Adam Back, CEO of Blockstream and the cryptographer behind Bitcoin’s (CRYPTO: BTC) Proof-of-Work mining algorithm, expects to see the leading cryptocurrency’s price at $100,000 this yr.
In a recent interview with Mr. Back said that after analyzing Bitcoin options prices, the price reaching $100,000 is “quite possible” this year.
“The comparison I liked was the competitor to physical gold, because, in many ways, Bitcoin is a better physical gold,” he said.
“And so, you know, you can infer a kind of valuation from how many coins there, the current price of gold . Say that that value gets divided up and you come out into the hundreds of thousands…like maybe half a million even on that basis alone.”
Mr. Back was 1 of the 1st people to own Bitcoin and 1 of the 1st 2 people to receive an e-Mail from Bitcoin’s pseudonymous creator Satoshi Nakamoto.
In Y 2014, he founded blockchain technology company Blockstream along with fellow Bitcoin protocol developers.
Yesterday, the company announced that it successfully raised $210-M in Series B funding at a $3.2-Bvaluation.
Blockstream has acquired Israeli Bitcoin mining hardware manufacturer Spondoolies, the terms are undisclosed.
Earlier this yr, Blockstream teamed up with Jack Dorsey’s payments company Square Inc (NASDAQ:SQ) to launch an open-source renewable energy mining project as part of its Bitcoin Clean Energy Initiative.
At the time, Square invested $5-M in the company for the purpose of building a solar-powered Bitcoin mine.
At press time, Bitcoin was trading at a price of $47,257, off 0.72% over the past 24-hrs. And Square shares were trading at 267, + 0.026%.
Have a prosperous day, Keep the Faith!