Summary
TLDR: Bitcoin pioneer Adam Back believes that the bitcoin price is on its way to hitting $100,000, stating it is overdue. He has been involved with Bitcoin since its early days and believes that new applications and increasing institutional adoption will drive the price up. Back’s comments come after Bitcoin rallied in 2023 following a brutal bitcoin winter in 2022, and he believes a six-figure price is possible in the years ahead.
Key Points
1. Bitcoin pioneer Adam Back believes that the bitcoin price is on its way to hitting $100,000, stating that the move is “overdue.”
2. Back has been involved with Bitcoin since its earliest days, contributing to technology like Hashcash, which influenced Satoshi Nakamoto’s design of the proof-of-work system that secures Bitcoin and finalizes its transactions.
3. Back’s bullish perspective on Bitcoin’s potential is supported by the improving performance of Bitcoin, the emergence of new applications like Strike, and the approval of spot bitcoin ETFs in the U.S. in January 2023.