Blockstream chief executive Adam Back says that Bitcoin (BTC) remains in the early stages of an ongoing bull market cycle.
In a new interview with Anna Tutova, the CEO of Coinstelegram, the longtime Bitcoin veteran says Bitcoin could potentially soar more than 700% from the current value this cycle.
“We’re still in the early stages of the bull market I would say…
I see that [BitMEX founder] Arthur Hayes was predicting $1 million per Bitcoin by the end of this cycle. Other people have said half a million. So anything in that range I think is possible.”
Beck says one of the bullish drivers for Bitcoin is the length of time investors are holding onto the top digital asset by market cap as well as shares in the Bitcoin spot exchange-traded funds (ETFs).
“When new money comes into Bitcoin, the market cap increases. But the new money doesn’t have to be nearly as much as the market cap increase, because price is set at the margin, and there are not necessarily that many Bitcoins on the exchange.
So as new users buy up those coins and cold store them or the ETFs buy them and store them with a custodian, it will tend to push the price up.
You know, $1 million in might increase the market cap by $50 million or $100 million. It really depends on the type of buyer.
So if the buyer is buying Bitcoin and holding it for the long term, then it has a bigger effect. Of course, there are the Bitcoin holders who have learned over time to buy and cold store and not trade too much. Now, what we didn’t know was how the ETF investors would behave.
But the evidence so far is that they hold. So when the price fell a bit not many ETFs were sold actually.”
Bitcoin is trading for $59,212 at time of writing, up nearly 2% in the last 24 hours.
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