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Here is why the new Nakamoto is buying Bitcoin

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A recent Bloomberg interview with the founder of Blockstream, Adam Back shows that the new Nakamoto is buying Bitcoin. The crypto pioneer believes the price of the top digital currency will be propelled by retail investors, following the world’s current financial condition.

YouTuber claims Back is Nakamoto

Sometime in May, a YouTuber at Barely Sociable published his findings, which claimed the anonymous creator of Bitcoin had several things in common with Back, flagging the Blockstream founder as the “new Nakamoto”.

However, Back refuted the claims, saying he is not the creator of Bitcoin. Meanwhile, he also admitted that it would be in the best interest of Bitcoin if the creator remains unknown. It would ensure that investors would perceive Bitcoin as a commodity.

Back, the new Nakamoto is buying Bitcoin

Per Bloomberg, the new Nakamoto is buying Bitcoin and will not sell off the ones he earned from mining either. Back is buying and holding the cryptocurrency on the assumption that the present financial crisis, including the Coronavirus pandemic, would possibly propel the crypto price, even without additional Institutional support.

Back also believes the price will reach $300,000 within the next five years, from the current approximate value of $10,000. The present financial crisis is “causing people to think about the value of money and looking for ways to preserve money,” with some investors turning to Bitcoin.

He expects retail investors to lead up the price because institutional investors are currently cautious towards the market.

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.

Institutional adoption is yet to come

While demand has risen significantly on Grayscale Investment, Back thinks it is another reassuring sign that Bitcoin will skyrocket in the future. This probably makes up why the new Nakamoto is buying Bitcoin.

The institutional Investment fund consumed more than the amount of Bitcoin mined a few weeks ago; however, the Institutional investors still do not understand the cryptocurrency, Back said, while citing the Goldman Sachs report that criticized Bitcoin.

It indicates [Bitcoin] it’s still early in terms of the adoption curve. […] To me, that indicates there’s still a lot of headroom for price appreciation and adoption in the market.

Aside from the report that the new Nakamoto is buying Bitcoin, he is also looking to expand Blockstream’s mining capacity in order to rev up the adoption. Already the company has garnered $90 million from prominent investors for the development.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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