Blockstream CEO Adam Back, a prominent figure in the cryptocurrency industry, is confident that Bitcoin will reach an all-time high of over $100,000 before the next halving event in 2024. To prove his conviction, Back has agreed to a bet with a Twitter user named @Vikingobbitcoin who believes that this milestone will not be achieved until 2025.
The bet is scheduled to take place shortly before the halving, which is anticipated to occur on April 26. Back believes that the price of Bitcoin will likely reach a new all-time high before the actual halving date. This wager is reminiscent of previous high-stakes bets on the price of Bitcoin, such as the $1 million 90-day Bitcoin bet made by Balaji Srinivasan in March.
Back has consistently expressed his bullish stance on Bitcoin in the past. In February, he stated that he believes Bitcoin could reach $10 million by the sixth halving event in 2032. This time, however, Back is putting his money where his mouth is by betting one million satoshis on his prediction. A satoshi is the smallest divisible unit of Bitcoin, and there are 100 million satoshis in a single Bitcoin. As of now, one million satoshis is worth approximately $290, but if Back’s prediction comes true, it would be worth over $1,000.
Although the bet may seem relatively small considering Back’s estimated net worth of $50 to $300 million, it reflects a growing bullish sentiment surrounding Bitcoin’s price among industry commentators and analysts leading up to the halving. In response to Back’s bet, Jan3 CEO Samson Mow, a fellow Bitcoin enthusiast, also expressed his belief in a new all-time high for Bitcoin before the halving.
While Back’s bet has received some snide remarks, the overall sentiment is indicative of a positive outlook on Bitcoin’s future performance. Market experts and analysts, such as Charles Edwards, the founder of Capriole Investments, have also weighed in on the upcoming halving. Edwards believes that the halving will transform Bitcoin into the “hardest asset in the world” and predicts that the market is already entering a new bull cycle.
As the halving event draws nearer, the anticipation and excitement surrounding Bitcoin’s potential continue to grow. The outcome of Back’s bet and the price of Bitcoin in the coming years will undoubtedly have a significant impact on the perception and adoption of cryptocurrencies as a whole. With such high stakes involved, the industry eagerly awaits the outcome of this bet and the subsequent implications it may have on the future of Bitcoin.