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Adam Back, the chief executive officer of BlockStream, also known as the creator of HashCash mentioned in the Bitcoin whitepaper by mysterious Satoshi Nakamoto, has made an ultra-bullish BTC price prediction.
He believes that during the current market cycle, the world’s flagship cryptocurrency will reach six figures. Back took part in the Milk Road podcast earlier this week.
Alex DovbnyaBitcoin to $500,000 minimum, Back says
Back reckons that Bitcoin trading even at $100,000 is cheap, expecting it to skyrocket much higher this year, or in this market cycle anyway. The price prediction he shared with the podcast host is that Bitcoin is likely to reach a minimum of $500,000 and then go on to $1,000,000 per coin.
He noted that looking at the previous two or three Bitcoin halvings, the percentage increase of the BTC price after them has gone down significantly. Per Back, this is mostly down to the 2020 pandemic and excessive money printing undertaken by the Federal Reserve over the last few years.
Yuri MolchanI'm not Satoshi Nakamoto, Back repeats
Once again, when asked about this, Adam Back rejected being Satoshi Nakamoto. He described people’s attempts to unveil Satoshi’s true identity as a “fascinating topic.” He understands that the community is curious since the “founder of a major Internet phenomenon” was anonymous, and he preferred to stay anonymous until the end.
He said that curiosity makes people speculate as to maybe one of the early Bitcoin developers or Back, who received an email from Nakamoto and whose HashCash was mentioned on the BTC whitepaper, is Satoshi himself. But once again, Back insisted that he is not Satoshi.
Back stressed that Satoshi did not collaborate with anyone when working on Bitcoin, not even with Back, when Back received the first email in August 2008; it was a draft whitepaper of Bitcoin. Back believes that Satoshi wrote the Bitcoin code before he wrote the whitepaper to prove to himself that BTC worked, and only then did he send a draft of it to Adam Back.
Vladislav Sopov
Dan Burgin