Why Bitcoin Reaching $ 100,000 is “Very Possible”

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Bitcoin, the world’s largest recent wave of tokens, hit the $ 50,000 mark last week. However, it experienced a correction of around 1.2% in one week. At the time of going to press, it was trading very close to the $ 48,000 mark.

Regardless of this correction, in a recent interview with Anthony Pompliano, CEO of Blockstream, Adam Back projected that bitcoin hitting the $ 100,000 mark this year was entirely possible.

In the meantime, it’s interesting to note that Adam Back was notably one of the first people to own bitcoin, and one of the first to receive an email from pseudonymous Bitcoin creator Satoshi Nakamoto. He founded Blockstream in 2014 and some have suggested that he could be Nakamoto himself, although Back denies these claims.

Since then, the Bitcoin market has quickly gained dominance across the globe. He noted: “… this has evolved as bigger players have come into play, some kind of policy has also been developed. The BTC market prevailed.

However, when asked by Pompliano about the possible hurdles Bitcoin could face in 5 years, here is what Back had to say,

“… this can get interesting if you have sovereign mining bitcoin positions.” So I think a certain degree of decentralization and individuals and entities owning the product and the private keys help. If there is too much ETF-type use, this could pose a political risk ”

In addition, he said, “ETF managers may think they have a fiduciary responsibility to do something that users don’t want to do. I think in the end the market wins anyway.

The interview also touched on Bitcoin’s rivalry with gold. Needless to say, Back backed BTC, saying, “The comparison I liked was… (with) physical gold, because in many ways Bitcoin is better physical gold. You can deduce any type of valuation from the number of pieces there are … “

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