Blockstream CEO Adam Back says that Bitcoin (BTC) is still in the early stages of the current bull market as the adoption of the flagship crypto asset mounts.
In a new interview with CNBC, Back says that Bitcoin’s buying demand remains high across various investing segments, including exchange-traded funds (ETFs), and that the bull market is far from over.
“I think we’re certainly in the early stages of the bull market at this point. You know, typically the bull market cycle lasts for a certain period after the halving, and so we’re still in the early innings. I think there are very stiff inflows from ETFs buying about two times the Bitcoin mined per day, MicroStrategy and the other Bitcoin treasury companies buying another two times, and the retail buyers and dollar-cost-average investors. So really, that’s a lot of inflow.”
Back predicts Bitcoin will soon start printing a series of rallies and may see an explosive breakout if governments start adopting Bitcoin strategic reserves.
“I think temporarily there’s some consolidation, because some earlier investors, sort of mid-term investors’ profit taking. But that overlay would set us up for a price where you start to see Bitcoin competing with gold, perhaps pulling money out of gold ETFs, into Bitcoin, ETFs. And then, of course, if the treasuries come in, like the sovereign treasuries, the Bitcoin reserves, that would be something where you’d see sovereign competition, as soon as one of the bigger countries jumps in, I think the others will feel forced to follow suit, so all bets will be off if that happens…
I think there’s a lot more capital in the institutional space of pension funds and mutual funds. So there’s a lot of room for capital to come in in this cycle.”
Bitcoin is trading for $98,247 at time of writing, up 1.4% in the last 24 hours.
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