Chief executive of blockchain startup Blockstream, Adam Back has taken a bullish stance on Bitcoin, even as the currency hits its lowest mark this year.
Back stated that it’s “plausible” that the price of Bitcoin could reach anywhere from $250,000 to $500,000 within the next few years. He also went on to suggest that we could see a flippening between BTC and gold. Bold statements given the current market sentiment, but still well within the realm of possibility.
Litecoin creator Charlie Lee’s brother, Bobby Lee, co-founder of cryptocurrency exchange BTCC, was one of the first to suggest that a flippening between BTC and gold was on the table.
That's the real flippening @bobbyclee! personally I consider $250k-$500k/BTC plausible in the years ahead, from the digital gold, censor-resistent competitor to physical gold, and internet native digital money. https://t.co/hSq2aHvg8z— Adam Back (@adam3us) November 20, 2018
Back’s bullish predictions suggest he believes that the current market downturn will be a short-lived one, which will result in a meteoric bull run. The market has suggested it may have bottomed out, as Bitcoin’s price has been on the rise. While it’s little more than speculation, we can hope.