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Blockstream CEO Adam Back, a notable figure in the early days of cryptocurrency, expresses strong confidence that Bitcoin will achieve an all-time high exceeding $100,000 prior to the Bitcoin halving in 2024 — and is prepared to wager a million on it.
During a conversation on X (formerly Twitter) on August 7, Back accepted a bet from the pseudonymous user @Vikingobbitcoin that Bitcoin would reach $100,000 by March 31, 2024. Vinkingo contended that this milestone would not be reached until 2025.
The origins of the wager. Source: X
The date of the wager is set approximately a month before the halving, which is currently anticipated for April 26, as Back believes the price will “probably” achieve a new all-time high before the halving occurs.
Previous bets on significant increases in Bitcoin’s price have drawn substantial amounts, such as Balaji Srinivasan’s $1 million bet on Bitcoin over 90 days in March.
Back has previously expressed optimism about Bitcoin, stating in February that it could reach $10 million by the sixth halving in 2032.
This time, Back is putting down actual funds to support his latest assertion. However, it amounts to a million satoshis, not U.S. dollars. At current values, that translates to only $290 (or over $1,000 if Back’s forecast materializes).
Adam Back accepts 1 million satoshi wager. Source: Twitter
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A satoshi — abbreviated as “sat” — is the smallest unit of Bitcoin, with 100 million sats making up one BTC.
Consequently, this wager is relatively minor for Back, considering his net worth is estimated to be between $50 and $300 million.
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In response to Back’s initial post, Jan3 CEO and fellow Bitcoin enthusiast Samson Mow indicated that he also anticipates a new all-time high for Bitcoin “pre halving, not post.”
I also think new ATH pre-halving, not post.
— Samson Mow (@Excellion) August 5, 2023
Although the wager is modest, it has garnered some sarcastic comments in the replies — yet it still reflects an increasing bullish sentiment regarding Bitcoin’s price among market commentators and analysts ahead of next year’s halving.
Meanwhile, in a February 24 interview with Cointelegraph, Charles Edwards, the founder of Capriole Investments, remarked that the forthcoming halving will position Bitcoin as the “hardest asset in the world” and predicted that the market is already entering the early phases of a new bull cycle.
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