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Bitcoin is cheap now, or at least that is what Adam Back said when commenting on the recent price roller coaster of the leading cryptocurrency.
However, the exact point to which Back, a man who was mentioned in the Bitcoin whitepaper by Satoshi Nakamoto himself, was referring was that four years ago, the cryptocurrency peaked at $69,000. That was without exchange-traded funds run by such financial mastodons as BlackRock, or the establishment of BTC as a strategic reserve of the United States of America.
Gamza KhanzadaevThe latter happened in the last 24 hours. Nevertheless, Bitcoin is currently trading at only $89,000, just 28% above the 2021 high.
Satoshi's associate, if you can call him that, is not bothered, and for him Bitcoin is cheap right now. Back is not alone in his vision. For example, Max Keiser, another prominent cryptocurrency evangelist, is confident that Bitcoin will soon experience a major revaluation. Soon, that is, in the next few hours and in this month, to be exact.
Godfrey BenjaminAnother vocal supporter of BTC, Samson Mow, is even more "far out" in his predictions, and for him, Bitcoin under $1,000,000 is cheap.
When Bitcoin will not be cheap for Back is not unknown, but in the current reality, it is. External forces, especially politics, play their role - perhaps now like never before.
So, cheap or not?
It depends on who you ask. Bitcoin maxis do not worry about dips; they call them “discounts." They do not see volatility, they see opportunity. And let's be honest, such a vision is justified, with the cryptocurrency remaining in a primarily up-only trend since its inception in 2009.
Vladislav Sopov
Dan Burgin