The CEO of blockchain technology company Blockstream Adam Back has said the price of bitcoin hitting the $100,000 mark this year is “quite possible,” and even suggested that BTC trading at $500,000 in the long run is feasible.
During an interview with Anthony Pompliano, first reported on by Benzinga, Back said that after analyzing Bitcoin options price, a $100,000 target is “quite possible” for this year. He added he liked the comparison suggesting BTC is a gold competitor, adding that “in many ways bitcoin is a better physical gold”
Notably, Bloomberg analyst Mike McGlone has revealed on social media that the cryptocurrency price crash saw BTC’s price drop for “reasons that support an extended bull market” and a path for it to hit $100,000 per coin.
Earlier this month, Fidelity’s Director of Global Macro Jurrien Timmer suggested bitcoin was ready to resume its uptrend as the cryptocurrency’s fundamentals keep on improving and that it’s “no longer a sideshow.”