Bitcoin bulls are currently out in force, talking up the cryptocurrency amid unprecedented central bank stimulus and quantitative easing.
The bitcoin price, which has failed to hold its ground over $10,000 per bitcoin in recent weeks, has climbed some 30% since the beginning of the year—but remains far from its all-time highs (for the time being).
Now, crypto pioneer Adam Back has predicted bitcoin will soar to $300,000 per bitcoin within the next five years, even without Wall Street’s highly-anticipated institutional support.
“[Bitcoin] might not require additional institutional adoption [to reach $300,000] because the current environment is causing more individuals to think about hedging [and] retaining value when there’s a lot of money printing in the world,” Back told financial newswire Bloomberg.
Last month, bitcoin got a big boost when legendary macro investor Paul Tudor Jones revealed he is buying bitcoin as a hedge against the inflation he sees coming as a result of never-before-seen levels of central bank money-printing.
“It is causing people to think about the value of money and looking for ways to preserve money,” Back said, adding “it’s a difficult environment to get any yield.”