Adam Back discusses Bitcoin's bullish trend and potential competition with gold in the market. Learn about the impact of countries' reserves on Bitcoin's price surge.
Adam Back, CEO of Blockstream, stated in an interview with CNBC that Bitcoin (BTC) is still in the early stages of its bullish cycle. He emphasized the high demand for this digital currency in various investment sectors, mentioning that ETFs buy approximately twice the amount of mined Bitcoin daily. Back predicted that after stabilizing at the current price and mid-term investor profitability, Bitcoin could compete with gold. Additionally, if countries’ reserves enter the market, a price surge is expected. He believes that once a major country enters the Bitcoin market, others will follow suit for competition.
