Blockstream CEO Speculating On Why The Price Of Bitcoin Should Be Valued Above $100k
The crypto world was in joy as BTC showed a bullish sign yesterday. Yesterday BTC closes on almost at the price $35,000.
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The sudden rise of BTC brought the postive attention of people back again to crypto. We were all perceiving the beginning of a bull market, but there are still uncertainties and it has not be confirmed yet.
Why we were happy and thinking about the postive news BTC has brought, the CEO of Blockstream insisted that Bitcoin should have been worth more than that.
Adam
Adam Back the Blockstream CEO has come to say that based on the fundamentals, Bitcoin should already be worth above $100k by now.
Is Adam Back saying the truth, should Bitcoin be worth more than what it is today or above the $100k level. Remember Adam Back made this comment after @BitcoinMagazine announced on their X(formerly known as Twitter) that BlackRock's iShares Bitcoin Trust has been removed from the Depository Trust & Clearing Corporation.
Bitcoinmagazine
Adam and his company just faced a problem that has reduced their reputation, but next thing he does was just to laugh about it and talk down on the little progress made by Bitcoin. Although what he said was true BTC should have been way more than the price it is now but the prolonged bearish market was acting as a barrier.
Adam just lost some reputation and all he could do was to blast BTC, what of the bellwether coin that drastically dropped because BlackRock's spot Bitcoin ETF was removed from the DTCC's website. Remember some time in this month BlackRock spread a fake news about SEC approving the Bitcoin ETF which social media blindly carried and spread.
Waiting For The Big Bitcoin Move
Speculation has been that the reason for the increase of Bitcoin reaching an 18 month peak was as a result of the proposed exchange-traded bitcoin fund(ETF) that is yet to be approved. All this is happening as result of the hope for the future.
If eventually ETF is finally approved, this would be one of the best news so far in crypto. Approval of ETF may boost the price of Bitcoin and others that follows it and also it will attract investors from other market like the stock, forex and bond.
We would keep hoping and be optimistic for the good that is yet to come in the crypto industry and I believe we will all smile one day.
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