Bitcoin OG is betting a surprising amount on BTC hitting $100,000 ahead of the halving

Adam Back, CEO of Blockstream, one of the earliest cryptocurrency pioneers, is fairly confident Bitcoin will hit an all-time high above $100,000 before the 2024 Bitcoin halving – and is willing to sacrifice a million bets on it.

In an Aug. 7 conversation on X (formerly known as Twitter), Back agreed to a bet with the pseudonymous

The origins of the bet. Source: Twitter

The bet date comes roughly a month ahead of the halving – which is currently scheduled for April 26 – as Back believes the price is “likely” to hit a new all-time high earlier than the actual halving date.

Bets on a dramatic rise in bitcoin price have attracted huge sums in the past, such as Balaji Srinivasan’s $1 million 90-day bitcoin bet in March.

Beck has also been bullish on bitcoin in the past, saying in February that bitcoin could hit $10 million by the sixth halving in 2032.

This time, Back is actually depositing hard-earned funds to back up his recent claim. Unfortunately, it’s a million satoshis, not US dollars. That’s only $290 at the current price (or over $1,000 if Back’s prediction comes true).

Adam Back accepts a bet of 1 million satoshi. Source: Twitter

A satoshi – “sat” for short – is the smallest divisible unit of bitcoin, and a single BTC is made up of 100 million sats.

As such, it’s a rather small bet for Back, considering his estimated net worth is somewhere between $50 million and $300 million.

Related: How Will Bitcoin Halving Affect BTC Price and Is DeFi Dead?

In a response to Back’s original post, Samson Mow, CEO of Jan3 and Bitcoin colleague, said that he too expects a new all-time high for Bitcoin “pre-halving, not post-halving.”

I also think that the new ATH will happen before the halving, not after the halving.

— Samson Mow (@Excellion) August 5, 2023

Despite the low bet, it has drawn some snide reactions in responses – but still reflects a growing bullish trend in bitcoin price among market commentators and analysts ahead of next year’s halving.

Meanwhile, Charles Edwards, the founder of Capriole Investments, said in an interview with Cointelegraph on Feb. 24 that the upcoming halving will see Bitcoin become the “hardest asset on earth” and predicted that the market would already be in one early stage new bull cycle.

Magazine: Deposit Risk: What Are Crypto Exchanges Really Doing With Your Money?

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers