Cryptocurrency

Adam Back: Bitcoin can be worth 300k in 5 years

Adam Back, an expert cryptographer, recently stated in an interview for Bloomberg.com their strong positive view on the future value of Bitcoin, pointing out that it’s possible that some investors will take into account the BTC due to the precarious global economic situation that caused the COVID-19.

Bitcoin will benefit from retail buyers, non-institutional

Back emphasizes that the price of BTC in the next 5 years will have values upward of up to $300,000, and without major interventions on the part of institutional investors, relying mainly on retail buyers:

“Retail investors, who have carried the torch for the last 10 or more years since the debut of Bitcoin, they will continue showing their support while institutions remain cautious”.

Adam Back

Although Back praised the investment in Bitcoin that performs Grayscale Investments. In addition he made reference to the last report given by the banking giant Goldman Sachs, (“the Bitcoin is not a suitable investment for our clients“), making it clear that the Bitcoin is commonly misunderstood by institutional investors.

He points out that such reports show the misunderstandings about the shortage of digital and what is useful about Bitcoin. But give it more opportunities to generate gains to those who are already in the world of BTC.

Adam Back, he insisted: “no, I am Not Satoshi”

The name “Adam Back” has been featured to appear in the white paper of Bitcoin. In addition, Back the creator of HashCash, the system PoW (Proof of Work) that is currently used in the network of BTC.

In addition to its relationship with the early days of BTC, it is no secret that Back is a faithful enthusiast of Bitcoin in general, admitting that, personally, mine just said criptomoneda, and does not sell. Many people have taken this information of value to affirm that Adam is Satoshi Nakamoto, founder of Bitcoin. But, what really is it?

“No, I’m not” he said Back. But he also added that it is better that the identity of the creator of the criptomoneda with the largest circulation in all over the world to stay in the anonymity, since many people have the mentality hierarchical:

“At this time is considered best not to know the founder of Bitcoin (…) As the Bitcoin is more a digital gold, you would not want the gold to have a founder. For Bitcoin to maintain a perception of goods, I think that it is very good that Satoshi is held out to the public,” said Adam Back.

Despite the fact that a video posted in mid-may by the YouTube channel “Barely Sociable” by claiming that Back is Satoshi count already with more than 300,000 visits, and there is still no affirmations on his part, rather, the opposite.

The inflation of the economy could fuel a rise in Bitcoin

The statements given by Back just support even more the comments that expressed by Twitter in January of this year. Responded to to a report submitted by Hal Finney, a pioneer in the implementation of the software of Bitcoin, about the possibility that some day the BTC could be worth$ 10 million.

“It is closer than it appears, because the inflation of the dollar, increases in the path of the hiperbitcoinización. For example, with the help of the Monetary Theory Modern which justifies the high rates of inflation, so a dollar is converted into a value of, say, 10 cents in a decade or two of madness on the currency. Then 10 million dollars/BTC is a million dollars/BTC in the money of today,“ tweeted Back.

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About the author

Belinda Carey

Belinda Carey

A finance girl by education, Belinda has been drawn to cryptocurrencies ever since Bitcoin first emerged in the 2009. Nearly a decade later, Belinda is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies.

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