Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: CryptoInvestor on June 03, 2020, 05:49:23 AM
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Adam Back: Crisis Will Push BTC to $300K Even Without Institutions
Crypto pioneer Adam Back thinks the current financial situation could propel Bitcoin to $300K — even without Goldman Sachs on board.
June 03, 2020
Adam Back: Crisis Will Push BTC to $300K Even Without Institutions NEWS
Blockstream's Adam Back says that unlimited money printing will drive retail investors towards Bitcoin and push the price to $300,000 within five years.
In an interview with Bloomberg — in which he once again denied he was Bitcoin (BTC) creator Satoshi Nakamoto — Back outlined his thinking behind the sky-high price prediction.
The cypherpunk OG — who was cited in the Bitcoin White Paper — added that BTC may not need the long-awaited flood of institutional money to push it into a bull run.
"It might not require additional institutional adoption because the current environment is causing more individuals to think about hedging,” Back said. “And retaining value when there’s a lot of money printing in the world.”
Back is a HODLer
Back — who HODLs the BTC he mines in expectation of price appreciation — cited a number of trends working in Bitcoin's favour. These included more people working from home as well as overvalued bonds and real estate investments which make it difficult to get a decent return on most investments.
“It is causing people to think about the value of money and looking for ways to preserve money,” Back said. “It’s a difficult environment to get any yield.”
While he praised institutional investment fund Grayscale Investments, which is now buying up more Bitcoin than is being mined, he said the investors’ call from Goldman Sachs last week showed many big players did not understand the paradigm shift. However, this was a money making opportunity for those already in the space.
"It showed some misunderstandings about digital scarcity and what’s useful about Bitcoin,” Back 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.”
Back in the day
In May, a YouTube video from Barely Sociable claimed Back was Satoshi and racked up 300,000 views. He's in the realm of likely candidates, being an early cypherpunk who came up with Hashcash — a system of verification used by BTC. So is he the man?
"No I am not," he said — but then added that Satoshi's identity shouldn't be revealed because Bitcoin is akin to digital gold and "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.”
Which suggests that even if he was, he wouldn’t admit to it. It’s a Catch-22.
Inflation makes $300K achievable
In January, Back responded to reports that had unearthed early Bitcoin dev Hal Finney's wild speculation that Bitcoin may be worth $10 million one day. Back said that it was entirely possible that high inflation could make 1 USD be worth 10 cents over a decade or so, which would mean: "$10mil/BTC is $1mil/BTC in today's money."
"And $100K Bitcoin doesn't seem so far given we already crossed $10k threshold a few times when few expected even $1k some years back and $10k seemed crazy."
With that in mind, it’s possible that Back expects a $300,000 BTC price in five years’ time to be more achievable as it would be worth considerably less in today’s money due to inflation.
https://cointelegraph.com/news/adam-back-crisis-will-push-btc-to-300k-even-without-institutions
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He could be right and he could wrong. There's just too many IFs.
Yeah, unlimited printing money will continue to devalue fiats like USD but retail investors could easily choose gold and silver.
More people will be forced to look for more online jobs now due to the unemployment caused by the pandemic but this doesn't mean these people will buy bitcoin. They could easily choose debit cards, credit cards, and other financial services that enables digital fiat payments.
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Probably, every participant in the cryptocurrency market would like to see the price of bitcoin in three hundred thousand dollars. Bitcoin should and will grow in price, but this price so far seems sky-high.
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Probably, every participant in the cryptocurrency market would like to see the price of bitcoin in three hundred thousand dollars. Bitcoin should and will grow in price, but this price so far seems sky-high.
This can happen over a long period of time or if there can be a global financial crisis that can be crippling many big economies, though this can be hard to predict in the first place. Well, we are all hoping that BTC will eventually rise and rise to one day even reach a million dollar (another controversial prediction, I know!).
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Because of this pandemic slowly the economies of the affected countries are experiencing an economic crisis, so far their economy is running because of debt, maybe now is the right time for them to understand and utilize blockchain technology so that can make the price of bitcoin and other crypto toward the moon.
Or there will be a type of coin that is backed up with gold, so that its assets are guaranteed, so that it can be used for non-cash transactions.
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Various changes are taking place all over the world. The whole world is infected with the corona virus. So it has affected the economy in many countries. However, the governments of different countries are taking various steps to keep the economic wheel in motion. But it will be too late to return to the previous position. Almost all countries have opened lockdown but there is still panic among the people. However, bitcoin investors and related people have different plans.
There is a lot of talk about increasing prices. However, I welcome the change in price. I think the price change is a sign of improvement.
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Adam Jack can say such a thing because he is also an investor in cryptocurrency of 5,000 USD.
So when Bitcoin is priced at 10,000 USD then it already gets around 100% profit.
He did not need to reach the price of 300,000 USD because that was a very high value and even when the price was 20,000 USD there would also be a correction back to the price of 15,000 USD.
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I not sure it will reach that far within 5 years from now. If we look at current market condition BTC is still struggling to back to $20K last 2017 how much more on $300k for just 5years.
This won't happen because there are still many countries that don't have believe on crypto currency as mode of payment. As long as BTC will not gain support worldwide it is really impossible to reach that level.