Adam Back, CEO of Blockstream and a prominent figure in the early days of cryptocurrency, has expressed strong confidence in Bitcoin’s potential to reach an all-time high of over $100,000 before its halving event in 2024.
To prove his belief in this outcome, Back has agreed to a wager with a pseudonymous Twitter user named @Vikingobbitcoin.
The bet, made on August 7, is centered on whether Bitcoin will hit the $100,000 mark by March 31, 2024, just a month before the halving scheduled for April 26. Back contends that the price will likely surge to new heights before the actual halving date.
Wagers on substantial Bitcoin price increases have captured significant attention in the past, like Balaji Srinivasan’s $1 million bet within a 90-day period in March.
Despite his previous bullish remarks about Bitcoin reaching $10 million by the sixth halving in 2032, Back is now backing his latest prediction with his own funds.
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However, the bet consists of just 1 million satoshis, the smallest unit of Bitcoin, amounting to $290 at current prices, but potentially over $1,000 if Back’s forecast comes true. Considering Back’s estimated net worth ranging from $50 to $300 million, this wager appears relatively small.
In response to Back’s post about the wager, Samson Mow, CEO of Jan3, and another prominent Bitcoin supporter, shared his agreement, expecting a new all-time high before the halving as well.
Although some snide comments emerged in response to the bet, the overall sentiment in the market seems to be increasingly bullish about Bitcoin’s price before the upcoming halving.
Charles Edwards, the founder of Capriole Investments, echoed this sentiment in a February 24 interview with Cointelegraph, stating that the halving event will elevate Bitcoin to become the “hardest asset in the world,” and he anticipates that the market is already in the early stages of a new bullish cycle.
With a growing number of analysts and market commentators expressing optimism about Bitcoin’s future price trajectory, the cryptocurrency community eagerly awaits the outcome of Back’s million satoshi wager and the potential for Bitcoin to reach new all-time highs in the coming years.
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