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Despite its latest setback, flagship cryptocurrency Bitcoin (BTC) could still see 5x increase in price by the end of the year, breaking the magical $100,000 barrier.
This according to chief executive officer, of blockchain technology company Blockstream, Adam Back. The CEO told his 450k+ Twitter audience that macro environment benovelent to Bitcoin’s growth could manifest this year once the U.S. Federal Reserve will reverse its destructive monetary policies. He said:
“Everyone has their pet macro-views. My guess: stock market + US election season, moral hazard kicks up, QE (quantitative easing) ramps up again, rates drop again, money printer goes into overdrive. So the interest rate overhang falls off, and BTC decorrelates somewhere along the way once DeFi (decentralized finance) flushed.”
As a crypto space mega booster, Back notes that an approval of a first spot Bitcoin exchange-traded fund (ETF) in the U.S. could take crypto back to its recent glory days.
“My permabull case for BTC/USD [is] $100,000 this year. Plus a US physical Bitcoin ETF chaser (GBTC upgrade + other) would create a nice whipsaw and probably trigger a big uncoupling and positive reflexivity into a blow off top next year.”
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Nevertheless, traders are warned for taking leveraged positions, in times of increased uncertainty surrounding the DeFi space, Back explained:
“But what do I know? Just don’t use leverage, and most particularly, not while the DeFi contagion works out. If you don’t have leverage you can just buy and hold and wait so timing matters not. I’m a permabull. So I keep buying as I can afford. And hold. It works long-term.”
At the time of writing, Bitcoin is trading at $19,945, 9.38% gain in the last 24 hours according to CoinMarketCap.