{"id":2080,"date":"2024-03-14T14:06:15","date_gmt":"2024-03-14T14:06:15","guid":{"rendered":"http:\/\/ci02d85bb6200026fc"},"modified":"2024-03-14T14:06:15","modified_gmt":"2024-03-14T14:06:15","slug":"adam-back-100000-bitcoin-price-overdue","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/markets\/adam-back-100000-bitcoin-price-overdue","title":{"rendered":"Cypherpunk Legend Adam Back Says $100,000 Bitcoin Price is ‘Overdue’"},"content":{"rendered":"
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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.” <\/p>\n

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.<\/p>\n

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.<\/p>\n

“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.”<\/p>\n

Back doubled down on his $100,000 prediction in a post on X<\/a> 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.”<\/p>\n

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. <\/p>\n

The British cryptographer is one of the most respected veterans in the space, making his bullish price prediction noteworthy. <\/p>\n

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.<\/p>\n

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. <\/p>\n

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. <\/p>\n

If the prediction comes true, it would represent a new all-time high for Bitcoin.<\/p>\n","protected":false},"excerpt":{"rendered":"

One of Bitcoin’s most significant contributors, Adam Back, believes the asset is currently undervalued, even at all-time price highs above $70,000.<\/p>\n","protected":false},"author":2555,"featured_media":2081,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[],"class_list":["post-2080","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets"],"author_data":{"id":2555,"name":"Reed Macdonald Bitcoin","nicename":"reed-macdonald-bitcoin","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/?s=96&d=robohash&r=g"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/screenshot-2024-03-14-at-100201am.png","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/2080","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/2555"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=2080"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/2080\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/2081"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=2080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=2080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=2080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}