Adam Back believes that the price of the first cryptocurrency could rise if the SEC approves Grayscale’s bitcoin ETF application

Blockstream CEO called the condition for the bitcoin rate to rise to $100 000 in 2022

18.06.2022 - 07:25

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3 min

What’s new? Adam Back, the CEO of blockchain technology company Blockstream, said that the value of bitcoin could reach the $100 000 mark by the end of 2022. He added that he continues to buy BTC for the purpose of long-term storage. Back believes that the first cryptocurrency’s rate could rise if the US Securities and Exchange Commission (SEC) approves digital asset manager Grayscale’s bitcoin ETF application. Also, according to Back, the asset’s rate rise could be influenced by a break in its correlation with the stock market.

What preceded it? In February, Grayscale launched its first ETF (exchange-traded fund) on the New York Stock Exchange under the ticker GFOF. It included shares of 22 crypto companies dealing in BTC. In the same month, the SEC delayed the decision on Grayscale’s spot bitcoin ETF launch, after which CEO Michael Sonnenschein announced his intention to sue the Commission if registration is denied. In April, he predicted imminent spot bitcoin ETF approval in the United States.

Back’s previous predictions. In 2020, the head of Blockstream said that the global economic situation could positively impact the price of bitcoin. According to him, the value of the asset could reach $300 000 by 2025. He explained that the COVID-19 pandemic had forced many people to work from home, which affected the real estate sector and made investing in it more risky. Back noted that people had more time to “think about the value of money and look for ways to preserve money,” which may have encouraged them to use bitcoin.

As of June 18, 07:40 UTC, bitcoin is trading at $19 264, having lost 8,72% in price in 24 hours, according to Binance.

Who is Adam Back? He is a British entrepreneur, crypto specialist, and CEO of Blockstream. He was one of the first to receive emails from the mysterious bitcoin creator Satoshi Nakamoto. In 2016, the Financial Times named Back among those who could be hiding under the name Nakamoto, along with Nick Szabo and Hal Finney. However, Back refuted these speculations.

Grayscale Investments is a digital asset management fund founded in 2013. It allows US-accredited investors to buy cryptocurrency investment products in a regulated environment through traditional market instruments.

Author:

Tatiana Darda Tatiana Darda

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