The CEO of Blockstream, Adam Back, has stated that Bitcoin is a great deal at its current price of $66,720, despite a recent drop in value. According to Back, the market is not fully appreciating Bitcoin's true worth, and he believes that it may take a few more bear markets for investors to recognize its value.

While some experts, like Jeff Ross from Vailshire Capital, are predicting a significant drop in Bitcoin's price, Adam Back remains optimistic about its long-term potential. He anticipates a sharp increase in Bitcoin's value in the future.

The Impact of the Halving Event on Bitcoin Prices

Despite Adam Back's bullish outlook on Bitcoin, other industry experts, such as Arthur Hayes, are more pessimistic. Hayes, co-founder of BitMEX, warns of a potential price decline before the halving event, a process that reduces the supply of new BTC in circulation.

Adam Back is confident in Bitcoin's ability to reach $700,000 in value, should it achieve a market cap similar to gold, which would be a substantial increase from its current price levels.

Criticism of the Defiance 2X Short MSTR ETF

In addition to commenting on Bitcoin's price, Adam Back has criticized the Defiance 2X Short MSTR ETF, calling it "terrible" and unlikely to survive. He believes that the ETF's strategy of shorting MicroStrategy Incorporated, a company heavily invested in Bitcoin, is risky due to Bitcoin's volatility and its strong correlation with MicroStrategy's stock.