14.5 C
New York
Friday, September 24, 2021

Buy now

Why Bitcoin Hits $ 100,000 Is “Quite Possible”

Bitcoin, the recent surge of the world’s largest token, touched the $ 50,000 mark last week. However, it witnessed a correction of around 1.2% in one week. At press time, it was trading near the $ 48k mark.

Regardless of this correction, in a recent interview with Blockstream CEO Anthony Pompliano, Adam Back projected that Bitcoin hitting the $ 100,000 mark this year was “quite possible.”

Meanwhile, it is interesting to note that Adam Back was notably one of the first people to own bitcoin, and one of the first to receive an email from the pseudonymous creator of Bitcoin, Satoshi Nakamoto. He founded Blockstream in 2014 and some have suggested it could be Nakamoto himself, although Back denies these claims.

Since then, the Bitcoin market has rapidly gained dominance around the world. He noted, “… it has evolved as bigger players have come in, some kind of policy has also been made. The BTC market has prevailed.”

However, when asked by Pompliano about the possible obstacles that Bitcoin could face in 5 years, this is what Back said:

“… It can get interesting if you have sovereign mining bitcoin positions. So I think a certain amount of decentralization and the people and entities that own the product and the private keys helps. If there is too much ETF-like usage, that could pose a policy risk “

Furthermore, he said, “ETF managers may feel that they have a fiduciary responsibility to do something that users would not want to do. I think ultimately the market prevails anyway. “

The interview also touched on Bitcoin’s rivalry with gold. Needless to say, Back supported BTC, saying, “The comparison that I liked was… (with) physical gold, because in many ways, Bitcoin is a better physical gold. You can infer any type of valuation from the amount of coins there are … “

This is a machine translation of our English version.

Your opinion is important to us!

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected


Latest Articles