Bitcoin’s current price may seem high to some investors, but Adam Back, one of the early Bitcoin developers and CEO of Blockstream, believes it remains undervalued. Despite trading 28% above its 2021 all-time high, Back argues that institutional interest and global adoption could push its value even higher in the long run.
Adam Back: Bitcoin’s True Potential Has Yet to Be Realized
Back, a key figure in the development of proof-of-work technology, asserts that Bitcoin’s price fluctuations have never prevented its long-term appreciation. He insists that the current price does not reflect its true potential.
A significant factor supporting Back’s perspective is the institutional interest that Bitcoin has gained since its $69,000 peak in 2021. At that time, major investment funds were not actively involved, and the idea of Bitcoin becoming a part of the U.S. strategic reserves was not even considered. Today, the landscape has changed dramatically, with institutions and governments acknowledging its value.
Bitcoin Adoption Grows, But Price Remains Relatively Low
Over the last 24 hours, there have been significant developments in Bitcoin adoption, yet its price remains only 28% higher than its 2021 peak. Despite this, Back maintains that Bitcoin is still an attractive investment, and he is not alone in this belief. Max Keiser, another well-known Bitcoin advocate, predicts a major price surge in the coming days. Similarly, Samson Mow has stated that any price below $1 million presents a buying opportunity.
What’s Next for Bitcoin?
Determining when Bitcoin will become “expensive” remains uncertain. However, given the current market conditions, Back and other bullish investors view it as a high-value asset. That said, Bitcoin’s price is no longer solely dictated by market forces. Regulatory decisions and political developments now play a crucial role in shaping its future.
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