According to Adam Back, a bitcoin price of $ 100,000 is not a bad idea at all. The cryptographer posted this on Twitter. He bases this idea on the rising inflation of the US dollar, but also on his belief in the potential of bitcoin.
Bitcoin value increases due to inflation
Back thinks that the value of the dollar will continue to fall in the coming years due to inflation. In his tweet he says the following: “Due to rising inflation, a dollar in a decade or two is only worth ten cents. Due to inflation, 1 million dollar bitcoins are now 10 million dollars in two decades. ”
In addition, Back continues to believe in the potential of bitcoin: “A bitcoin price of 100,000 dollars does not seem that far away, given that bitcoin was worth a few times more than 10,000 dollars.”
He continues: “Previously, few believed that a bitcoin price of $ 1,000 was possible. $ 10,000 seemed completely foolish. ”
Adam Back does not mention a specific year in which he thinks that bitcoin will reach this milestone. He is therefore less certain with his prediction than investor Tim Draper, who repeatedly says that bitcoin will be worth $ 250,000 in 2023.
Who is Adam Back?
You can safely see Adam Back as one of the founders of bitcoin. Back in 1997 designed hashcash, a system to prevent e-mail spam. Just like bitcoin, Hashcash uses cryptography and proof of work. Satoshi Nakamoto, the designer of bitcoin, got a lot of inspiration from hashcash. He even mentioned Back’s work in his bitcoin white paper.
Now Adam Back is primarily known as the CEO of Blockstream. Blockstream is a company that works on all kinds of bitcoin applications. For example, consider a satellite that broadcasts the bitcoin blockchain. So you do not need internet to use bitcoin.
What do you think? Is bitcoin worth more than $ 100,000?