Blockstream CEO Adam Back, one of the crypto’s early pioneers, is pretty confident Bitcoin (
$110,171.00 ) will hit an all-time high of over $100,000 before Bitcoin ( $110,171.00 ) ’s halving in 2024 — and is willing to drop a million wagering on it.
In an Aug. 7 conversation on X (formerly known as Twitter), Back agreed to a bet with pseudonymous X user @Vikingobbitcoin, that Bitcoin ( $110,171.00 ) would reach $100,000 by March 31, 2024. Vinkingo however said they believe it won’t happen until 2025.
The origins of the wager. Source: Twitter
The wagered date comes in roughly a month before the halving — which is currently on track for April 26 — as Back believes that the price will “probably” reach a new all-time high sooner than the actual date of the halving.
Bets on dramatic increases in the price of Bitcoin ( $110,171.00 ) have attracted huge sums in the past, such as Balaji Srinivasan’s $1 million 90-day Bitcoin ( $110,171.00 ) bet in March.
Beck’s also been bullish about Bitcoin ( $110,171.00 ) in the past, saying in February that Bitcoin ( $110,171.00 ) could reach $10 million by the sixth halving in 2032.
This time, Back is actually setting down hard-earned funds to back his most recent claim. Unfortunately, it’s a million satoshis, not U.S. dollars. That’s only $290 in current prices (or over $1,000 if Back’s prediction comes true).
Adam Back accepts 1 million satoshi wager. Source: Twitter
A satoshi — “sat” for short — is the smallest divisible unit of Bitcoin ( $110,171.00 ) , and there are 100 million sats to a single BTC.
Thus, it’s a rather small bet for Back, given his net worth is estimated to be somewhere between $50 and $300 million.
Related: How will Bitcoin ( $110,171.00 ) halving affect BTC price, and is DeFi dead?
However, in a response to Back’s original post, Jan3 CEO and fellow Bitcoin ( $110,171.00 ) er Samson Mow said that he too expects a new all-time high for Bitcoin ( $110,171.00 ) “pre halving, not post.”
I also think new ATH pre-halving, not post.
— Samson Mow (@Excellion) August 5, 2023
Despite the small bet, it has attracted some snide replies in the responses — but still reflects a growing bullish trend on the price of Bitcoin ( $110,171.00 ) among market commentators and analysts ahead of next year’s halving.
Meanwhile, in a Feb. 24 interview with Cointelegraph, Charles Edwards, the founder of Capriole Investments said that the upcoming halving will see Bitcoin ( $110,171.00 ) become the “hardest asset in the world” and predicted that the market is already in the early stages of a new bull cycle.
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