Bitcoin, the latest surge in the world’s largest token, hit the $ 50,000 mark last week. However, there was a correction of around 1.2% within a week. At press time, it was just under $ 48,000.
Regardless of this correction, Adam Back predicted in a recent interview with Anthony Pompliano, CEO of Blockstream, that Bitcoin would hit the $ 100,000 mark this year was “quite possible.”
In the meantime, it’s interesting to note that Adam Back in particular was one of the first people to own Bitcoin and one of the first to receive an email from Bitcoin’s pseudonymized creator Satoshi Nakamoto. He founded Blockstream in 2014 and some have suggested he could be Nakamoto himself, though Back denies these claims.
Since then, the Bitcoin market has rapidly gained dominance worldwide. He noted, “… it developed as bigger players came in, some kind of politics was made too. The BTC market has prevailed. “
However, when asked by Pompliano about the potential hurdles Bitcoin could face in 5 years, Back said the following:
“… it can get interesting when you reduce sovereign Bitcoin positions. So I think some degree of decentralization and individuals and entities holding the product and private keys will help. If there is too much ETF-like usage, it could pose a political risk. “
He also said, “ETF managers may be feeling fiduciary to do something that users do not want to do. I think the market will ultimately prevail anyway. “
The interview also touched on Bitcoin’s rivalry with gold. Needless to say, Back endorsed BTC, stating, “The comparison I liked was… (with) physical gold because Bitcoin is better physical gold in many ways. Any kind of rating can be derived from the number of coins … “