Cryptocurrency expert and businessman Adam Back has recently been accused of being Satoshi Nakamoto. He predicts that Bitcoin will reach a value of USD 300,000 in a period of 5 years.
Cryptocurrency expert Adam Back recently expressed his strong positive opinion on the future of Bitcoin’s value. He noted that some investors may take BTC into account due to the precarious global economic situation that COVID-19 has caused.
Back believes that the price of BTC will reach bullish values of up to USD 300,000 in a period of 5 years, without further involvement of institutional investors, mainly relying on retail buyers.
However, Back commended Grayscale Investments’ investments in Bitcoin. Besides, he referred to the latest report by the banking giant Goldman Sachs, in which they say that “Bitcoin is not a suitable investment” for their customers, making it clear that institutional investors commonly misunderstand the main cryptocurrency.
He said that those reports show misunderstandings about digital scarcity and what is useful about Bitcoin. However, he stressed that they give those who are already in the world of BTC more opportunities to generate profits.
Adam Back Insists that He Is Not Satoshi
The name “Adam Back” has been noted for appearing on the Bitcoin white paper. Furthermore, he is the creator of HashCash, the Proof-of-Work (PoW) system currently used on the BTC network.
In addition to his relationship with the early days of BTC, Back is a loyal Bitcoin enthusiast in general. He admits that he mines the cryptocurrency but does not sell it. Many people have taken this valuable information to claim that Adam is Satoshi Nakamoto, the founder of Bitcoin.
Back said that he is not Satoshi and added that the identity of the creator of the cryptocurrency with the largest circulation worldwide should remain anonymous.
He considers that no one should know the founder of Bitcoin. Since the cryptocurrency is rather a kind of digital “gold”, it would not be a good idea to have a founder. To continue to perceive Bitcoin as a commodity, Back believes that Satoshi should stay out of the public eye.
In a video from the YouTube channel “Barely Sociable”, published in mid-May, they claim that Back is Satoshi. Even though it has had more than 300,000 views, he has not given any affirmative replies, but quite the contrary.
Inflation in Economy Could Drive Bitcoin’s Price Rise
Back’s statements only further support the comments that he made on Twitter last January. He responded to a report by Hal Finney, a pioneer in running Bitcoin software, about the possibility that BTC could one day be worth USD 10 million.
Back says that that price is closer than it seems since US dollar inflation increases in the path of hyperbitcoinization. For example, with the help of the modern monetary theory that justifies high inflation, a US dollar could turn 10 cents worth in a decade or two of monetary folly. Therefore, 10 million dollars/BTC would be one million dollars/BTC in today’s money.
Once again, this cryptocurrency expert’s opinions demonstrate the full potential of the leading cryptocurrency on the market. The fact that Back maintains that he is not Satoshi Nakamoto is a sign that what matters most to him is the value of Bitcoin to current and potential investors.
By Alexander Salazar
