Adam Back Says Bitcoin (BTC) Targeting $300,000 With or Without Institutional Investors

Wednesday 03 June 2020, 5:55 PM AEST - 3 months ago

Blockstream CEO Adam Back says he believes retail investors alone can push Bitcoin (BTC) to $300,000.

In a new interview with Bloomberg, the crypto pioneer says hes as big a believer in BTC as ever. To this day, hes still mining the top cryptocurrency and never sells his holdings.

Back, who corresponded with Satoshi Nakamoto and created a proof-of-work system before Bitcoin was invented, points to the coronavirus and the increased printing of cash as two factors that are changing peoples perceptions about money. He says retail investors alone will likely push BTC to $300,000 within five years, whether or not large institutional players decide to jump on board.

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

Back says a recent critical take on Bitcoin from Goldman Sachs contains a number of misconceptions on scarcity, and shows its still early days for the crypto markets.

He also denies increasing speculation that he is the legendary, anonymous creator of BTC known as Satoshi Nakamoto.

No, I am not. Its generally viewed at this point as better that the founder of Bitcoin is not known, because a lot of people have a hierarchical mindset…

Because Bitcoin is more like a digital gold, you wouldnt want gold to have a founder. For Bitcoin to keep a commodity-like perception, I think its a very good thing that Satoshi stays out of the public.

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