đ $100,000 BTC? Donât undervalue Bitcoin ETF influence, says Adam Back đ
Resolving recent systemic failures in the cryptocurrency ecosystem and the prospect of spot Bitcoin ETF approvals could drive Bitcoin to $100,000 in 2024.
đ The COVID-19 pandemic, rampant inflation and regional conflicts directly influenced Bitcoinâs drop in value over the past two years. However, 2024 promises to be a resurgent period, according to Blockstream CEO Adam Back.
The cryptographer, who pioneered the proof-of-work algorithm applied in Bitcoin's protocol, tells that the preeminent cryptocurrency is trailing below the historical price trend line of previous mining reward-halving events.
đ§âđ»âBiblicalâ events hurt Bitcoin
Back weighed in on the potential price action of Bitcoin as the next halving, which will see Bitcoin miners' block reward reduced by 6.25 BTC to 3.125 BTC, looms in April 2024. Block rewards halvings are programmatically hardwired into Bitcoinâs code, taking place after every 210,000 blocks are mined. #btcbear #BTC
