Adam Back, the CEO of Blockstream and the suspected anonymous creator of Bitcoin engaged in the latest Bloomberg interview. He stated that Bitcoin has the potential to reach $300,000 with or without the help of institutional investors.
First and foremost, he reiterated once more that he is not whom people think he is, Back denies being Nakamoto. Moving forward, he concludes that with the increased money production alongside the recent crises the world face today, people’s perception of monetary assets will be forced to change. Back predicts that in the coming five years, BTC’s value will skyrocket to $300,000 with the help of retail investors alone.
Inflation is what Back sees would be the main reason for his outlandish prediction. As we may recall, Back responded to several reports that unveiled Hal Finney, a pioneer Bitcoin developer’s, wild assumption that Bitcoin would propel itself one day to about $10 million apiece.
Hal Finney: $100 trillion pic.twitter.com/Pb8lv9pNUx— PlanB 🔴 (@100trillionUSD) January 11, 2020
Back supported this take by saying that it is indeed possible due to high inflation rates, which could make the $1 today worth just about $0.10 over the next decade. Taking that into consideration, we may look at it as if the $10M per BTC would only equate to $1M per BTC in today’s monetary values.
Looking at it from that perspective, Back’s statement of BTC’s price shooting up to $300,000 may not be that crazy. This is because within the five years that he foresees, it could just be worth significantly less compared to today’s money due to the said inflation.