British cryptographer and Blockstream CEO Adam Back said in an interview with Bloomberg News that Bitcoin will rise from the current $10,000 to $300,000 within five years.
In the interview, he also denied speculation that he was the creator of Bitcoin, “Nakamoto.” Last month, Barely Sociable, a YouTube channel with nearly 400,000 subscribers, posted a 40-minute video saying that 49-year-old Back is Satoshi Nakamoto. This video has attracted nearly 300,000 views so far.
Back said, “No, I’m not. At this point, it’s best not to know who the founder of Bitcoin is. If people go to learn a certain technology, they will try to find out who is the CEO of the company. You can ask questions. Bitcoin is more like Crypto gold, so you shouldn’t want gold to have a founder. I don’t think it’s a good thing that Satoshi Nakamoto will not show up in public.”
Backstream’s Blockstream company sells bitcoin-related equipment. It also helps institutions such as Fidelity Investments and investors mine bitcoin.
Back himself will also mine bitcoin, but he said he will not sell these bitcoins. One of the reasons is that he believes that Bitcoin will rise from the current approximately US$10,000 to US$300,000 within five years, even if no institutional investors enter.
He said that Bitcoin has been promoted by individual investors since its birth, and they will continue to support Bitcoin when institutional investors are cautious.
Back said, “Because the current environment has made more people think about hedging, it may not require additional support from institutional investors.”
He believes that due to the impact of the covid-19 epidemic, more and more people work from home, real estate investment is more risky, bonds may also be overvalued, and some investors may turn to bitcoin. Back emphasized, “This makes people start thinking about the value of money and find ways to save it.”
He also believes that one indication that bitcoin demand has been is that in the past few weeks, the number of bitcoins purchased by Grayscale investment companies alone has exceeded the amount of newly mined bitcoins.
Back believes that in the eyes of institutional investors, bitcoin is still largely misunderstood, especially last month Goldman Sachs believed that bitcoin “does not apply to our customers.”
Back added, “The Goldman Sachs report is interesting because it shows some misunderstandings about the scarcity of numbers and the usefulness of Bitcoin. This shows that the application curve is still in its infancy, and for me, it shows that the price appreciation and market application space Very big.”