Blockstream CEO Adam Back is betting on Bitcoin (BTC) hitting a six figure price tag within a matter of months.
Back tells his 524,700 X followers that he believes Bitcoin will reach $100,000 by the next halving, which is currently estimated to take place sometime in April of 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 wagering one million satoshis (sats), or 0.01 of a Bitcoin, with pseudonymous X user Vikingo that his prediction will come true.
“The bet is on: I bet Bitcoin reaches or exceeds $100,000 between now and halving (31st Mar 2024) with @vikingobitcoin9. One million sats to the winner.”
Back believes that Bitcoin’s price was suppressed during the last cycle by a series of unfortunate events that kept BTC from soaring beyond its all-time high price of $69,000.
“I’m thinking we undershot a lot due to Covid, quantitative easing, economic disruption plus in crypto DeFi (decentralized finance) cascading liquidations and 3AC, Celsius, BlockFi, Genesis bankruptcies.”
Back is says that a delayed upwards market correction could take place for Bitcoin before its expected April 2024 halving event, when miners’ rewards are cut in half. He says a trigger for the big move could be approval of a spot Bitcoin exchange-traded fund (ETF).
“November 2013 $1,200 to December 2017 $20,000 is 16.7x. Yet December 2017 to November 2021 $69,000 is 3.5x. So you could either assume $69,000 is it for this cycle, or the bulltard: positive financial industry adoption, holders stacking and miner reflexivity* we could get a delayed upwards correction before. Say ETF approvals, or just continued good news (*miner-reflexivity at higher prices, they sell less).
For comparison if Bitcoin price had gone up in 2021 same as 2013 $1200 high to 2017 $20,000 high, then 2021 high would have been $330,000. Maybe all the economic carnage from Covid, quantitative easing, DeFi rug-pull liquidations, bankruptcies, delayed the cycle high, and it’s still on.”
Bitcoin is trading for $28,827 at time of writing, down 0.3% during the last 24 hours.
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