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Adam Back, the CEO of Blockstream, has just stated that Bitcoin is “super cheap” at its current market price of $66,720. This statement comes after a 4.77% fall in <a href="https://coingape.com/price/bitcoin/#:~:text=Live%20Price%20of%20Bitcoin%20(BTC,market%20cap%20stands%20at%20%241%2C353%2C152%2C492%2C618." rel="noopener noreferrer nofollow">Bitcoin’s value</a>. Back implies that the market does not fully understand the value of Bitcoin. He is of the opinion that a few bear markets are what it takes for the investors to understand the money’s value.
Back’s remarks are opposite to the latest comments of other present-day industry players, who predict a steep fall in the price of Bitcoin. For example, Jeff Ross from Vailshire Capital forecasts a possible 40% correction after halving. However, despite such forecasts, Back remains upbeat on the long-term potential of Bitcoin and argues that a large rally in its price is due.
<h2 id="strong-halving-event-could-impact-bitcoin-prices-strong">Halving Event Could Impact Bitcoin Prices</h2>
Although Adam Back sees a substantial growth prospect for BTC, some industry experts do not share his optimism. Jeff Ross expects the price of Bitcoin to fall, a view also echoed by <a href="https://coingape.com/bitmex-arthur-hayes-predicts-bitcoin-btc-price-dump-below-40000/" rel="noopener noreferrer nofollow">Arthur Hayes</a>, co-founder of BitMEX. Hayes also cautions against a potential drop before the halving event, a routine event to reduce the amount of new BTC’s in circulation.
Back, however, remains bullish in spite of these bearish predictions. He even suggests that Bitcoin can reach $700,000 if it captures a market cap similar to gold. This would be a monumental leap from its current levels.
<h2 id="strong-defiance-2x-short-mstr-etf-criticism-strong">Defiance 2X Short MSTR ETF criticism</h2>
Further to his comments on Bitcoin price, Adam Back’s harsh comments on Defiance 2X Short <a href="https://coingape.com/adam-back-criticizes-new-etf-targeting-microstrategy/" rel="noopener noreferrer nofollow">MSTR ETF</a> are openly stated. He called the financial product “terrible,” saying that it would never survive. To Back, it is risky because the ETF targets to short MicroStrategy Incorporated, a company overly invested in Bitcoin. Back, however, states that BTC’s volatility and its high correlation with MicroStrategy’s stock present an important danger for investors who apply such a strategy.
Read Also: <a href="https://coingape.com/will-el-salvador-change-its-bitcoin-laws-for-imfs-1-4b-loan/" rel="noopener noreferrer nofollow">Will El Salvador Change Its Bitcoin Laws For IMF’s $1.4B Loan?</a>
The post <a href="https://coingape.com/adam-back-calls-bitcoin-super-cheap-at-current-levels/" rel="noopener noreferrer nofollow">Adam Back Calls Bitcoin ‘Super Cheap’ at Current Levels</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Adam Back Calls Bitcoin ‘Super Cheap’ at Current Levels

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