Blockstream CEO Adam Back predicts Bitcoin could exceed $100K, suggesting the current price cycle is ten times bigger than past ones. He acknowledges the role of ETFs in making Bitcoin more accessible but cautions against over-reliance on them. Back is a notable figure in Bitcoin’s history, having directly influenced its foundational concepts. He maintains that Bitcoin’s true strength lies within its decentralised nature, especially as market dynamics shift.
The CEO of Blockstream, Adam Back, recently expressed confidence in Bitcoin’s remarkable future, suggesting that the current price cycle could be ten times larger than previous ones. He firmly believes that Bitcoin will surpass the $100,000 mark, which many are watching closely. Despite acknowledging the accessibility of buying Bitcoin through ETFs, he warns that having too much of it in these funds could pose problems for the decentralised ethos that Bitcoin embodies.
Back is not just any figure in the Bitcoin community; his contributions paved the way for Bitcoin’s model. Credited with the original concept behind Hashcash, which influenced Bitcoin’s proof-of-work system, Back’s journey in crypto is storied. He assembled Blockstream in 2014 and since then, the company has played a pivotal role in Bitcoin’s infrastructure, including launching the first sidechain, Liquid Network, in 2018, which facilitates quicker transactions.
Speaking on Bitcoin ETFs, Back points out that they have actually broadened Bitcoin’s reach, especially for older investors. “Accessibility is key,” he says, noting that ETF investors typically hold onto their assets longer than those who purchase directly through exchanges, often aiding in price stability.
Interestingly, some hardcore Bitcoin supporters have shifted their stance and moved their assets into ETFs. Notably, a significant figure in the Bitcoin scene, known as PlanB, cited the convenience and security of the ETF route, admitting in a recent post that he no longer identifies as a maximalist. This is a trend that even Back finds curious.
Interestingly, Back mentioned that government Bitcoin holdings, which include a significant stash from past seizures, have also changed over time. For instance, in July 2024, Germany sold 50,000 BTC, a move noted for its timing due to Bitcoin’s skyrocketing value. Governments now hold about 463,741 BTC globally, constituting roughly 2.3% of Bitcoin’s total supply.
Controversy seems to follow Back, particularly regarding his legendary status and the frequent speculations around his identity as Satoshi Nakamoto. He laughs it off, stating that the speculation is understandable given the early days of Bitcoin involved a tight-knit group of developers. He admits though, it probably won’t lead to concrete answers on Satoshi’s identity – a mystery meant to remain.
He pointed out that unlike Bitcoin, many altcoins operate under a centralized leadership model, which can undermine their decentralised nature. His remarks highlighted a significant difference with Ethereum’s founder, Vitalik Buterin, along with his ongoing challenges with governance within that community.
Back’s involvement in Bitcoin goes deeper than just promoting the currency; he stayed loyal during the Blocksize wars that led to the creation of Bitcoin Cash, a fork of Bitcoin. His dedication seemed to pay off as he remains committed to Bitcoin while many others jumped ship. The focus, in Back’s view, should always stay resolutely on maintaining Bitcoin’s decentralised nature.
Looking ahead, Back expressed optimism about Bitcoin reaching prices well over $100,000 by 2025. He linked this potential surge to the ongoing ramifications of the FTX bankruptcy and the subsequent payout of almost $16 billion to creditors. “If that money is reinvested in Bitcoin, the effect could be significant,” he notes.
He observes that sentiment around Bitcoin often echoes past patterns. The scepticism around reaching various price milestones is something he has noted through the years; he believes we are just seeing the same thing play out, albeit at a grander scale, now with Bitcoin hitting new highs. With remarkable foresight, he quipped that if he could rewind time, he would just wish he had bought more Bitcoin earlier in his journey, a sentiment that resonates with many in the space.
