BlockStream CEO Adam Back recently shared a series of bold opinions on the Milk Road podcast, once again sparking industry speculation about his connection to the origins of Bitcoin.

Ongoing Identity Mystery

When asked if he is Satoshi Nakamoto, the creator of Bitcoin, Adam Back did not hesitate to deny it. He described the public obsession with Satoshi Nakamoto’s true identity as an “fascinating topic,” believing that the community’s curiosity is understandable—after all, it is rare in internet history for the founder of such a significant phenomenon to remain anonymous.

Back explained that the main reasons he is a subject of speculation are twofold: first, he was one of the early developers of Bitcoin; second, the HashCash technology he created is mentioned in the Bitcoin white paper, and he has also received emails from Satoshi Nakamoto. However, Back emphasized again that these are not evidence that he is Satoshi Nakamoto.

According to Back, Satoshi Nakamoto first contacted him in August 2008, after having already completed the Bitcoin code. Satoshi first achieved the technical feasibility of Bitcoin, then sent a draft of the white paper to Back. This indicates that Satoshi’s development process was entirely independent and did not involve collaboration with anyone, including Back himself.

Optimistic Outlook on Bitcoin Price Prospects

Setting aside the identity issue, Back offered an extremely attractive Bitcoin price forecast during the podcast. He believes that even at the current trading price of $86.95K, Bitcoin is significantly undervalued. In this market cycle, he expects Bitcoin to break the six-figure mark, with a conservative estimate of $500,000, and in an optimistic scenario, potentially reaching $1,000,000.

Back’s predictions are not baseless. He pointed out that by observing the price increases after the previous two to three Bitcoin halving events, a clear pattern emerges—the percentage increase after each halving has been gradually decreasing. He attributes this phenomenon to the economic stimulus policies during the 2020 pandemic and the subsequent years of Federal Reserve easing monetary policy. In this macroeconomic context, Bitcoin’s appeal as a store of value continues to strengthen.

Back believes that investors buying Bitcoin now are still in a relatively low-price era, with enormous potential for future gains.

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