Blockstream CEO Adam Back is betting that Bitcoin (BTC) will hit a six-figure price tag within months.
Back tells his 524,700 X followers that he believes Bitcoin will reach $100,000 at the next halving, which is currently estimated to take place sometime in April 2024.
Back is an early Bitcoin investor and the inventor of Hashcash, a proof-of-work system that was later incorporated into the BTC mining process.
The CEO bet one million satoshis (sats), or 0.01 of a Bitcoin, with pseudonymous X user Vikingo that his prediction will come true.
“Bet is up: I bet Bitcoin will reach or cross $100,000 between now and the halving (March 31, 2024) with @vikingobitcoin9. A million sats to the winner.”
Back believes that Bitcoin’s price was stifled during the last cycle by a series of unfortunate events that prevented BTC from rising above its all-time high of $69,000.
“I think we undercut a lot because of Covid, QE, economic disruption plus in crypto DeFi (decentralized finance) cascading liquidations and bankruptcies of 3AC, Celsius, BlockFi, Genesis.”
back say that a slowed up market correction could happen for Bitcoin before the expected halving event in April 2024, when miner rewards are cut in half. He says a trigger for the big move could be the approval of a spot Bitcoin exchange-traded fund (ETF).
“November 2013 $1,200 to December 2017 $20,000 is 16.7x. But from December 2017 to November 2021, $69,000 is 3.5x. So you might assume that $69,000 is it for this cycle, or the bulltard: positive financial sector acceptance, holders stacking and miner reflexivity * we could get a delayed upside correction sooner. Say ETF approvals, or just continued good news (*miner reflexivity at higher prices, they sell less).
By comparison, if Bitcoin price had risen in 2021, same as 2013 $1200 high to $20,000 high in 2017, then 2021 high would have been $330,000. Perhaps all the economic carnage of Covid, QE, DeFi back-pull liquidations, bankruptcies has slowed the cycle high, and it’s still going on.
Bitcoin is trading at $28,827 at the time of writing, down 0.3% over the past 24 hours.
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