Blockstream Founder Adam Back Stays Firm On His Stance That Bitcoin Price Can Reach $100K in 2022
Adam Back, co-founder, and CEO of Blockstream Thursday clarified his stance on Bitcoin price, he believes that the price will touch the mark of $100,000 before the year-end.
Adam is a “British cryptographer and cypherpunk.” Born in London, he was a pioneer of early research on cryptocurrencies. He is also the inventor of Hashcash which is a proof-of-work algorithm based on a cryptographic hash. The hashcash Proof_of_work is used by Bitcoin as the mining core while BItcoin miners are increasing their efforts developing hashcash proof-of-work which serves as a vote in the evolution of blockchain and validate the blockchain transaction log.
Heidi Chakos, a crypto influencer, and educator, who also co-hosts the YouTube channel “Crypto Tips”, in a tweet shared that she expects the Bitcoin price to surpass the mark of $100,000 in the next bull market. Responding to her, the CEO said that he believed that Bitcoin would achieve this milestone this year.
Further, he commented on the macro factors that he believes led to the price he predicted. To be precise, according to him, the central bank of the U.S, Federal Reserve will make the decision to continue quantitative easing (QE) soon, which will take the Bitcoin price back to its upward trajectory.
He then goes on to suggest that “don’t use leverage” especially not while the DeFi contagion becomes successful. Adding, that if someone doesn’t want to leverage then he/she can “buy and hold and wait so timing matters not.” He says he is a “permabull” as he keeps purchasing as he could afford and it works in the long-term.
Interestingly, Jack Mallers, one well-known Bitcoiner, backs Blockstream CEO’s thoughts. Mallers is the Founder and CEO of Zap Solutions. Zap Solutions is a Bitcoin investment and payments firm that makes use of the Lightning Network for super fast and low-cost $BTC transfers.
Agreeing, Mallers said that the Fed can’t really increase rates as they claim as they have a lot of debt in the system. They will go bankrupt and the market is calling them out. He says he is not sure “there’s ever been an environment with inflation to the tune of 8%+ and bonds only yielding 3%.”
In case the confidence is lost, even 75-point hikes can only generate artificial dollar demand for so long. It’s over if the confidence is gone. Even with inflation, they are probably going to make the policy less strict, especially in an election.
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