Blockstream CEO: The True Bitcoin Bull Run Is Yet to Come

Blockstream CEO Adam Back believes the real Bitcoin bull run is still ahead, driven by long-term holders and the impact of Bitcoin spot ETF.

In a recent interview with Coinstelegram’ Anna Tutova, Adam Back, the CEO of Blockstream, shared his insights on the future trajectory of Bitcoin. Back discussed various price predictions from industry leaders, such as Arthur Hayes, who forecasts Bitcoin reaching $1 million by the end of this cycle, with others suggesting a range of around $500,000. Back considers these predictions to be within the realm of possibility.

According to Back, Bitcoin’s ongoing bullish momentum is underpinned by several key factors, including the long-term holding behavior of investors and the growing influence of Bitcoin spot ETFs. He explains that as new investments flow into the market, Bitcoin’s market cap increases, but the price impact is amplified due to the marginal availability of the asset.

He emphasizes that new Bitcoin acquisitions, particularly by long-term holders or ETFs that store Bitcoin with custodians, can have a significant effect on the price. Back also highlights that even small-scale investments can lead to substantial increases in market cap. Moreover, ETF investors tend to hold onto their Bitcoin rather than selling, which contributes to price stability and supports the overall bullish outlook.

Back perspective suggests that the market has yet to see the full extent of Bitcoin potential price surge, as these factors continue to play out in the market.

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