The Bitcoin Frontier Hal Finney was right about $10mm bitcoin with Adam Back
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May 27, 2025 Adam Back, CEO of Blockstream and early cypherpunk, discusses Bitcoin’s undervaluation and its journey towards potentially hitting $10 million. He shares anecdotes, including receiving the first known email from Satoshi Nakamoto. The conversation touches on the significance of a fixed supply, the effects of market halvings, and the psychological barriers affecting investor confidence. Adam also highlights Bitcoin's evolution amid economic crises and its transformative potential for individuals without traditional financial access.
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Bitcoin's Core Innovation
- Bitcoin's core innovation is its fixed supply and automated difficulty adjustment ensuring controlled inflation.
- Earlier attempts had human judgment elements making them less reliable and scalable compared to Bitcoin's design.
Adam Back's First Contact
- Adam Back received the first known email from Satoshi Nakamoto in August 2008.
- He only bought Bitcoin after it reached $100, cautious due to previous digital currency failures.
2008 Crisis Perfect for Bitcoin
- The 2008 financial crisis provided perfect timing for Bitcoin's launch due to widespread distrust in traditional finance.
- Inflation fears and financial instability increased Bitcoin's appeal as an alternative.