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Blockstream CEO Adam Back Bets One Million Satoshis on Bitcoin Reaching Its All-Time High
Adam Back, the CEO of Blockstream and a notable figure in the cryptocurrency sector, is optimistic that Bitcoin will surpass $100,000 before the halving in 2024. During a discussion on X (previously known as Twitter) on August 7, Back accepted a wager from user @Vikingobbitcoin, who contends that Bitcoin will not reach $100,000 until 2025.
The agreed-upon date for the bet is approximately one month prior to the halving, which is set for April 26, 2024. Back is confident that the price may achieve a new all-time high even before this halving event.
Bets on substantial price surges for Bitcoin have drawn significant amounts, such as Balaji Srinivasan’s $1 million 90-day Bitcoin wager in March. Back has maintained a positive outlook on Bitcoin, even proposing in February that the cryptocurrency could attain $10 million by the sixth halving in 2032.
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Back is backing his assertion with a wager of one million satoshis on his latest forecast. A satoshi, abbreviated as “sat,” is the smallest unit of Bitcoin, with 100 million sats constituting one BTC. Back’s bet is valued at $290 based on current prices, but if his prediction holds true, it could exceed $1,000.
Although the bet may appear modest, several market analysts and commentators are expressing optimistic views regarding Bitcoin’s price leading up to the halving. Back’s wager signifies the increasing optimism in the market for a new all-time high prior to the halving event.
While some sarcastic comments have surfaced in reaction to Back’s bet, others within the cryptocurrency community, including Jan3 CEO Samson Mow, share his conviction in a new all-time high before the halving.
In a February interview with Cointelegraph, Charles Edwards, the founder of Capriole Investments, also conveyed his confidence in Bitcoin’s forthcoming halving, suggesting that the cryptocurrency will emerge as the “hardest asset in the world” and that the market is already entering the initial phases of a new bull cycle.
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