Recent comments by Adam Back, CEO of Blockstream, brought attention to the prediction of falling gold prices in light of news about the Psyche 16 asteroid, rumored to contain significant reserves of this metal.
Adam Back's Gold Forecast
Adam Back, who previously corresponded with Satoshi Nakamoto, expressed an extremely bearish outlook on gold. He commented on a tweet from colleague Samson Mow, who stated that the Psyche 16 asteroid approaching Earth allegedly contains gold valued at approximately $700 quintillion. Back noted that such an influx of gold into the market would cause prices to collapse: 'The glut of gold would cause the gold price to crash.'
Opinions on Bitcoin's Value
Mow also emphasized that there is zero Bitcoin on Psyche 16, unlike gold, whose supply can be greatly expanded. He pointed out that Bitcoin's supply is capped at 21 million coins, and its mining is halved every four years due to regular programmed halving events. The most recent halving took place on April 20 last year, reducing miners' rewards from 6.25 to 3.125 BTC.
Elon Musk's Statement on Bitcoin
In contrast to Back, recent comments from Elon Musk regarding Bitcoin also sparked discussions within the global crypto community. Following his intention to establish a new political 'America Party', he addressed the issue of Bitcoin, criticizing the inefficacy of fiat currency: 'Fiat is hopeless, so yes.' This statement received widespread attention among his 221 million Twitter followers.
Statements regarding the future of gold and Bitcoin highlight the importance of resource dynamics and funding. Observing the views of Adam Back and Elon Musk, one can see different perspectives on the financial market and the future of cryptocurrencies.
