U.Today - Adam Back, the CEO and founder of Blockstream, cypherpunk and the person mentioned in Satoshi Nakamoto’s Bitcoin white paper, has commented on the overall situation in the cryptocurrency market and the near future of BTC at the same time.

Bitcoin is cheap while under $100,000, Adam Back says

Commenting on a recent X post published by the Bitwise CIO Matt Hougan about the world’s leading cryptocurrency, cypherpunk Back said that it is wise to buy Bitcoin now, while it is trading below $100,000. Back referred to that price range as “cheap.”

He also agreed with Hougan that after $100,000, Bitcoin’s price will start to rally harder. The Bitwise CEO explained the current Bitcoin price surge — it has happened because of the current state of the economy, which is poor: “Bitcoin is rallying because they broke the economy.”

Once the U.S. government begins to “fix the economy,” Bitcoin will start rallying harder, he believes.

Over the past 24 hours, Bitcoin spiked by 6.5%, rallying from $88,590 to the $94,355 level. By now, a small rebound has taken BTC down to $93,650.

Bitcoin to hit ATH this year, following gold: Tom Lee

Fundstrat’s Tom Lee visited CNBC’s Squawk Box show this week to talk about stocks, Bitcoin and gold. Lee believes that Bitcoin is about to start rallying now that the deleveraging that it was facing earlier is over — financial institutions have sold all they could, including Bitcoin, to secure their investments.

This year, the gold price has been rallying hard and reached a new all-time high twice, the most recent one occurred this Monday, when gold hit $3,500 per troy ounce. Tom Lee said that he believes Bitcoin can start catching up to gold, which likely means it may reach a new all-time high.

He said there is a lot of room for Bitcoin to catch up with gold.

This article was originally published on U.Today