Bitcoin ‘Early In Bull Market,’ Can Compete With Gold ETFs, Blockstream CEO Says

Blockstream CEO Adam Back believes Bitcoin (CRYPTO: BTC) is entering a fresh bull market, citing strong inflows from ETFs and institutional investors.

What Happened: “We’re certainly in the early stages of a bull market,” Back told CNBC on Wednesday, emphasizing the growing demand for Bitcoin among financial institutions.

Back highlighted that Bitcoin ETFs are currently absorbing twice the daily mined supply, with firms like MicroStrategy further adding to the buying pressure.

“Really, there’s a lot of inflow,” he said, adding that despite short-term profit-taking by midterm investors, structural demand remains robust.

Bitcoin is …

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