Adam Back, the CEO of Blockstream and an early pioneer in the crypto space, is confident that Bitcoin will reach an all-time high of over $100,000 before halving in 2024. In a conversation on X (formerly known as Twitter) on August 7, Back agreed to a bet with user @Vikingobbitcoin, who believes that Bitcoin won’t hit $100,000 until 2025.
The wagered date is set roughly a month before the halving, scheduled for April 26, 2024. Back believes the price will likely reach a new all-time high even before the halving event.
Bets on significant price increases for Bitcoin have attracted large sums, such as Balaji Srinivasan’s $1 million 90-day Bitcoin bet in March. Back has been bullish on Bitcoin, even suggesting in February that the cryptocurrency could reach $10 million by the sixth halving in 2032.
Back is putting his money where his mouth is and wagering a million satoshis on his latest prediction this time. A satoshi, or “sat” for short, is the smallest divisible unit of Bitcoin, with 100 million sats equal to one BTC. Back’s bet is worth $290 at current prices, but if his prediction comes true, it would amount to over $1,000.
Despite the seemingly small bet, some market commentators and analysts are expressing bullish sentiments about Bitcoin’s price ahead of the halving. Back’s wager reflects the growing optimism in the market for a new all-time high before the halving event.
While some snide remarks have been made in response to Back’s bet, others in the crypto community, including Jan3 CEO Samson Mow, share his belief in a new all-time high before the halving.
In a February interview with Cointelegraph, Charles Edwards, the founder of Capriole Investments, also expressed his confidence in Bitcoin’s upcoming halving, suggesting that the cryptocurrency will become the “hardest asset in the world” and that the market is already entering the early stages of a new bull cycle.