Bitcoin pioneer Adam Back, one of the earliest cypherpunks who helped lay the ideological foundation for Bitcoin, believes that the bitcoin price is on its way to hitting $100,000, and that the move is “overdue.”
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.
In a recent interview, Back explained his bullish perspective on Bitcoin’s potential. “I think it’s kind of overdue already,” he said about Bitcoin reaching a six-figure valuation.
“Bitcoin has been performing quite well, and many new applications like Strike have come online, providing easy user interfaces. The fundamentals and price have diverged somewhat, so I think the price will catch up.”
Back doubled down on his $100,000 prediction in a post on X saying, “I think the reason things are muted is that $100k seems way overdue, for a few years now. There’s not much bull market euphoria as the $1-5k green candles scroll by. Just tick tock $100k.”
Back’s comments come after Bitcoin rallied in 2023 following a brutal bitcoin winter in 2022. The approval of spot bitcoin ETFs in the U.S. in January has since reignited interest in the asset class.
The British cryptographer is one of the most respected veterans in the space, making his bullish price prediction noteworthy.
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 that also has significant investments in mining.
With Bitcoin trading around $72,600 when this article was written, 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 fundamentals combined with increasing institutional adoption make it possible in the years ahead.
If the prediction comes true, it would represent a new all-time high for Bitcoin.