Blockstream’s Adam Back is rather bullish about the future of Bitcoin. He said that the level of $300K per Bitcoin is real.
The current financial situation due to COVID-19 may push Bitcoin to $300K, according to Blockstream’s Adam Back. He said that the price level could be achieved even without Goldman Sachs coming on board. Back is convinced that unlimited money printing will make the retail investors look at Bitcoin. That shift may push the price to $300,000 within five years.
While talking to Bloomberg, he denied that he is Satoshi Nakamoto. Also, he explained the reasons for his sky-high price prediction. The cypherpunk OG was cited in the Bitcoin white paper. He believes that BTC may not have to wait for the much-awaited flood of institutional money to push it into a major bull market.
It might not need more institutional adoption since the current market conditions are making many investors consider hedging. Thus, bitcoin may help many to retain their portfolios’ value when a lot of money is getting printed worldwide.
Bitcoin Pioneer Adam Back Is a HODLER
Adam Back holds the Bitcoin that he mines, expecting that its price will surge. Based on his analogy, many trends are working in Bitcoin’s favor. Among them are people working more from home and overvalued bonds and real estate investments. That makes it challenging to acquire a considerable return on most investments. Back added:
“It is causing people to think about the value of money and looking for ways to preserve money. It’s a difficult environment to get any yield.”
Back praised Grayscale Investments Fund for purchasing more Bitcoin than is being mined since the halving event. He added that the investors’ call from Goldman Sachs a week ago indicated that many big players are yet to understand the developing paradigm shift. Nonetheless, this is a money-making opportunity that will benefit those investors already in the space. According to Back, there exist a lot of misunderstandings and misconceptions about digital scarcity and what is beneficial about Bitcoin. He commented:
“You have a major sophisticated market player like that with an unclear understanding of the value. To me, that indicates there’s still a lot of headroom for price appreciation and adoption in the market.”
In the Past
Last month, a YouTube video uploaded by Barely Sociable alleged that Back is the real Satoshi. The video gained over 300,000 views. He ranks among the likely candidates since he was an early cypherpunk who invented Hashcash.
Hashcash is a system of authentication that is used by Bitcoin. Mr. Back denied these allegations but added that Satoshi’s real identity should never be revealed since Bitcoin is similar to digital gold. No investor would ever imagine about gold having a founder.
Therefore, Back believes that Satoshi should remain anonymous for Bitcoin to sustain a commodity-like perception. He said that even if he were the real Satoshi, he would not admit it.
$300K BTC Price Is Achievable
In January 2020, Back commented on reports that had discovered early Bitcoin developer Hal Finney’s wild prediction that Bitcoin may surge to $10 million one day. He did not oppose this speculation. He said that it might be possible since high inflation may make $1 worth $0.10 in ten years or so. That means: “$10mil/BTC is $1mil/BTC in today’s money.”
$100K Bitcoin price is not too far since the $10K threshold has already been breached several times. Several years ago, few expected that even $1K was achievable, which makes $10K interesting.
Putting that analogy into perspective, it is probable that Back is convinced that $300K BTC price in five years is achievable. That value might be worth a lot less in today’s money due to the increasing inflation levels.
Wanguba Muriuki is a content crafter passionate about putting everything into writing. He is passionate about Blockchain and Traveling. He is also an experienced creative and technical writer. Everything and everyone has a story to tell. What better way to capture the real story than in words.