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Adam Back and Stock-to-Flow Model Anticipate Bitcoin (BTC) to Reach $100K by The End of 2021

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Bitcoin’s USD value will skyrocket to $100,000 in the upcoming months, according to Adam Back, Florian Grummes, and the S2F model.

The British cryptographer Adam Back expects bitcoin to reach a price of $100,000 by the end of the year. Comparing the primary cryptocurrency to gold, he praised the former as the better financial instrument.

In addition, Florian Grummes – precious metal and bitcoin analyst – shared a similar point of view. The virtual asset’s USD value would decline to $34-38K, but in six months, it would stand at $100,000.

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Interestingly, both of these forecasts coincide with the popular stock-to-flow model that sees BTC tapping $100K by Christmas 2021.

The Road to $100K

In a recent interview with Anthony Pompliano, the CEO of the blockchain technology firm Blockstream – Adam Back – stated the global acceptance and deployment of bitcoin had reached a satisfying level. With that said, he believes the primary digital asset will trade at $100,000 by the end of 2021.

Back – the inventor of Hashcash ( a proof-of-work system used in the bitcoin mining process) – spoke about the correlation between the virtual currency and gold, too. He gave his preference to bitcoin, saying that in many ways, it outperforms the precious metal:

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“The comperison I liked was the competitor to physical gold, because, in many ways, bitcoin is a better physical gold.”

Adam Back
Adam Back, Source: Bloomberg

Another similar point of view regarding bitcoin’s future valuation came from Florian Grummes. During an interview for Kitco News, the financial analyst stated that the largest cryptocurrency by market capitalization is on track to hit $100,000 in six months.

However, the German warned investors that beforehand BTC could retrace to a price of around $35,000 before skyrocketing once again:

“What we’ve experienced over the last five weeks is a nice, strong bounce that is [typical] in crypto after a first sell-off [could extend] to $25,000. That is still possible, otherwise, Bitcoin turns around at $35,000 and goes back to $60,000 and the bull market continues. I think $100,000 is probably happening within the next six months.”

Bitcoin S2F Model Agrees

The popular Bitcoin stock-to-flow model, which has attracted its fair share of supporters and doubters over the years, also sees a similar BTC outcome by the end of the year.

By describing the stock as the size of existing reserves (or stockpiles) and the flow – the annual supply of bitcoins on the market, the creator – PlanB – determined that BTC’s price could go into a six-digit territory in the next several months.

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Despite being more than $50,000 away from that point, PlanB made another promising update earlier. He noted that the stock-to-flow model still predicts $100,000 per coin by Christmas. Somewhat expectedly, he outlined the next few months as “key.”
https://twitter.com/100trillionUSD/status/1431149110237831169?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1431149110237831169%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcryptopotato.com%2Fadam-back-and-stock-to-flow-model-anticipate-bitcoin-btc-to-reach-100k-by-the-end-of-2021%2F

Who Else Is Part of The $100K Club?

Numerous prominent investors have also predicted that Bitcoin’s price would soon land at $100,000. Jordan Belfort – also known as the Wolf of Wall Street – is one of those individuals. The former stockbroker, who spent a brief time in jail for being in charge of a massive fraud scheme, made a complete u-turn.

While bashing bitcoin and warning investors not to join the crypto bandwagon because “BTC will go away” in 2018, in March this year, he changed his mind to “BTC to $100,000.”

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In his turn, Peter Schiff – one of the biggest critiques of digital assets – also believes that the primary virtual asset could reach such a price level. Despite keeping his negative stance on the matter, the economist admitted that not buying BTC in 2011 when he had first heard about it was a “keen mistake:”

“Clearly, I wish I had bought bitcoin when I first heard about it – that was a keen mistake. Could I have put $100,000 in it – yeah I could have. I mean, I put $100,000 in other things that turned poorly.

I could have been one of the bitcoin billionaires now, as obviously I knew about it early on. If I could go back in time, that’s one of the things I would do.”

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Bitcoin Drops as China Declares Crypto-Businesses Illegal

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  • China declared that cryptocurrency-related businesses are illegal
  • Bitcoin, Ether, and stablecoin Tether do not qualify as legal tender in China
  • BTC drops in price as the announcement went out

Once again, China reiterated its antagonistic stance on Bitcoin and the cryptocurrency industry as a whole.

In an announcement, the People’s Bank of China (PBOC) mentioned that BTC, ETH, and USDT are not legal tenders in China. They added that these cannot be used in the currency market.

Additionally, the central bank deemed all crypto-related businesses as illegal. This includes overseas exchanges serving residents within China and derivative transactions.

Following the news, Bitcoin’s price fell by almost $2,000 as the news circulated. This has been a common pattern whenever China FUD comes out.

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Earlier, China also reiterated its stance on crypto trading and mining while testing the Digital Yuan. According to the PBOC, it will continue releasing regulatory pressure over the crypto trading industry.

Despite the negative news, many analysts remain bullish on Bitcoin and the cryptocurrency industry as a whole. According to analyst Lark Davis, this is not new and will happen again in the future.

In a tweet, Davis mentioned that “The year is 2025, #bitcoin has just corrected from 400k to 250k on China banning BTC fears.”

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Can Bitcoin Surpass $6,000,000? Ethereum and Polkadot Creator Details Possible Future of Crypto

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Early Bitcoin developer and co-founder of Ethereum and Polkadot, Gavin Andresen, is outlining a future where BTC rises to a staggering $6,000,000 per coin.

Gavin Andresen, who took over as Bitcoin’s lead maintainer from founder Satoshi Nakamoto in 2011, just published a new blog post detailing how BTC’s theoretical evolution could look.

Andresen describes a “possible” scenario where Bitcoin hits a price tag of $6,000,000 by 2061, transaction fees 326x higher than they are now, and the blockchain is used chiefly by whales.

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“Imagine: it is the year 2061. The BTC price is six million US dollars – equal to about a million 2021 dollars because of inflation.

Miners are being rewarded 0.006103515625 BTC per block, plus transaction fees of about 5 BTC for 4,000 or so transactions ($7,500 per transaction).

But most BTC transactions don’t happen on the BTC network. Most BTC is locked up in multi-signature outputs secured using multiparty computation and mirrored on another chain as ‘wrapped’ tokens.”

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In his scifi scenario, Andresen says those who do remain on Bitcoin’s network will be incentivized to keep it alive.

“The transactions that do occur on the main BTC network are high-value, mostly between super-whale-size holders…

These whales maintain the BTC network forever. They are the miners and the transaction creators; they don’t care how high transaction fees go, because they receive as many fees as they pay.”

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However, Andresen says that by 2100, even those users would likely leave the blockchain.

“In the year 2100 the whales notice that the mining reward is basically zero… Eventually, there are zero new BTC being produced on the BTC network, and zero BTC circulating on the BTC network. There is nothing left to secure, and the chain stops.”

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

Crypto trader Michaël van de Poppe is looking at what’s ahead for Bitcoin (BTC) and the smart contract platform Cardano (ADA).

The analyst tells his 420,000 Twitter followers that the best entry point for Cardano may be gone after the asset bounced off a key support level at $1.86.

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“If you want to get into Cardano, this was the region where you would want to get into it, and the higher low that might be created.

So based on the daily timeframe, the best entry might be gone, but you’re still getting a better entry than the ones who have been buying around $2.80.”

Van de Poppe is now looking to see if ADA can turn resistance at the $2.37 level into support.

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If the markets correct further, he is keeping an eye on the $2.15 level as a potential buy zone.

“When you’re looking at the four-hour time frame, I think you’re getting the exact same view as what you have right now on Bitcoin and [Ethereum], actually. So you’re going to look for an entry point which is around the fact of $2.15, so anything in this region might be a good entry point if we get a corrective move.”

Looking at the Bitcoin pair, van de Poppe thinks that ADA will most likely consolidate briefly after retesting support at its previous all-time high.

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“We can see that we’ve had a beautiful retest of the previous high here too, and therefore some consolidation is most likely going to take place before we’re going to have new impulse waves.

So both the USDT and BTC pair are looking for continuation, and I think that’s just great, and I think that’s just what we want to see with the markets right now.”

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