Blockstream CEO Adam Back Bets on Bitcoin Surging to Six Figures Ahead of Halving
Adam Back, a prominent early Bitcoin investor and the inventor of Hashcash, is making a bold prediction, betting on Bitcoin’s price to reach $100,000 before the next halving, anticipated around April 2024. He shared his belief with his 524,700 Twitter followers and even engaged in a wager with pseudonymous user Vikingo, putting one million satoshis (0.01 BTC) on the line.
Back attributes the previous cycle’s suppressed Bitcoin price to various factors, including the impact of Covid, quantitative easing, economic disruptions, DeFi-related liquidations, and bankruptcies in the crypto space. He speculates that a delayed upward market correction may occur before the 2024 halving, with the potential trigger being the approval of a spot Bitcoin exchange-traded fund (ETF).
Highlighting Bitcoin’s historical performance, Back compares the previous cycle’s 16.7x increase from $1,200 to $20,000 with the recent 3.5x rise from $20,000 to $69,000. He contemplates whether this cycle’s peak has been reached or if further positive adoption in the financial industry, increasing hodler accumulation, and miner reflexivity could lead to a delayed upward correction.
For comparison, Back notes that if the 2021 price rise had followed the trajectory of the 2013 surge from $1,200 to $20,000, Bitcoin’s high in 2021 could have potentially reached $330,000. He suggests that the economic challenges caused by Covid, DeFi-related issues, and other factors might have delayed the cycle’s peak, leaving room for further growth.
At the time of writing, Bitcoin is trading at $28,827, experiencing a 0.3% decline over the past 24 hours.
Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.
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