Blockstream CEO Adam Back, a prominent figure in the early days of cryptocurrency, displays strong belief in Bitcoin’s potential to surge beyond $100,000, setting the stage for an all-time high before the 2024 halving. Back’s confidence is evident as he confidently places a million-dollar wager on this prediction. The bet was struck during an intriguing exchange on X (formerly Twitter) on August 7, where Back engaged with pseudonymous user @Vikingobbitcoin. While Back stands firm on the belief that Bitcoin will reach $100,000 by March 31, 2024, @Vikingobbitcoin holds the opposing view, predicting it won’t happen until 2025.
Roughly a month before the scheduled halving on April 26, Blockstream CEO Adam Back expresses his confidence in Bitcoin’s price surging to a new all-time high even before the halving takes place. To demonstrate his belief, Back wagers that the price will reach the milestone earlier than the halving date. While such bold bets on Bitcoin’s price spikes have drawn significant attention in the past, with examples like Balaji Srinivasan’s $1 million 90-day Bitcoin bet in March, Back remains optimistic about the cryptocurrency.
Previously, Back has been consistently bullish on Bitcoin’s potential, suggesting in February that it could soar to an astounding $10 million by the sixth halving in 2032. This time, however, Back is backing his latest claim with actual funds, although it amounts to a million satoshis rather than U.S. dollars. At the current prices, this equates to only $290, but if Back’s prediction proves correct, it would amount to over $1,000.
A satoshi, also referred to as “sat,” represents the smallest divisible unit of Bitcoin, with 100 million sats making up a single BTC.
Considering this, Back’s wager of a million satoshis appears relatively small, particularly when compared to his estimated net worth, which falls somewhere between $50 and $300 million.
In response to Back’s initial post, Samson Mow, the CEO of Jan3 and a fellow Bitcoin enthusiast, also shares the belief that Bitcoin will achieve a new all-time high “before the halving, not after.”
Although the bet may be small, it hasn’t been immune to snide remarks among the responses. However, it does signify a noticeable bullish sentiment regarding the price of Bitcoin among market commentators and analysts leading up to the forthcoming halving next year.
In a separate interview with Cointelegraph on February 24, Charles Edwards, the founder of Capriole Investments, shared his perspective on the upcoming halving, predicting that it will elevate Bitcoin to become the “hardest asset in the world.” Edwards also confidently stated that the market is already entering the early phases of a new bull cycle.