Blockstream CEO Makes Bullish Price Forecast for BTC
Date: 2024-02-12 Author: Dima Zakharov Categories: BUSINESS
Anticipating a Historic Surge
Adam Back, the CEO of Blockstream, known for his contributions to Bitcoin technology, has expressed optimism regarding Bitcoin's future price trajectory. Back, also a cypherpunk and inventor of Hashcash, a proof-of-work system used by Bitcoin, made bullish statements about BTC in his recent remarks.
Back highlighted Bitcoin's recent price surge, noting its surpassing of $47,000 on October 1, 2021, which continued to climb to $69,000, the highest price level ever, within a span of 41 days. With only 70 days left until the next halving event, Back suggests that Bitcoin has ample time and momentum to break new records.
The Significance of Halving
Halving, also known as the halving event, is a process occurring in the Bitcoin network approximately every four years or every 210,000 blocks. During halving, the reward for mining new blocks is reduced by 50%, making new coin issuance less frequent and more scarce. The next halving event is expected in April 2024, when the block reward will decrease from 6.25 BTC to 3.125 BTC.
Back's Projections
Despite acknowledging the potential for Bitcoin to set new all-time highs, Back believes that reaching a price level of $100,000 or beyond could occur before the next halving. This projection reflects Back's confidence in Bitcoin's resilience and growth potential in the coming years.
