Samson Mow: We Will Never See $50k Again, Stack While you can
The Bitcoin price might be consolidating, weaving between the $50-$60k zone. However, for Samson Mow, the CSO of Blockstream—which funds Bitcoin development, this is the last time BTC/USD price will be within this range. He predicts Bitcoin prices to reach $100k in the next few months, a forecast in line with most permabulls. Accordingly, at spot rates, rather than exiting, it may present an opportunity for investors to add to their longs, stacking up on dips while targeting $100k.
Bitcoin has been a tremendous success, adding one million percent in the last decade. Considering recent gains, BTC could still outperform other assets this decade too. With a 3X growth in the previous five months alone, the $100k target may seem far-fetched but very attainable. It is considering the level of fiat debasement as governments desperately aim to tame the coronavirus spread and resuscitate the economy. Other than the $1.9 trillion set aside as the COVID-19 Relief Package, the Biden administration is readying another $3 trillion for infrastructure and job creation.
Impact on the BTC Price:
Bullish. The economy is at a crux. To avert a recession, governments are hitting the money printers. Subsequently, the BTC, in the face of inflation and value erosion, stands to the major beneficiary.
More market news over on our Blog
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.