U.Today is supported by its audience. When you buy through referral links, we may earn a commission.

Bitcoin (BTC) Price Hitting $20,000 Wouldn't Be Surprising for Blockstream CEO. Here's Why

News
Sat, 03/21/2020 - 09:10
Alex Dovbnya
Adam Back, the CEO of Blockstream who was quoted in Satoshi's white paper, says that Bitcoin hitting $20,000 would't seem surprising to him
Cover image via www.youtube.com
Contents
Put your crypto to work
10
BTC
  • $68.96

    Interest per week

  • $3585.7

    Interest per year

  • 4.15%

    Interest rate

Join Now!
Sponsored by Celsius.Network

According to a tweet posted by Blockstream CEO Adam Back, he was recently dreaming about the Bitcoin (BTC) price hitting $20,000. Notably, he thinks that it would not surprise him if that happened in real life due to the current market conditions. 

Related
Here's Who Was Responsible for Bitcoin's (BTC) Historic Price Drop

No decoupling  

The coronavirus crisis has created economic mayhem that has affected pretty much every asset class. Bitcoin also took a huge hammering last week together with global stocks.  

After BTC managed to recover 80 percent of its humongous drop, the S&P 500, the flagship index of the U.S. equities market, dragged it down once again on Friday. Due to another bloodbath on Wall Street, BTC dropped 20 percent from its yesterday's high of $6,951 before the bulls stepped in to push the price back above $6,000. 

image by tradingview.com

Related
Bitcoin (BTC) Price to Bottom Before Hitting $7,000 in August: Major Trader

Bitcoin could rocket higher 

It is worth noting that Back accurately called Bitcoin's recent price spike. As reported by U.Today, he explained that dip buyers would soon start putting their cash to work.   

The drop that followed dampened bullish sentiment, but it remains to be seen whether this downtrend will continue. With the U.S. Federal Reserve firing new bazookas and the Bank of England promising to print an unlimited amount of money, there hasn't been a better time for Bitcoin to shine. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Top 10 Best Cloud Mining Sites in 2020
TOP 20 Best Bitcoin Trading Bots in 2020
Silk Road Founder Shares Update from Prison Amidst COVID-19 Pandemic
Famous British Rapper Explains Why Bitcoin Haters Will Buy BTC at $20,000
Mike Novogratz Says Bitcoin and Gold Are 'Easiest Trades,' Reveals His Favorite Stock