Blockstream CEO Predicts Bitcoin Will Need To Reach $700,000 To 'Surely Flip Physical Gold'
Portfolio Pulse from Mehab Qureshi
Blockstream CEO Adam Back predicts Bitcoin (BTC) will reach $700,000 and potentially surpass the market cap of physical gold within the next couple of years. This prediction is based on the upcoming Bitcoin halving event, which is expected to reduce the supply of new Bitcoins, possibly driving up the price if demand continues or increases. Back has previously predicted Bitcoin surpassing $100,000 before the next halving in 2024. Currently, Bitcoin is trading at $41,741, up 2.26% in the last 24 hours.
December 05, 2023 | 5:43 am
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POSITIVE IMPACT
Adam Back's prediction of Bitcoin reaching $700,000 and potentially flipping gold's market cap could create a bullish sentiment among investors, especially with the upcoming Bitcoin halving event that may constrain supply.
The prediction by a prominent figure in the Bitcoin community about a significant price increase can lead to increased investor optimism and speculative buying, especially as the halving event approaches. This could result in a short-term positive impact on Bitcoin's price.
CONFIDENCE 75
IMPORTANCE 90
RELEVANCE 100