Adam Back, the CEO of the blockchain technology company, Blockstream, has placed a high-stakes bet on the future price of Bitcoin.
Taking to Twitter on Saturday, Back confidently stated that Bitcoin will reach and potentially surpass the $100,000 mark by the next halving event, scheduled for March 31st, 2024.
“Another Bet is ON! I predict that Bitcoin will reach or surpass $100k by the next halving on March 31st, 2024.” He wrote.
The tweet didn’t just stand as a proclamation, it quickly escalated into a friendly wager. Another prominent figure in the crypto space, “Vikingo”, took the bait and engaged in the bet. If Adam Back’s prediction proves accurate and Bitcoin indeed soars to $100,000 or beyond by the next halving, Vikingo will owe Back one million satoshis, the smallest unit of Bitcoin. Currently, the said satoshis have a market value of around $291. However, if Back’s prediction falls short, the CEO will owe Vikingo the same amount.
During a Twitter space discussion, Vikingo later expressed doubt about Bitcoin’s ability to exceed the $50,000 mark by year-end.
“I don’t think we are going back to $12,000. I think we might see another chance at the bottom, so it’s $ 15,800 around there. I still believe we can shoot up now going into Christmas. We can get to like $50,000-$55,000 but we are not going higher than that and were going to go back,” he said.
The bet generated considerable buzz on social media, with supporters and sceptics weighing in on the prospects of Bitcoin’s future value. Many were intrigued by the timing of Back’s prediction, aligning it with the halving event, which occurs approximately every four years and has historically led to significant price movements in the cryptocurrency markets.
The halving process reduces the reward miners receive for verifying transactions and adding them to the blockchain. This mechanism controls the supply of new Bitcoins, theoretically contributing to price appreciation over time.
This is not the first time Back has made such bold predictions for Bitcoin. Back in February, the pundit explored the “bitcoin 2x’s per year on average,” claim revealing that over the decade spanning January 2013 to December 2022, Bitcoin witnessed an annual growth of 2.036 times (a staggering 1200x increase in a decade).
In his view, if this trajectory persists, projections indicate that Bitcoin could surpass the remarkable milestones of $10 million per BTC and a $200 trillion market capitalization within the next two halvings, approximately over the course of nine years.
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