Bitcoin Targets $300k Even Without Institutional Investors
The crypto market looks good today with most of the coins trading in the green.
At the moment of writing this article, Bitcoin is trading in the green and the king crypto is priced at $9,683.14.
Bitcoin is on its way to $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 sees BTC reaching $300k, and he said that he’s a big believer n BTC and will never sell his holdings.
He corresponded with Satoshi Nakamoto and created a proof-of-work system before BTC was invested and he pointed to coronavirus and the increased printing of cash as the two factors that are changing the perception of people about money.
Back explained that retail investors would be pushing BTC to $300k in 5 years regardless of what institutional investors are doing.
“It might not require additional institutional adoption because the current environment is causing more individuals to think about hedging. And retaining value when there’s a lot of money printing in the world,” he said.
Back also mentioned the crisis that came for BTC from Goldman Sachs.
Adam Back denies he’s Satoshi Nakamoto
Back also made sure to deny he’s Satoshi Nakamoto, the creator of Bitcoin. This assumption has been floating around in the media.
“No, I am not. It’s generally viewed at this point as better that the founder of Bitcoin is not known, because a lot of people have a hierarchical mindset…” he said.
He continued and explained: “Because Bitcoin is more like a digital gold, you wouldn’t want gold to have a founder. For Bitcoin to keep a commodity-like perception, I think it’s a very good thing that Satoshi stays out of the public.”
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.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.