Blockstream CEO Dr. Adam Back on Bloomberg

Him a leading provider of blockchain Technology and uh famed in your world Famed in the Bitcoin world what will Rock me out of this Slumber uh Volatility the lowest since 2016. There's a deafening silence Uh what's gonna rock Bitcoin above or Below the 29 000 level Adam good morning Uh good morning yeah I mean I guess August is a quiet month in Europe Hospital on holiday but uh Yeah I think uh Bitcoin tends to Surprise people by you know they get Bored and suddenly something dramatic Happens so I think just leave it a while And something can happen Well event risk is always there isn't it Um there's a halving event to come Probably in the spring of next year what Impact will that have Um well I mean it's something that is It's sort of there's some debate about Whether it's priced in in the market you Know some people will say oh it's price Then but I think because of the Generally High volatility rather other Than the last month it's quite hard to Price in Um And it also punctuates the four-year Halving Cycles or the economic cycle of Bitcoin and historically bitcoin's done Well You know within six or nine months after

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The hobbing there's been a sort of price Appreciation part of the cycle now this This time it's possible Well I I think some it's possible that We get to you know a new all-time high Like 100 000 or more even before the Harvey uh simply for the reason that the Last few years have been kind of a Depressed Market in general and in the Crypto Market through uh you know a Number of bankruptcies and D5 failures Uh uh things like that do you really Think a hundred thousand dollars is Achievable in Bitcoin before the halving Event There's no fear that you're very Resolute on that Uh yeah I mean actually I infamously Took a small bet with uh somebody on Twitter on that it was just some Conversation about whether it would Happen or not and this fellow said well Let's bet on it so I let him pick the Price then so we're on let's see if it Happens You've got skin in the game good man Um look your company you raise 125 Million dollars you come from the mining Industry the mining sector Um I 125 million dollars do you need More money what are you going to do with That money briefly Uh that that was just the latest uh Fundraising activity and so I would

Probably raised about 400 we've been Around since 2014. so it's primarily Well there's two parts of it one is uh Layer Two Bitcoin technology like liquid Which is critization level for Bitcoin And something we issue uh investment Products on and the other part is Hosting so we provide hosting for Institutional miners so people like Fidelity we host uh all of their miners In our facilities it's kind of like Co-location for for mining people doing Mining at fund level I mean just on that mining at narrative And the facilities they're in do you see A continued bottleneck in terms of the Infrastructure in mining where are we in That cycle Yeah I mean actually that's the uh Subject of uh upcoming Financial product From blog story and butts basically at This going back a couple of years there Was a shortage of miners going into the Bitcoin bull market because the price Appreciated money profitable depreciated And a manufacturers couldn't produce Them fast enough at this stage in a Cycle there's actually a surplus of Miners and a shortage of ready-to-use Hosting infrastructure and you have to Bear in mind a lot of the Bitcoin Ecosystem is underfunded under Capitalized so people are using leverage Which tends to access a bit volatility

As well Now I said that you're famed in your own Word and of course you are you're one of The original gangsters I think that's What you referred to what we're all Curious to know is obviously Satoshi Apparently communicated with you in 2008 Have you spoken to this fabled person Recently what do you think he or she Would make of um Bitcoin no do you think that there'd be A hundred thousand there'd be about They'd better agree with you a hundred Thousand is on the way have you Communicated have you had any Communication No I don't believe he's been heard from Since something like 2011 and I only Communicated uh my email at the time so I mean I guess we don't know exactly how Many Bitcoins tissue has but it would Make him you know probably one of the 20th wealthiest people in the world at That kind of price Okay so radio silence well he knows Where to catch you you're obviously Making bets on Twitter well done good to Have you call this morning uh on the Miners and indeed on the having event And where prices will go that's block Streams chief executive and co-founder Adam back

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