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Sunday, September 19, 2021

Bitcoin Seen at $100,000 each This Year



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!

Paul Ebeling
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.   

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