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- Adam Back, the founder and CEO of blockchain company Blockstream, stated in a recent analysis that Bitcoin’s price and Bitcoin mining equipment often follow the same path.
- Indeed, the CEO mentioned that ASIC miners and Bitcoin prices frequently have a correlation and pointed to historical data to support his claims.
- Back expressed his belief that ASIC miners would rise again and predicted that this could happen as Bitcoin moves towards a bull market.
Adam Back, co-founder and CEO of Blockstream, examined the correlation between Bitcoin price and ASIC miners.
Adam Back Explains the Correlation in Bitcoin Price
Adam Back, the founder and CEO of blockchain company Blockstream, examined the correlation between Bitcoin’s price and ASIC miners in a recent analysis. He supported his claims by referring to historical data.
The CEO indeed stated that ASIC miners and Bitcoin prices often have a correlation. He pointed out that during the period before the start of the 2021 Bitcoin bull market, there was a shortage of miners, leading to lower prices for ASIC miners.
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Back mentioned that during this period, people were optimistic about the future price trends of Bitcoin. Therefore, when the rally began, the prices of miners also increased, and the digital asset experienced ups and downs during this bull market.
At the same time, when Bitcoin set a new all-time high, Back noted that ASIC miners also reached peak prices, around $120 per 1 Terahash. However, he added that demand for these machines decreased following the drop in BTC value.
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Currently, the CEO mentioned that machines that traded for up to $120 in 2021 are now priced at less than $15 per 1 Terahash. He also noted that machine prices have remained low this year despite Bitcoin gaining momentum, erasing previous losses.
Back Expects $100,000 for Bitcoin
Back expressed his belief that ASIC miners will rise again, and he predicted that this could happen as Bitcoin moves towards a bull market. He noted that Bitcoin prices generally rise six months before Halving. However, he mentioned that he couldn’t predict for sure if it would be the case this time. Meanwhile, the CEO made an optimistic prediction for Bitcoin in the near future. Back predicted that with institutional adoption, the token could surpass $100,000.
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Current data shows that Bitcoin has been holding at around $34,000 since the beginning of the week after a recent slowdown. In the last 24 hours, BTC has experienced a slight decrease, currently trading at $34,500.
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