Blockstream co-founder and CEO Adam Back still expects bitcoin to hit $100,000 by the end of this year.
Adam Back made his statement on Twitter in response to a post by cryptocurrency blogger Heidi Chakos. She wrote that bitcoin could easily surpass $100,000 during the next bull market. Beck said he sees no reason why it wouldn’t happen by the end of the year.
“Why wouldn’t it happen this year? Now all the DeFi rot with wBTC will wash out of the market,” Beck wrote.
The Blockstream CEO elaborated a bit more on his point, pointing out the fundamental factors that should help bitcoin grow. In his opinion, the U.S. Federal Reserve will start its quantitative easing program again this year, which should push the cryptocurrency market up.
“Everyone has their own views on macroeconomics. I think the stock market and the new U.S. election round, quantitative easing and rate cuts and money printing will all lead to lower correlation,” Beck believes.
That said, the Blockstream CEO called for not using margin trading and “waiting to wash the DeFi mud out of the market.” He stressed that if you don’t use leveraged trading, you can just buy and not worry – one day the investment will pay off.
Beck also once again stated that he is a “mega-enthusiast” of bitcoin and constantly buys BTC when he has money.
Another well-known bitcoin enthusiast, Michael Novogratz, also believes that BTC will begin to rise after the Fed finishes raising rates. However, in his opinion, it will not happen that quickly.