Adam Back, CEO of Blockstream, believes that Bitcoin (BTC) is still in the early stages of its upward cycle and the demand for this digital currency will continue to rise. Back explained in an interview with CNBC that the purchase of Bitcoin in various investment sectors, especially through Exchange-Traded Funds (ETFs), is still high, indicating that the bullish BTC market is not over. He pointed out that ETFs daily buy almost twice the amount of mined Bitcoins. Additionally, companies like MicroStrategy and other investment institutions are increasing their reserves equivalent to daily ETF purchases. Meanwhile, retail investors and individuals following Dollar-Cost Averaging (DCA) play a significant role in increasing demand and maintaining capital inflow. Back also predicts that the price of Bitcoin will soon enter a period of consecutive growth spurts and if governments enter the market, an explosive growth will occur. According to Back, some mid-term investors are currently taking profits, which has led to stabilizing the price of Bitcoin within a small range. Back believes that in the long term, Bitcoin can become a serious competitor to gold and attract capital. He emphasized that if governments and sovereign wealth funds enter the Bitcoin market, a competition among different countries to store this asset will begin. In such circumstances, the likelihood of a sharp price increase due to the entry of large capital from retirement funds and investment institutions will rise. Back finally noted that there is still ample room for institutional investors to enter the market, which can further drive Bitcoin growth in this cycle. You can view the prices of all tokens and cryptocurrencies live and in real-time on the momentary price page of digital currencies.
