The Pomp Podcast

#1494 Adam Back | How Bitcoin Hits $1,000,000

42 snips
Feb 27, 2025
Guest
Adam Back
Adam Back, Co-founder and CEO of Blockstream, discusses the thrilling trajectory of Bitcoin toward a potential $1 million valuation. He reflects on the early days of Bitcoin and Satoshi Nakamoto’s impact, elucidating Bitcoin’s evolution from a niche asset to a mainstream investment. Back highlights the growing institutional adoption and the implications for its future, including its potential as a digital currency and store of value. He also examines Bitcoin’s cultural influence and transformative potential in economies worldwide.
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ANECDOTE

First Email from Satoshi

  • Adam Back received the first email from Satoshi Nakamoto in August 2008, initially thinking it was just another researcher.
  • Satoshi inquired about the correct citation for Back's Hashcash work, which was used in Bitcoin.
INSIGHT

Decentralized Electronic Cash

  • Early electronic cash systems, like Digicash, faced challenges with centralized databases and failed to bootstrap value.
  • Satoshi's Bitcoin solved the missing problem of decentralized electronic cash by controlling inflation.
INSIGHT

Mainstream Adoption Trade-offs

  • Bitcoin's mainstream adoption has come with trade-offs, changing some of its early ethos.
  • The initial anti-establishment sentiment has shifted as institutions and governments embrace Bitcoin.
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