bitcoin pioneer Adam Back, one of the early cypherpunks who helped lay the ideological foundation for bitcoin, believes that the price of bitcoin is on track to hit $100,000, and that the move is “overdue.”
Back has been involved with bitcoin since its inception, contributing to technologies such as Hashcash, which influenced Satoshi Nakamoto's design of the proof-of-work system that secures bitcoin and finalizes its transactions.
In a recent interview, Back explained his bullish outlook on bitcoin's potential. “I think it's a little late now,” he said of bitcoin reaching a six-figure valuation.
“bitcoin has been performing quite well and many new applications like Strike have appeared online, providing easy user interfaces. The fundamentals and price have diverged a bit, so I think the price will recover.”
Back doubled down on his $100,000 prediction in a post on x saying: “I think the reason things are quiet is that $100,000 seems long overdue, for a few years now. There isn't much euphoria in the bull market as the green candles move from $1,000 to $5,000. “Just ticking $100,000.”
Back's comments come after bitcoin rebounded in 2023 following a brutal bitcoin winter in 2022. Since then, the approval of spot bitcoin ETFs in the US in January has reignited interest in the class of assets.
The British cryptographer is one of the most respected veterans in the sector, making his bullish price prediction notable.
In addition to pioneering early digital currency and proof-of-work research, Back is the CEO of Blockstream, a bitcoin technology company focused on development but also has significant investments in mining.
With bitcoin trading around $72,600 as of this writing, a jump to $100,000 would represent a 37.7% gain from current levels.
While a six-figure bitcoin price remains controversial, Back believes the network's fundamentals combined with growing institutional adoption will make it possible in the coming years.
If the prediction comes true, it would represent a new all-time high for bitcoin.
