Can the current financial situation bring Bitcoin to $300,000?
A legend in the crypto industry speaks about the current situation and its impact on the Bitcoin price.
1 BTC for $300,000
Adam Back the legendary cryptographer and founder of Blockstream believes that by 2025 Bitcoin will be worth up to $300,000. According to him, the unlimited printing of money is supposed to push retail investors in the direction of cryptocurrency.
During an interview with Bloomberg, Back stresses that BTC may not need the long-awaited flood of institutional money to enter new peaks, as the current situation is causing more and more people to secure their funds in cryptos, preserving their value during the mass printing of money.
HODLing is the solution
According to Adam Back, the best possible option is Bitcoin HODLing. The price increase of this popular cryptocurrency is influenced by a number of factors, such as more and more people working remotely, overvalued bonds and real estate investments, which do not allow for decent returns on investment or investors’ FOMO with every even slight increase of Bitcoin, which strengthens its position.
Is Adam Back the creator of BTC?
In May this year, Barely Sociable published the video on YouTube, gathering over 300,000 views, claiming that Adam Back is Satoshi Nakamoto. They suspect him of inventing Hashcash, the verification system used by Bitcoin.
Adam responded to the hoaxes that he is not Satoshi and added that the identity of the Bitcoin creator should not be revealed due to the similarity of BTC to gold, and yet no one would want the gold to have a founder.
According to Back’s words: “In order for Bitcoin to maintain an image similar to real goods, Satoshi should remain anonymous”.
Plenty of room for development
The recent accusations of Goldman Sachs towards Bitcoin and the other cryptocurrencies just showed that many big players still don’t understand the slow change in the value of citizens around the world who are more and more interested in investing in crypto.
While Goldman Sachs and other financial giants advised against investing in digital currencies, some of the people thinking for themselves have made big money by investing in BTC, for example. According to Back, the fact that such a large and sophisticated player as Goldman does not understand the value of crypto means that there is still plenty of room for developing crypto and reaching new price peaks.
A Bitcoin price of $100,000 doesn’t seem unattainable given the current rate of $10,000 and the fact that a few years ago no one expected to go above $1,000. High inflation may make the price for BTC at $300,000 for 5 years easier to achieve, as the dollar value will certainly fall.