Adam Back, recognized Bitcoin pioneer, recently surprised the cryptocurrency community with a bold bet. He bets a million satoshis, the smallest unit of Bitcoin, on the fact that the value of the latter will cross the bar of $100,000 before the next halving. This statement joins other positive opinions that predict a rise in Bitcoin before this important event that takes place every four years.
Adam Back and his confident bet on the future of Bitcoin
Adam Back, CEO of Blockstream and an early Bitcoin pioneer, is just such a bold individual. He is convinced that Bitcoin will hit an all-time high of over $100,000 ahead of the Bitcoin halving in 2024, and he’s willing to bet a million satoshis on that prediction.
During a conversation on X (formerly Twitter) on August 7, Adam Back agreed a bet with pseudonymous X user @Vikingobbitcoin that Bitcoin would hit $100,000 by March 31, 2024. For his part, Vikingo reckons it won’t happen before 2025.
Bitcoin halvings, which take place around every four years, are key events in the cryptocurrency ecosystem. They halve the bitcoin reward that miners receive for their work, which decreases the supply of new units on the market. Historically, these events often coincided with significant increases in the price of Bitcoin.
Adam Back’s conviction: a new high before the halving
The betting date comes about a month before the halving, which is currently scheduled for April 26. Back believes Bitcoin price will likely reach a new all-time high before the actual date of the halving.
This is not the first time that such bets on a drastic Bitcoin price increase have attracted huge sums. For example, Balaji Srinivasan placed a bet of $1 million on bitcoin over a 90-day period in March.
Adam Back himself has always been optimistic about Bitcoin, stating in February that it could reach $10 million by the sixth halving in 2032.
This time around, Back is really putting some hard-earned funds on the line to back up his latest claim. Unfortunately, it’s a million satoshis, not US dollars. It only represents $290 at current prices (or over $1,000 if Back’s prediction comes true).
Other voices join the prediction
In response to Adam Back’s original post, Samson Mow, CEO of Jan3 and also a strong supporter of Bitcoin, claimed that he too expects a new Bitcoin all-time high “before the halving, not after”.
With a fortune estimated between 50 and 300 million dollars, Adam Back’s bet of a million satoshis may seem modest. However, despite some ironic answershe underlines his confidence in the evolution of Bitcoin and testifies to a general trend of optimism before the next halving.
Source : Cointelegraph