Blockstream CEO: Bitcoin price is likely to reach $100,000 this year

Adam Back, CEO of blockchain technology company Blockstream, has said that it is “very likely” that the price of Bitcoin will reach the $100,000 mark this year, and even suggested that it is feasible for BTC to trade at $500,000 in the long run.

In an interview with Anthony Pompliano, Back said that after analyzing Bitcoin options prices, the $100,000 target is “very likely” to be achieved this year.

He added that he likes the comparison that suggests BTC is a competitor to gold and believes that Bitcoin is a better physical gold in many ways. Back added that using this comparison and extrapolating "a valuation" based on "how many tokens there are" and the current price of gold, he can come up with a Bitcoin price prediction of "hundreds of thousands... maybe even $500,000."