Recently, I noticed that Blockstream CEO Adam Back has been making some bold Bitcoin price predictions on podcasts. This guy has always been a veteran player in the crypto space.

According to his sharing on the Milk Road podcast, Adam Back believes that Bitcoin has not yet reached its peak. He says that even if BTC is trading at $100k now, it’s still quite cheap in the long run. He predicts that during this market cycle, Bitcoin could bottom out at $500k, and it might even surge to $1 million per coin.

Interestingly, Adam Back analyzed the price trends after previous Bitcoin halvings. He found that the percentage increase after each halving has been decreasing, but he thinks this time might be different. He attributes this to the pandemic and recent loose monetary policies, which could support BTC’s performance in this cycle.

Speaking of Adam Back, one cannot ignore the rumors about his identity being Satoshi Nakamoto. His HashCash technology is mentioned in the Bitcoin white paper, leading many to speculate that he might be Satoshi. However, Adam Back has once again explicitly denied this on the podcast. He said Satoshi worked completely independently when developing Bitcoin and never collaborated with him. Adam Back only received a draft of the Bitcoin white paper in August 2008.

He understands Satoshi’s choice to remain anonymous, believing it’s reasonable for the creator of a major internet phenomenon to stay hidden. However, he also admits that it’s precisely this mystery that fuels people’s curiosity about Satoshi’s true identity.

Currently, BTC is trading a little over $67k, which leaves plenty of room for growth to Adam Back’s predicted $500k. Regardless, the insights from this seasoned cryptographer and entrepreneur are worth serious consideration by market participants.