Crypto expert Adam Back recently stated in an interview for Bloomberg.com his strong positive opinion on the future of Bitcoin’s value, noting that some investors may take BTC into account due to the precarious global economic situation caused by COVID-19 .
Bitcoin to Benefit from Retail, Non-Institutional Buyers
Back emphasizes that the price of BTC in 5 years time will take bullish values of up to USD $ 300,000 without major interventions by institutional investors, relying mainly on retail buyers:
“Retail investors, who have carried the torch for the past 10 or more years since Bitcoin’s debut, will continue to show their support as institutions remain cautious.”
Although Back praised Grayscale Investments’ Bitcoin investments. He also made reference to the last report given by the banking giant Goldman Sachs, (“Bitcoin is not a suitable investment for our clients“), Making clear that Bitcoin is commonly misinterpreted by institutional investors.
He notes that such reports show misunderstandings about digital scarcity and what’s useful about Bitcoin. But they give more opportunities to those who are already in the BTC world.
Adam Back insists: “No, I am not Satoshi”
The name “Adam Back” has been highlighted for appearing in the white paper Bitcoin. In addition, Back is the creator of HashCash, the PoW (Proof of Work) system currently used on the BTC network.
In addition to his relationship with the beginnings of BTC, it is no secret that Back is a faithful enthusiast of Bitcoin in general, admitting that, personally, he only mines said cryptocurrency, and does not sell it. Many people have taken this valuable information to claim that Adam is Satoshi Nakamoto, the founder of Bitcoin. But is it really?
“No i am notBack said. But he also added that it is better that the identity of the creator of the cryptocurrency with the largest circulation worldwide is left anonymous, since many people have a hierarchical mentality:
“Right now it is considered better that the founder of Bitcoin is not known (…) Since Bitcoin is more of a digital gold, you would not want gold to have a founder. For Bitcoin to maintain a perception of merchandise, I think it is very good that Satoshi is kept out of the public ”Adam Back said.
Despite the fact that a video published in mid-May by the YouTube channel “Barely Sociable”Affirming that Back is Satoshi already has more than 300,000 visits, there are still no affirmations on his part, rather, quite the contrary.
Inflation in the economy could drive a rise in Bitcoin
The statements given by Back only further support the comments he made on Twitter in January this year. He responded to a report presented by Hal Finney, a pioneer in running Bitcoin software, about the possibility that BTC could one day be worth $ 10 million.
“It is closer than it sounds as USD inflation increases on the path of hyperbitcoinization. For example, with the help of Modern Monetary Theory that justifies high inflation, so a dollar becomes a value of, say, 10 cents in a decade or two of monetary folly. So 10 million dollars / BTC is one million dollars / BTC in today’s moneyBack tweeted.