Adam Back, the CEO of Blockstream and one of the early participants in the cryptocurrency market, expects Bitcoin (BTC) to reach an all-time high before the 2024 halving, surpassing its previous record. Back believes that the price will reach $100,000 before the halving and stated that he would be willing to bet one million dollars on this prediction if necessary.
A One Million Satoshi Bet
On August 7th, Back accepted a bet with a user named Vinkingo on X (formerly known as Twitter), regarding his prediction that Bitcoin would reach $100,000 by March 31, 2024. According to Vinkingo, Back’s prediction is unlikely to come true before 2025.
Back believes that Bitcoin’s price will likely reach its all-time high before the halving. The halving is scheduled to take place on April 26, 2024, approximately one month before the predicted date of March 26, 2024.
Bets on Bitcoin’s price based on dramatic increases have gained attention in the past, such as the $1 million bet made by Balaji Srinivasan in March. Back has also made predictions in the past, stating that the largest cryptocurrency could reach $10 million by the sixth halving in 2032.
This time, Back has put his hard-earned funds on the line to support his latest prediction. Instead of using US dollars, he made an interesting move by placing one million Satoshis on the bet. At current prices, this amount is equivalent to only $290 (or over a thousand dollars if Back’s prediction comes true).
A Satoshi is the smallest unit of Bitcoin, with 100 million Sats in one BTC. Therefore, for Back, whose estimated net worth ranges from $50 to $300 million, this is a relatively small bet.
Many Figures, Including Back, Are Expecting Bitcoin to Reach New All-Time Highs
Back’s low-stake bet has caught the attention of the cryptocurrency community. Many other prominent figures, like Jan3 CEO and prominent Bitcoin investor Samson Mow, have expressed their expectations for Bitcoin to set new all-time highs before the upcoming halving.
Charles Edwards, the founder of Capriole Investments, stated in a February 24, 2023 interview with Cointelegraph that the upcoming halving would make Bitcoin the most scarce asset in the world and predicted that the market was in the early stages of a new bull cycle.
