If you believe what’s currently being written in the mainstream media, we have now entered what they’re calling “crypto winter.” Depending on the source and the specific perspective, this may be a market reset, a death knell or an out-and-out post mortem.
Don’t try to sell that take on cryptocurrency to Adam Back, though. He’s the inventor of Hashcash, a proof-of-work system that’s used for Bitcoin mining, and depending on who you choose to believe, he may or may not be the actual founder of Bitcoin.
His take on Bitcoin is especially important given that he’s a leading voice in the crypto world, and it’s even more noteworthy given that he focuses exclusively on Bitcoin.
Back is also a brilliant coder who’s considered a classic cypherpunk – the cypher part refers to encryption technologies, for those not in the know – so it’s definitely worth tracing his journey to learn about his history and his take on the current state of Bitcoin after the recent market meltdown.
Born in 1970, Back is a British native who has a doctorate in computer science from Exeter University, so his coding chops are beyond question. He’s worked extensively in the world of C++ coding, and he’s also worked with David Chaum.
Back does have some mystery mixed in with his accolades, though. He was supposedly one of the first to receive an email from Satoshi Nakamoto, the founder of Bitcoin, although these emails have never been made public.
There are those in the industry who believe that Back is in fact the inventor of the high-profile cryptocurrency that’s become a de facto industry standard.
It’s one of those arguments that tends to generate tons of controversy in the crypto world, and massive yawns from the rest of us normal humans.
The Business of Bitcoin and Back’s Net Worth
Back first earned a reputation for activism in the coding world back in the 90s, and his most noteworthy achievement was his Hashcash white paper, which was written as a set of guidelines on how to protect computer systems from email spam and denial-of-service attacks.
Fast forward to 2013, which was approximately when Back began to surface as a leading figure in the Bitcoin business world.
His Hashcash paper was never implemented, but Back is commonly credited as being the inventor and eventual CEO of Blockstream, which is the backbone of the block chain technology that represents the foundation of most cryptocurrencies.
Blockstream began raising venture capital money from the likes of Mastercard and New York Life, and it was this money that became the backbone of Back’s considerable wealth. As of 2023, Adam Back has an estimated net worth of $50 million.
As is the case with many Bitcoin billionaires, Back has been in the news lately after the catastrophic crash that destroyed about 70 percent of the crypto market.
Not surprisingly, Back remains bullish about Bitcoin. He’s gone on record with a prediction that Bitcoin will reach $300,000 in the next five years, which has drawn the requisite scorn from traditional finance types.
He won’t be starving any time soon, but it will be interesting to see how his Bitcoin prediction plays out.
Many people have tried to dig up details about Back’s personal life, and we wish them all the luck in the world as they continue to mine for gold when it comes to things like Back’s marital status and such.
The closest they’re likely to get is the rumors that Back may be married, but any efforts to go deeper than that will cause the searcher to hit a wall in a closed system that allows little or no access.