"Bitcoin is cheap now," Satoshi Nakamoto associate asserts

Bitcoin is currently attractively priced, at least according to Adam Back, who is mentioned in Satoshi Nakamoto's Bitcoin white paper. Back commented on the recent price movement of the leading cryptocurrency, saying that it is still at a notably low level.

The point Back wants to emphasize is that four years ago, Bitcoin peaked at $69,000. At that time, there was no involvement of major financial institutions like BlackRock (NYSE:BLK) with exchange-traded funds (ETFs), nor was Bitcoin considered a strategic reserve asset by the US government.

In the past 24 hours, something important happened – the US officially designated Bitcoin as a strategic reserve asset. However, Bitcoin is currently trading at just $89,000, just 28% above its 2021 peak.

Satoshi Nakamoto's collaborator, as Back might call him, isn't worried. According to him, Bitcoin is actually cheap right now. Back isn't alone in his vision. For example, Max Keiser, another prominent cryptocurrency evangelist, is confident that Bitcoin is about to undergo a major correction. Specifically, he predicts that this will happen in the next few hours and last throughout this month.

Samson Mow, another strong Bitcoin advocate, goes even further in his prediction. For Mow, Bitcoin below $1,000,000 is still considered cheap.

When Bitcoin will no longer be "cheap" for Back is unclear, but in reality, its value is being assessed as very attractive. External factors, especially politics, can have a significant impact on the value of Bitcoin, especially in the current climate.

So is Bitcoin cheap?
This depends on one's perspective. Strong Bitcoin advocates don't mind volatility, they see it as a "discount" opportunity. For them, dips are not a concern, but a time to buy. In fact, this view is well-founded, as Bitcoin has continued to maintain an upward trend since its inception in 2009.