Adam Back: Crisis Will Push BTC to $300K Even Without Institutions

Wednesday 03 June 2020, 12:13 PM AEST - 3 months ago

Blockstream's Adam Back says that unlimited money printing will drive retail investors towards Bitcoin and push the price to $300,000 within five years.

In an interview with Bloomberg — in which he once again denied he was Bitcoin (BTC) creator Satoshi Nakamoto — Back outlined his thinking behind the sky-high price prediction.

The cypherpunk OG — who was cited in the Bitcoin White Paper — added that BTC may not need the long-awaited flood of institutional money to push it into a bull run.

"It might not require additional institutional adoption because the current environment is causing more individuals to think about hedging, Back said. And retaining value when theres a lot of money printing in the world.

Back is a HODLer

Back — who HODLs the BTC he mines in expectation of price appreciation — cited a number of trends working in Bitcoin's favour. These included more people working from home as well as overvalued bonds and real estate investments which make it difficult to get a decent return on most investments.

It is causing people to think about the value of money and looking for ways to preserve money, Back said. Its a difficult environment to get any yield.

While he praised institutional investment fund Grayscale Investments, which is now buying up more Bitcoin than is being mined, he said the investors call from Goldman Sachs last week showed many big players did not understand the paradigm shift. However, this was a money making opportunity for those already in the space.

"It showed some misunderstandings about digital scarcity and whats useful about Bitcoin, Back said.

You have a major sophisticated market player like that with unclear understanding of the value. To me that indicates theres still a lot of headroom for price appreciation and adoption in the market.

Back in the day

In May, a YouTube video from Barely Sociable claimed Back was Satoshi and racked up 300,000 views. He's in the realm o ...

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