Adam Back Praises Bitcoin – Calls BTC The Foundation Of A New Digital Age
The crypto market looks pretty mixed today, but Bitcoin is trading in the green. The king coin is currently priced at $9,742.57.
Adam Back praises Bitcoin on Twitter
After some allegations that floated online that he’s in fact the creator of Bitcoin, Satoshi Nakamoto, Adam Back in here with a tweet that some called, “the tweet of the year.”
#bitcoin blockchain is the new wonder of the world, more work and human ingenuity, than went into the great pyramids of Egypt. The biggest computation ever done, a digital monument, a verifable artefact of digital gold – the foundation of a new digital age https://t.co/lSAwT8UdRQ pic.twitter.com/n4L6CaxDsc
— Adam Back (@adam3us) June 4, 2020
Vitalik Buterin hopped in the comments and said: “The metaphor is very correct, though probably not in the way that it was intended. (ok I actually *don’t* mean that BTC is a pyramid scheme; more that PoW and the pyramids are both epic wastes of resources).”
Hodlonaut said that this could be the tweet of the year and someone else had another interesting point of view:
“if you wanted to destroy the pyramids you would have to put in an equal amount of effort as went into building them. However, with regard to Bitcoin, you’d have an asymmetry here as more effort would have to be put into its destruction than what went into its creation.”
Bitcoin is on its way to $300k
Adam Back was in the spotlight not too long ago again when he said that Bitcoin will reach $300k.
It’s been said that Bitcoin and the crypto market need institutional investors for the king coin’s price to head over to the moon. Now, Adam Back pops up and says that this is not even necessary.
He also said that he’s a big believer in Bitcoin and he’ll never sell his holdings.
A highly-skilled cryptographer, Back developed HashCash, the proof-of-work anti-spam mechanism. Now the CEO of Blockstream, one of the major founders and development teams behind Bitcoin Core, Back often speaks on the benefits of Bitcoin, and presented at the G20 Meeting of Finance Ministers this year.
Vitaly Dmitriyevich "Vitalik" Buterin is the co-founder of Ethereum, the world's most popular smart contract platform that enables developers to build decentralized applications (at the time of wirting this, ETH has a market cap pf $2B). Prior to his development of Ethereum, Buterin was the co-founder of Bitcoin Magazine.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.