- Adam Back releases a bullish Bitcoin price prediction
- Back believes Bitcoin could hit $300,000 in the next five years even without institutional adoption
- Bitcoin has more bullish reasons to skyrocket
Bitcoin News Today – Bitcoin (BTC) is currently in a bullish zone and the bulls are getting ready for another massive rally despite the unprecedented stimulus and quantitative easing of central banks. The price of Bitcoin, which has not been able to hold gains over the $10k mark over the past couple of weeks, is up by about 30 percent since the starting of this year. However, the digital currency is still far from its all-time high.
Bitcoin Could Surge to $300k in 5 Years without Institutional Adoption
Recently, Adam Back – a digital currency proponent – gave a very bullish Bitcoin price prediction. He said the price of Bitcoin (BTC) could surge to $300k in the coming years. Back believes this could happen even without the highly-anticipated institutional support from Wall Street. In an interview, Back said:
“Bitcoin might not need additional institutional adoption to hit $300k because the current situation of things is causing more individuals to think about hedging and retaining value when central banks across the globe are printing a lot of money.”
Bitcoin (BTC) Price Today – BTC / USD
Last month, Bitcoin recorded considerable gains when Paul Tudor Jones – a legendary macro investor – said he is buying BTC as a hedge against the impending inflation due to the massive printing of new currencies across the globe.
Adam Back is a cryptographer and he invented Hashcash – a verification system used by Bitcoin. Recently, he was forced again to deny he is not the mysterious creator of Bitcoin – Satoshi Nakamoto – after fresh claims last month. A few months ago, he said “Modern Monetary Theory rationale for high inflation” and “hyperbitcoinization” could mean BTC is worth $10M one day.
In a tweet, he said:
“$100k BTC does not seem so far considering the price is already over the $10k threshold a couple of times when few expected even $1k years ago and $10k seemed crazy.”
Bitcoin’s Institutional Adoption Still Looks Precarious
The long-expected institutional adoption of BTC still looks precarious regardless of some early signs Wall Street is coming around to digital currency. JP Morgan, which was once one of the biggest enemies of Bitcoin, has added its first digital currency trading platform customer. According to a report, the CEO of JP Morgan hosted secret meetings with the boss of Coinbase – the largest digital currency trading platform in the United States.
The bullish prediction of Back comes as the administration of Trump weighs another huge round of stimulus measures, possibly another $1 trillion. This year alone, the US government has signed off $3.5 trillion in relief measures to fight the global pandemic. Many analysts believe all these actions would pave way for BTC to thrive more in the near future.