Co-Founder and CEO of Blockstream Adam Back believes that Bitcoin could reach $300,000 in five years due to the current economic situation worldwide. In an interview, he also refuted the recent claims that he is the mysterious person behind BTC – Satoshi Nakamoto.
Bitcoin To $300,000 By 2025?
In his recent interview with Bloomberg, the popular cryptocurrency proponent admitted that he is mining bitcoins, but he’s not selling them. The reason why Back is not disposing of his coins could be attributed to his belief that the primary digital asset may increase to $300,000 in the next five years, without any additional adoption by institutional investors.
“It might not require additional institutional adoption because the current environment is causing more individuals to think about hedging. And retaining value when there’s a lot of money printing in the world.”- Back explained.
His rather optimistic prediction also compared Bitcoin’s position in the market to the roles of other investment opportunities in a future society altered by the COVID-19 pandemic.
More specifically, Back noted that bonds “may be overvalued” and that lots of people will work from home, hence making real-estate investments riskier. Therefore, this causes “people to think about the value of money and looking for ways to preserve money,” which could propel them towards Bitcoin.
Back also discussed the recent presentation from Goldman Sachs, in which the giant multinational investment bank said, “cryptocurrencies including Bitcoin are not an asset class.” He argued that the report showed “some misunderstandings about digital scarcity and what’s useful about Bitcoin. It indicates it’s still early in terms of the adoption curve,” he added.
Back: I’m Not Satoshi
The cryptocurrency community has seen an increased number of speculations lately that Adam Back is indeed Satoshi Nakamoto – the anonymous Bitcoin creator. While Back has been somewhat sarcastic on Twitter about those claims, he denied them during the interview.
However, he also mentioned that it’s better for the primary cryptocurrency if the identity of its creator remains a mystery:
“It’s generally viewed at this point as better that the founder of Bitcoin is not known because a lot of people have a hierarchical mindset. If you read about a technology, you try to figure out who is the CEO of a company, and people want to ask questions.
Because Bitcoin is more like digital gold, you wouldn’t want gold to have a founder. For Bitcoin to keep a commodity-like perception, I think it’s a very good thing that Satoshi stays out of the public.”
Featured image courtesy of Bloomberg