Blockstream co-founder and CEO Adam Back still expects Bitcoin to reach $100,000 by the end of this year. Adam Back made his statement on the social network Twitter, in response to a message from cryptocurrency blogger Heidi Chakos. She wrote that during the next bull market, the price of Bitcoin could easily exceed $100,000. Back said he saw no reason why this should not happen by the end of the year.
"Why not this year? Now all the DeFi rot with wBTC will be washed out of the market,"wrote Back.
why not this year. once the defi contagion via WBTC is flushed out.— Adam Back (@adam3us) June 16, 2022
The CEO of Blockstream revealed his idea a little more, pointing out the fundamental factors that should contribute to the growth of Bitcoin. In his opinion, the US Federal Reserve will again start the quantitative easing program this year, which should push the cryptocurrency market up.
"Everyone has their own views on macroeconomics. I think that the stock market and the new US election round, quantitative easing and rate cuts, money printing - all this will lead to a decrease in correlation,"Beck said.
At the same time, Blockstream CEO urged not to use margin trading and "wait until the DeFi dirt is washed from the market." He stressed that if you do not use leverage trading, then you can just buy and not worry - someday the investment will pay off.
Back also once again stated that he is a "mega-enthusiast" of bitcoin and constantly buys BTC when there is money.
Another well-known bitcoin enthusiast, Michael Novogratz, also believes that BTC will start to rise after the Fed finishes raising rates. However, in his opinion, this will not happen so quickly.