Bitcoin

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 Adam Back has joined a growing roster of market commentators who are bullish on the price of Bitcoin ahead of next year’s halving event. 
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 Blockstream CEO Adam Back, one of the crypto’s early pioneers, is pretty confident Bitcoin will hit an all-time high of over $100,000 before Bitcoin's <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> in 2024 — and is willing to drop a million wagering on it. 
 In an Aug. 7 conversation on X (formerly known as Twitter), Back agreed to a bet with pseudonymous X user @Vikingobbitcoin, that Bitcoin would reach $100,000 by March 31, 2024. Vinkingo however said they believe it won’t happen until 2025. 
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 <img src="https://cdn.thebittimes.com/images/2023/08/07/bad2715a0f25d048d5f67e3526aae3cf.webp"> 
 <figcaption style="text-align: center;"> The origins of the wager. Source: Twitter 
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 The wagered date comes in roughly a month before the <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> — which is currently on track for April 26 — as Back believes that the price will “probably” reach a new all-time high sooner than the actual date of the <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a>. 
 Bets on dramatic increases in the price of Bitcoin have attracted huge sums in the past, such as Balaji Srinivasan’s $1 million 90-day Bitcoin bet in March. 
 Beck’s also been bullish about Bitcoin in the past, saying in February that Bitcoin could reach $10 million by the sixth <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> in 2032. 
 This time, Back is actually setting down hard-earned funds to back his most recent claim. Unfortunately, it's a million satoshis, not U.S. dollars. That's only $290 in current prices (or over $1,000 if Back’s prediction comes true). 
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 <img src="https://cdn.thebittimes.com/images/2023/08/07/6e20bac8c00d7b51aaddfe514fd0b691.webp"> 
 <figcaption style="text-align: center;"> Adam Back accepts 1 million satoshi wager. Source: Twitter 
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 A satoshi — “sat” for short — is the smallest divisible unit of Bitcoin, and there are 100 million sats to a single BTC.&nbsp; 
 Thus, it's a rather small bet for Back, given his net worth is estimated to be somewhere between $50 and $300 million. 
 Related: How will Bitcoin halving affect BTC price, and is DeFi dead? 
 However, in a response to Back’s original post, Jan3 CEO and fellow Bitcoiner Samson Mow said that he too expects a new all-time high for Bitcoin “pre halving, not post.” 
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 I also think new ATH pre-halving, not post.— Samson Mow (@Excellion) August 5, 2023 
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 Despite the small bet, it has attracted some snide replies in the responses — but still reflects a growing bullish trend on the price of Bitcoin among market commentators and analysts ahead of next year’s <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a>. 
 Meanwhile, in a Feb. 24 interview with Cointelegraph, Charles Edwards, the founder of Capriole Investments said that the upcoming <a rel="noopener noreferrer nofollow" title="halving" href="https://thebittimes.com/tag/halving.html">halving</a> will see Bitcoin become the “hardest asset in the world” and predicted that the market is already in the early stages of a new bull cycle. 
 Deposit risk: What do crypto exchanges really do with your money? 
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Bitcoin OG bets surprising sum on BTC hitting $100K before the halving

TheBitTimes

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