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$BTC Undervalued at $103K, Could Reach $1M This Cycle, Says #AdamBack
Bitcoin pioneer Adam Back believes $BTC is "strangely low" at current prices and could surge to between $500,000 and $1 million during this market cycle.
The #Blockstream CEO told there's "no clear logical reason" for Bitcoin trading at just $103,300 given fundamental market improvements.
Back cited the approval of spot Bitcoin ETFs, which have generated over $41 billion in net inflows, and #crypto-friendly policies under President #Trump as catalysts.
The computer scientist, who invented Hashcash that inspired Bitcoin's mining process, predicts significant price momentum once new all-time highs are reached.
He explained that brokers and individual investors tend to buy assets that have already risen, creating additional buying pressure as prices climb higher.
