2018-11-22 18:13 |
Adam Back co-founder and CEO of Blockstream, seems very bullish about the future of Bitcoin (BTC). He said that it might be possible for Bitcoin to reach $500,000 dollars in the future. Since the beginning of the year, Bitcoin and other virtual currencies are in a bear trend that has severely affected the whole cryptocurrency space.
Adam Back decided to answer a Tweet previously uploaded by Bobby Lee, co-founder of BTCChina and YourBTCC. Bobby Lee said that Bitcoin is still only one-hundredth of the value of gold. Gold is worth $8 trillion dollars while Bitcoin $80 billion. He then asks which will be the ratio in the next ten to twenty years and if it Bitcoin will be worth more.
For Adam Back, Bitcoin could reach a price between $250,000 and $500,000 dollars in the years ahead. He explained that Bitcoin is a censor-resistant competitor to gold and the native digital money for the internet.
That's the real flippening @bobbyclee! personally I consider $250k-$500k/BTC plausible in the years ahead, from the digital gold, censor-resistent competitor to physical gold, and internet native digital money. https://t.co/hSq2aHvg8z
— Adam Back (@adam3us) November 20, 2018
According to a recent report presented by KPMG, Bitcoin has to prove itself as a store of value or as cash. For KPMG it would be necessary to have the participation of institutional investors for this to happen.
Jeff Garzik, one of the early coders of Bitcoin and virtual currencies explained that Bitcoin has not evolved as a method of payment with a high transaction output. Instead, it became a successful store of value.
Garzik commented about it:
“[Bitcoin] hasn’t evolved in the direction of high-volume payments, which is something we thought about in the very early days: getting merchants to accept Bitcoins. But on the store-of-value side, it’s unquestionably a success.”
The current market sentiment is very negative. Since the beginning of the current year that virtual currencies are losing their value. And this is something that might not change in the near future.
In the last months, Bitcoin was operating stably close to $6,500 dollars. On November 14, hours before the Bitcoin Cash (BCH) network upgrade, Bitcoin broke under $6,000 and now it is being traded around $4,500 dollars. In just a few days it lost around to 30% of its price.
Back is not alone predicting Bitcoin to raise in the future once again. John McAfee, one of the most important and recognized figures in the space said that Bitcoin will reach $1 million dollars in the next 25 months. Clearly, this is a very bullish stance that might take longer to be achieved than expected.
25 months
— John McAfee (@officialmcafee) November 20, 2018
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