The CEO of Blockstream Adam Back says that Bitcoin (BTC) is still in the early stages of the current bull market.
In a new interview with CNBC, return He says The demand for bitcoin purchasing is still high across the various investment sectors, including the exchange funds on the stock exchange (ETFS), and that the emerging market has not yet ended.
“I think we are definitely in the early stages of the bull market at this stage. As you know, the emerging market cycle usually lasts for a certain period after half, so we are still in early roles. I think there are very harsh flows from the investment funds circulating in buying about two times from Bitcoin is mined daily, Microstrategy and other treasury companies that buy two times, and buyers Retail and investors in average cost in dollars.
Back predicts Bitcoin soon to print a series of gatherings and may see an explosive outbreak if governments begin to adopt Bitcoin strategic reserves.
“I think there is some unification temporarily, because some former investors are a kind of investor profits in the middle of the period. But this overlap would raise us at a price as they start seeing Bitcoin competing with gold, and perhaps withdrawing money from the investment funds circulating in gold, to gold Bitcoin, the Investment Funds circulating. Then, of course, if the cabinet appears, such as the sovereign cabinet, Bitcoin reserves, you will be something where you will see the sovereign competition, as soon as you jump one of the largest countries, I think that others will feel forced into example, so all the bets will be suspended if that happens …
I think there is a lot of capital in the institutional area of pension funds and joint investment funds. So there is a great room for capital to come in this course. ”
Bitcoin is trading for $ 98,247 at the time of writing this report, an increase of 1.4 % in the past 24 hours.
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