Bitcoin (BTCUSD)

[GOLDBUFFALO]

$BTC 100K THIS YEAR! The chief executive officer of blockchain technology company Blockstream says that leading digital asset Bitcoin (BTC) could see a 5x increase in price by the end of the year.

Adam Back tells his 481,600 Twitter followers that he expects the U.S. Federal Reserve to reverse its tight monetary policies before 2022 expires and create a macro environment conducive to the growth of Bitcoin.

“Everyone has their pet macro-views. My guess: stock market + US election season, moral hazard kicks up, quantitative easing ramps up again, rates drop again, money printer goes into overdrive. So the interest rate overhang falls off, and BTC decorrelates somewhere along the way once DeFi (decentralized finance) flushed.”

On top of a favorable macro backdrop, Back says the approval of the much-awaited spot Bitcoin exchange-traded fund (ETF) could leave many bears on the sidelines.

“My permabull case for BTC/USD [is] $100,000 this year. Plus a US physical Bitcoin ETF chaser (GBTC upgrade + other) would create a nice whipsaw and probably trigger a big uncoupling and positive reflexivity into a blow off top next year.”