Bitcoin is still in the early phases of a bull market and could potentially rise by over 700% this cycle.
In a recent interview with Coinstelegram’s Anna Tutova, Back discussed Bitcoin’s future, referencing predictions from figures like Arthur Hayes, who has forecasted a price of $1 million per Bitcoin by the cycle’s end, while others suggest a range of $500,000. Back finds these predictions plausible.
He attributes Bitcoin’s bullish momentum to factors such as the long-term holding patterns of investors and the influence of Bitcoin spot ETFs.
Back explains that as new investments come in, the market cap increases, but the actual amount needed to drive up the price is less significant because Bitcoin’s price is influenced by the marginal availability of the asset.
He notes that new Bitcoin purchases, particularly by long-term holders or ETFs that store Bitcoin with custodians, can significantly impact the price.
Back highlights that even small investments can lead to substantial market cap increases, and ETF investors have shown a tendency to hold onto their assets rather than selling, which supports price stability.
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