Back’s optimism does not solely hinge on the halving. The Blockstream CEO is confident that Bitcoin will scale new heights even before the event.
Adam Back, a prominent British cryptographer and Bitcoin (BTC) advocate, has once again predicted that the cryptocurrency will attain an all-time high (ATH) of $100,000 per BTC before the upcoming halving event in April 2024. In a show of his unwavering belief in this forecast, the CEO of Blockstream, a blockchain technology company, has placed a significant wager of one million satoshis with his contender.
Back’s latest prediction stemmed from a conversation on the newly rebranded social media platform X (formerly Twitter) with a pseudonymous user known as @Vikingobbitcoin. This time, the forecast came with a wager. During the conversation, Back predicted that BTC’s value would surpass $100,000 by March 31, 2024, just before the halving event in April. @Vikingobbitcoin, on the other hand, believes this milestone will not be achievable until 2025, post-halving.
— Adam Back (@adam3us) August 5, 2023
Blockstream CEO Remains Bullish on Bitcoin
The halving event occurs approximately every four years and holds great significance for the crypto community. Historically, halvings have led to increased attention, heightened market volatility, and speculative activity within the digital asset space. This natural market phenomenon involves reducing the issuance of new BTC, creating a supply constraint that often contributes to price surges.
However, Back’s optimism does not solely hinge on the halving. The Blockstream CEO is confident that Bitcoin will scale new heights even before the event. This belief prompted him to make the million satoshi wager — a testament to his commitment and faith in Bitcoin’s trajectory.
The million satoshi bet, valued at around $290 in the current price, might seem nominal given Back’s estimated net worth of $50 million to $300 million. Nevertheless, it symbolizes much more than a financial commitment. It’s a statement of Back’s unwavering belief in his prediction.
Can Bitcoin Reach $10 Million in 2032?
Meanwhile, this is not Back’s first time predicting Bitcoin’s trajectory. Back in August 2021, during an interview with Anthony Pompliano, he envisioned Bitcoin surging to the $100,000 milestone. He based this on an analysis of options prices, anticipating the ascent. However, his prediction fell short as BTC nearly reached $70,000 in November, marking its current ATH.
Despite the prior miscalculation, the Blockstream CEO renewed his projection in 2022 amidst market downturns that wiped out billions of dollars from the industry. He held firm to his forecast, believing that Bitcoin would achieve $100,000 by year-end. However, just like in 2021, the crypto asset ended the year at around $16,949.
Earlier in February, the Bitcoin supporter also predicted the crypto asset to reach $10 million by the sixth halving in 2032.
Meanwhile, Back is not the only Bitcoin supporter making high stake bets on the asset’s value. Earlier this year, entrepreneur Balaji Srinivasan made waves by wagering $1 million on Bitcoin’s price movement within a 90-day period. These bold bets underline the zeal and enthusiasm surrounding the digital currency world.