Adam Back, the CEO of Blockstream, has just stated that Bitcoin is “super cheap” at its current market price of $66,720. This statement comes after a 4.77% fall in Bitcoin’s value. Back implies that the market does not fully understand the value of Bitcoin. He is of the opinion that a few bear markets are what it takes for the investors to understand the money’s value.
Back’s remarks are opposite to the latest comments of other present-day industry players, who predict a steep fall in the price of Bitcoin. For example, Jeff Ross from Vailshire Capital forecasts a possible 40% correction after halving. However, despite such forecasts, Back remains upbeat on the long-term potential of Bitcoin and argues that a large rally in its price is due.
Halving Event Could Impact Bitcoin Prices
Although Adam Back sees a substantial growth prospect for BTC, some industry experts do not share his optimism. Jeff Ross expects the price of Bitcoin to fall, a view also echoed by Arthur Hayes, c
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