Possible Satoshi predicts BTC at 700K USD

Possible Satoshi predicts BTC at 700K USD

Bitcoin vociferous supporter and head of Blockstream, the creator of the Bitcoin Lightning Network, Adam Back, makes a stunning BTC price prediction that could come true as soon as BTC leapfrogs physical gold.

Adam Back, an experienced cryptographer and early adopter of bitcoin, is known for his contributions to the crypto space, and in particular to the Bitcoin blockchain. His company, Blockstream, developed the Bitcoin Lightning network, which enables faster and cheaper BTC transactions.

So it's no surprise that his post on X sent the BTC community into a frenzy after his, to say the least, bold bitcoin price predictions. Back, in fact, believes that bitcoin will undoubtedly surpass the market capitalization of physical gold. And in this BTC halving cycle.

So, Back believes that the turnaround will happen much sooner than is widely believed, in as little as a year or two. It reminds the community that bitcoin is a digital, more advanced version of gold, so it makes perfect sense that investors will turn to BTC.

After reaching that milestone, he believes, BTC will likely enter a growth cycle and reach an impressive $700,000 apiece. Back, in fact, assumes that gold's potential outperformance will occur as some investors begin to reallocate their portfolios.

Key factors in Back's forecast

In particular, as BTC gains status as a trusted store of value from many leading banks and asset managers, some market participants may decide to diversify their portfolios by selling off some of their gold holdings to embrace “digital gold”.

The key factor here is the halving, as it reduces the supply of new bitcoins. That scarcity, along with growing demand for BTC from financial institutions and increasing adoption, has so far always launched the price to new heights.

So there is a simple economic principle at work here, as supply decreases and demand remains constant or increases, the price of the property starts to skyrocket. And with the likely entry of BlackRock and other financial giants into the ETF market, demand is expected to grow strongly.

Back's vision is in line with the growing market sentiment that BTC will quickly reach new highs thanks to its strong fundamentals and improving investor sentiment. And for some, Back is also conservative because statements that a million dollars per piece is a fair price in the near future are becoming more frequent.