$50K Per BTC, Says Adam Back, Creator of Hashcash System Used in Bitcoin

$50K Per BTC, Says Adam Back, Creator of Hashcash System Used in Bitcoin

By Abhimanyu Krishnan | News | 6 Oct 2020


Blockstream CEO Adam Back has offered his price target for Bitcoin (BTC) in 2022 over Twitter on October 5, saying that the 1 BTC could be worth $50,000 in two year’s time.

  • Back offered a “conservative” estimate, saying that BTC’s market cap would hit $1 trillion in 2 years, “probably sooner”
  • Back is the creator of Hashcash, which is used in Bitcoin, and currently runs Blockstream, which is building infrastructure for the cryptocurrency industry
  • He was responding to a prediction by Ark Investment Analyst Yassine Elmandjra, who said that BTC would add trillions in the next 5 to 10 years
  • Bitcoin’s current market cap is $198.5 billion; meaning that the asset would have to grow 5x in 24 months to reach a $1 trillion market cap 
  • Being touted as digital gold, Bitcoin’s market cap has often been compared to gold, which has a market cap of $9 trillion
  • If Bitcoin were to that market cap, it would put 1 BTC at $400,000

Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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