How Far Will Bitcoin Go? Adam Back Bets On A Million.

The history of bitcoin is marked by bold predictions, but that of Adam Back, a key figure in the ecosystem, stands out for its mix of technical precision and historical mystery. While the creator of HashCash, mentioned in Satoshi Nakamoto’s whitepaper, predicts a bitcoin worth 1 million dollars by 2025, one question remains: is this a cold analysis or a cryptographic legacy speaking through him?

Bitcoin at $500,000 in 2025: the equation of a visionary

Adam Back does not just predict. He deciphers. During a recent Milk Road podcast, the CEO of Blockstream set a minimum threshold: $500,000 per bitcoin this year, before a rise to a million. For him, even at $100,000, bitcoin remains “undervalued.” This reasoning is anchored in the history of halving cycles but nuanced by a surprising observation: post-halving gains decrease in percentage.

The 2020 pandemic and the Fed’s expansionary monetary policies have, according to Back, distorted the game. Massive dollar printing created a temporary inflow towards risky assets, masking bitcoin’s true potential.

Today, with monetary tightening and growing institutional adoption, the next cycle could combine increased scarcity (halving in April 2024) and structural demand.

But Back goes further. He talks about a market mechanism often ignored: each cycle reduces the available liquidity. Long-term holders lock their bitcoins, while new entrants — states, companies — compete for increasingly rare units. The result? Exponential upward volatility.

Adam Back vs Satoshi Nakamoto: the ghost in the machine

If Back’s prediction fascinates, his link to Satoshi Nakamoto is equally intriguing. Asked yet again about his possible identity, the British cryptographer laughs: “I am not Satoshi.”

Yet, coincidences persist. In August 2008, Back received a mysterious email containing a draft of the Bitcoin whitepaper. Satoshi cited his invention, HashCash, as inspiration for the proof-of-work mechanism.

Back insists: their exchange was brief, without collaboration. Satoshi would have finalized the code before writing the whitepaper, thus reversing the usual process. A subtle revelation: the creator of Bitcoin first tested the robustness of his protocol, like an architect checking foundations before unveiling plans.

This anecdote sheds light on a modern paradox. The quest to identify Satoshi disturbs Back, who sees it as a distraction. “Bitcoin works because its creator disappeared”, he emphasizes. Anonymity is not an accident but an essential feature. Without a central figure to attack or idolize, the network remains decentralized — and thus resilient.

Adam Back’s prediction is not just a number. It fits into a story shaped by algorithmic scarcity, past monetary wanderings, and a powerful cryptographic legacy. While the million-dollar milestone may seem like fantasy, let us recall a fundamental truth: in a world where trust in central banks is eroding, Bitcoin stands as the antidote — including against a devalued dollar.