Blockstream CEO Adam Back: Crisis to send Bitcoin to $300K

By Abhimanyu Krishnan | News | 3 Jun 2020

In an interview with Bloomberg on June 2, Blockstream CEO Adam Back said that the stimulus packages that governments have been releasing would push Bitcoin to “$300,000 within five years.” 

The Blockstream CEO said that this price rise would occur irrespective of institutional investment, as retail investors would be the ones driving the market forward. Still, it is worth noting that institutional investment has been on the rise - all the more power to Bitcoin and the market.

Grayscale investments, which recently posted figures that show Ethereum (ETH) investors are buying the asset at a 700% premium, is a prime example of the growth of institutional investment. Back points to the asset management firm in the interview.

Institutional investment continues to rise, as indicated by Grayscale's reports.

He also addressed the different markets that have been affected by COVID-19 and how it only places Bitcoin (BTC) in the position of being a good hedge, something investors like Tim Draper, Chamath Palihapitiya and Binance CEO Changpeng Zhao all agree with. Bloomberg analysts concluded that Bitcoin is experiencing a leap in maturation, and gaining ground as a store of value. 

Back also responded to the rumours that he may be Bitcoin creator Satoshi Nakamoto, firmly denying it.

No, I am not...If you read about a technology, you try to figure out who is the CEO of a company, and people want to ask questions. Because Bitcoin is more like a digital gold, 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.

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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