Man Predicts Bitcoin at $700K in Two Years

In a widely publicized email from August 2008, unveiled during Craig Wright’s trial where he asserted his identity as Satoshi Nakamoto, a lesser-known but influential figure in the cryptocurrency realm, Adam Back, takes center stage.

The email, believed to be from Satoshi himself, references one of Back’s papers in the foundational white paper ‘Bitcoin — A Peer to Peer Electronic Cash System.’

Adam Back, a renowned cryptographer, played a crucial role in the early development of the Proof-of-Work system and now serves as the CEO of Blockstream.

This message, sent by the creator of Bitcoin, sought to cite one of Back’s papers in the seminal white paper “Bitcoin — A Peer to Peer Electronic Cash System.”

Adam Back, a cryptographer by profession, was an early innovator behind the Proof-of-Work system and is currently the CEO of Blockstream.

Early Cryptocurrency Developments

Back’s concept of Proof-of-Work transcended its initial application, significantly influencing early designs for a trustless electronic currency.

It addressed the critical challenge of digital scarcity by preventing double spending, a problem inherent in digital transactions where the same funds could potentially be spent twice.

And, in 2008, Satoshi reached out to Back to discuss the soon-to-be-published Bitcoin white paper and to ensure his works were appropriately referenced.

This interaction underlines the foundational role Back’s innovations played in the development of Bitcoin.

Beyond Bitcoin

Beyond his early cryptographic innovations, Back has remained a significant figure in the crypto space.

His leadership at Blockstream has been pivotal, pushing the boundaries of Bitcoin’s technology through projects like the Elements platform and the Liquid Network.

The latter enhances Bitcoin’s functionality by enabling faster, confidential transactions through a federated blockchain system.

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