- Adam Back, co-founder/CEO of Blockstream, said the prices of ASIC miners and Bitcoin often correlate.
- The CEO noted that ASIC miners’ prices peaked in the 2021 bull market, the same time as BTC.
- The miners currently sell for under $15, but Back predicted the prices would rise as BTC value grows.
Adam Back, co-founder and CEO of blockchain company Blockstream, in a recent analysis, said the price of Bitcoin and Bitcoin mining equipment often follow the same trajectory. Back pointed to historical data to back up his claims.
Historically there’s been a high correlation between ASIC miner and #Bitcoin prices. Learn how the new the Blockstream ASIC (BASIC) Note investment opportunity capitalizes on this thesis. Blockstream CEO Dr. @adam3us explains: pic.twitter.com/zHAqhLsGet— Blockstream (@Blockstream) October 31, 2023
Indeed, the CEO in the post said ASIC miners and Bitcoin prices often correlate. He noted that before the 2021 Bitcoin bull market started, ASIC miners’ prices were charting low as there was a shortage of miners at that period.
Back said, at this time, people were optimistic about the future price trajectory of Bitcoin. Thus, when the…
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