Adam Back, the CEO of Blockstream, says the infinite money pressure will drive retail investors to Bitcoin and will push the price to $ 300,000 within five years.In an interview with Bloomberg, where he again denied being the creator of Bitcoin (BTC) Satoshi Nakamoto, Back explained his strong price forecast.The well-known Cypherpunk, who was also mentioned in the Bitcoin white paper, added that BTC may not need institutional money at all to achieve a “bull run”.
“Additional institutional acceptance may not be necessary because the current situation is causing people to think about hedging,” said Back. “It’s about preserving value when a lot of money is printed around the world.”
Back is HODLer
Back holds the BTC that he is minting because he expects the price to rise. He mentioned a number of trends that have a positive effect on Bitcoin. These trends include the fact that more people are now working from home, bonds and property investments are overvalued, making it difficult to get a reasonable return on most of the investments.”It makes people think about the value of money and look for ways to protect their money,” said Back. “It is a difficult situation to make a profit.”He praised the institutional investment fund Grayscale Investments, which now buys more Bitcoin than is mined. He said Goldman Sachs’ investor demand last week showed that many major players did not understand the paradigm shift. However, for those who are already active in this industry, this was an opportunity to make money.