Bitcoin pioneer Adam Back, one of the first crypto experts who helped lay the ideological foundation for Bitcoin, believes that the price of Bitcoin is on track to reach $100,000, and that the move is “overdue.”
Back has been involved with Bitcoin since its early 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, Buck explained his bullish view on Bitcoin's potential. “I think it's kind of overdue already,” he said of Bitcoin reaching a six-figure valuation.
“Bitcoin has done very well, and many new applications like Strike are coming 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 And $5,000. By. Just mark $100,000.”
Buck's comments come after Bitcoin surged in 2023 following a harsh bitcoin winter in 2022. Since then, the approval of spot bitcoin ETFs in the US in January has reignited interest in the asset class.
The British crypto expert is one of the most respected veterans in the industry, which makes his bullish price outlook noteworthy.
In addition to leading cryptocurrency and proof-of-work research, Back is the CEO of Blockstream, a Bitcoin technology company that focuses on development, but also has significant investments in mining.
With Bitcoin trading at around $72,600 at the time of writing, a jump to $100,000 would represent a gain of 37.7% from current levels.
While a six-figure Bitcoin price remains controversial, Buck believes the network's fundamentals combined with growing institutional adoption make it possible in the coming years.
If this prediction comes true, it will mark a new all-time high for Bitcoin.
