Blockstream CEO Adam Back: Bitcoin is just beginning a new growth
Date: 2025-02-20 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
At the Consensus Hong Kong conference, in an interview with CNBC, Adam Back noted several key factors contributing to the growth of Bitcoin. He is confident that after the April halving in 2024, the upward trend will continue for a long time. From the moment of the reduction of the reward to miners until the end of January 2025, the price of Bitcoin increased by more than 85%, reaching a record $ 109,114.
The head of Blockstream named additional reasons supporting the growth of the cryptocurrency. Among them are a significant influx of capital into cryptocurrency ETFs, as well as constant purchases of Bitcoin by companies such as Strategy (formerly Microstrategy) and other institutional investors.
“At the moment, twice as many Bitcoins are coming into ETFs as are mined daily. This has a significant impact on the growth of the value,” Back emphasized.
He also drew attention to the increasing interest of retail investors in cryptocurrency. The recent correction, in his opinion, is explained by the desire of medium-term holders to take profits. However, Back sees this as a temporary phenomenon, which opens up opportunities for further strengthening of Bitcoin. In the future, he expects BTC to compete with gold, and investors will begin to redistribute capital from gold ETFs to Bitcoin ETFs.
Earlier, Back suggested that over time, the first cryptocurrency will become less volatile, which will increase its chances of being recognized as an official means of payment.
