Bitcoin OG Adam Back Bets BTC Will Break $100,000 Before Next Halving – Here’s His Outlook
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.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Metallic Citizen
The post Bitcoin OG Adam Back Bets BTC Will Break $100,000 Before Next Halving – Here’s His Outlook appeared first on The Daily Hodl.
Go to Source
Author: Daily Hodl Staff
