• Thu. Feb 29th, 2024

Current Financial Condition will pump Bitcoin to $300k with the help of Retail Investors, claims Adam Back

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Jun 3, 2020

The founder, and CEO of Blockstream, Adam Back, believes that Bitcoin will reach $300k due to current financial weaknesses, and it even does not need an injection from Goldman Sachs to reach that position.

Unlimited Printing Cause People to Hedge Money

Cypherpunk thinks that retail investors will attract toward bitcoin due to the unlimited printing of cash, and this act of retail investors would help Bitcoin to touch $300k within five years. He made his latest five years speculation for the top digital asset in an interview with Bloomberg. Adam back is one of the pioneers of Bitcoin who was also cited in Bitcoin whitepaper but he denied the claim as a creator of the first-ever digital asset.

Blockstream CEO Adam Back
Blockstream CEO Adam Back

Back said:

“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.”

According to him, the current scenario is in favor of Bitcoin such as the beginning of remote work and low return on real stare investments and overvalued bonds. “It is causing people to think about the value of money and looking for ways to preserve money,” Back added.

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He welcomes the investments from the investment fund Grayscale as it is now buying BTC more than ever. But on the other hand, investors’ call of Goldman Sachs unveils that investors are unable to understand the growing reputation of cryptocurrency. “It showed some misunderstandings about digital scarcity and what’s useful about Bitcoin, Blockstream’s CEO said.

“You have a major sophisticated market player like that with unclear understanding of the value. To me that indicates there’s still a lot of headroom for price appreciation and adoption in the market.”

Is Adam the founder of Bitcoin?

Some members of the crypto community consider Adam Back the creator of Bitcoin but he rejects this claim many times. And he thinks the founder should not appear on the screen. “You wouldn’t want gold to have a founder,” he said.

“For Bitcoin to keep a commodity-like perception, I think it’s a very good thing that Satoshi stays out of the public.”

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