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In a recent interview, Back pointed to the rapid rise in institutional interest and major regulatory shifts that have yet to be fully reflected in BTC’s price. He argued that the influx of institutional capital, particularly through spot Bitcoin ETFs, has fundamentally altered the investment landscape.
“These developments aren’t priced in yet,” said Back, referencing over $41 billion in inflows to U.S.-approved ETFs, including those from industry titans like BlackRock and Fidelity.
Back, known for creating Hashcash—the proof-of-work concept that underpins Bitcoin’s mining algorithm—has long been a key figure in the crypto ecosystem. He believes that political support for crypto under U.S. President Donald Trump is another tailwind that could push Bitcoin into a new valuation tier.
Bitcoin set a new all-time high in January but has since cooled, trailing the historical patterns seen in previous halving cycles. However, Back warned against underestimating how fast momentum can return.
“When prices break into new territory, the rush of late entrants can send it soaring much faster than expected,” he said.
With a PhD in distributed systems and early correspondence with Satoshi Nakamoto himself, Back remains confident that Bitcoin’s current price is just the beginning of what he sees as a long and transformative market phase.
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