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 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.
Back is a HODLerBack - who HODLs the BTC he mines in expectation of price appreciation - cited a number of trends working in Bitcoin's favour.
"It is causing people to think about the value of money and looking for ways to preserve money," Back said.
"It showed some misunderstandings about digital scarcity and what's useful about Bitcoin," Back said.
Back in the dayIn May, a YouTube video from Barely Sociable claimed Back was Satoshi and racked up 300,000 views.
It's a Catch-22.Inflation makes $300K achievableIn January, Back responded to reports that had unearthed early Bitcoin dev Hal Finney's wild speculation that Bitcoin may be worth $10 million one day.
"And $100K Bitcoin doesn't seem so far given we already crossed $10k threshold a few times when few expected even $1k some years back and $10k seemed crazy."
With that in mind, it's possible that Back expects a $300,000 BTC price in five years' time to be more achievable as it would be worth considerably less in today's money due to inflation.
Adam Back: Crisis Will Push BTC to $300K Even Without Institutions
pubblicato su Jun 3, 2020
by Cointele | pubblicato su Coinage
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