CEO of blockchain technology company Blockstream Adam BackPioneering crypto asset Bitcoin only has the potential to earn fivefold by the end of this year, according to .
As we stated as Koinfinans.com, the CEO, who shares his views on his Twitter account with more than 480,000 followers, thinks that the US Federal Reserve can reverse the ‘tight monetary policies’ before the end of 2022 and a macro environment can be created where risky assets such as Bitcoin can grow again.
“Everyone has a view of the macro market. My guess is that it’s stock market + US election season and that’s where the danger starts, quantitative expansion picks up speed again, rates start to drop, money printing picks up speed again. Hence, the interest rate surplus falls and bitcoin“When DeFi flows, the relationship breaks down along the way.”
In addition to a positive macro backdrop, Back says that approval of the much-anticipated spot Bitcoin exchange-traded fund (ETF) could put many bears on the sidelines.
“My persistent thinking for BTC/USD is $100,000 this year. Plus a US physical Bitcoin ETF tracker (GBTC upgrade + other) will make a nice comeback and likely trigger a big divergence and positive repercussions next year, making the top pop.”
back, especially DeFi warned investors against taking leveraged positions as there is a lot of uncertainty in the area.
Bitcoin was trading at $20,051 at the time of writing, up 9.94% on the day.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.