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 he’s as big a believer in BTC as ever. To this day, he’s 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 people’s 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 there’s 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 it’s 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. 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…
Because Bitcoin is more like a 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.”