Blockstream CEO Adam Back Predicts Bitcoin Will Hit $300,000 In Five Years
The Bitcoin community is not lacking bullish predictions for the king coin, even as the third halving has not brought a spike. According to Blockstream CEO and co-founder Adam Back, Bitcoin is still healthy and is on its way to $300,000.
Speaking during a Bloomberg interview, Back said that the ongoing economic downturn that the world is experiencing because of the coronavirus pandemic could be a strong catalyst for Bitcoin’s spike. He said that the situation of things has inspired many people to consider crypto as a way to circumvent the failing financial system.
“It might not require additional institutional adoption because the current environment is causing more individuals to think about hedging. And retaining value when there’s a lot of money printing in the world.”
Back said that if things continue the way they’re heading, Bitcoin could hit $300,000 by 2025. The CEO also admitted that he mines Bitcoins. However, he doesn’t have any desire to dispose of the mined Bitcoins because he believes that it will spike leading up to 2025.
Apart from the economic downturn, Back also said the coronavirus pandemic will cause more people to actually consider the real value of money, leaving people “looking for ways to preserve money.”
Bitcoin recently broke $10,000 but did not maintain it.