Cypherpunk legend Adam Back says Bitcoin is $100,000 overdue

Bitcoin pioneer Adam Back, one of the first cypherpunks who helped lay the ideological foundations of Bitcoin, said the price of Bitcoin was heading toward $100,000 and that the move was “overdue.” “I believe.

Back has been involved with Bitcoin since its early days, contributing to technologies such as Hashcash, which influenced Satoshi Nakamoto’s design of the proof-of-work system that secures Bitcoin and finalizes transactions.

In a recent interview, Back explained his optimistic views on Bitcoin’s potential. “I think it’s already overdue,” he said of Bitcoin reaching a six-figure valuation.

“Bitcoin is doing pretty well and a lot of new applications like Strike are coming online, offering an easy user interface. The fundamentals and the price have been somewhat different, so I think the price will catch up.”

Back doubled down on his $100,000 prediction in a post on X. “I think the reason things have quieted down is because $100,000 looks like it’s been a few years too late. With the $1-5,000 green candles scrolling, there’s not a lot of bull market euphoria. Just check the $100,000.”

Baek’s comments come after Bitcoin rebounded in 2023 following a harsh Bitcoin winter in 2022. Interest in the Bitcoin asset class has been reignited following the approval of a spot Bitcoin ETF in the United States in January.

The British cryptographer is one of the most respected veterans in the field, and his optimistic price predictions are noteworthy.

Back is the CEO of Blockstream, a Bitcoin technology company with a strong focus on development and significant investments in mining, in addition to pioneering early digital currency and proof-of-work research.

With Bitcoin trading around $72,600 when this article was written, a jump to $100,000 would represent a 37.7% gain over current levels.

Although a six-figure Bitcoin price remains controversial, Back believes that a combination of increased institutional adoption and network foundations could make this possible in the coming years.

If the prediction comes true, Bitcoin will reach a new all-time high.