Bitcoin Price to Hit $100k Before April 2024 Halving: Adam Back
Will BTC reach $100,000? | Credit: Shutterstock
- Bitcoin’s halving influences market sentiment and the profitability of miners, among other things
- Adam Back, the CEO of Blockstream, bets big that Bitcoin will reach a record high of over $100,000
- Previous Bitcoin price halvings have been long-term bullish factors for the crypto
The Bitcoin halving is a significant event that impacts market mood, miner profitability, and innovation in the cryptocurrency ecosystem. According to Adam Back, it should also grow the currency price. The crypto community is already weighing in with various predictions on Bitcoin’s potential price with less than a year to go.
Bitcoin To Exceed $100,000 Before Its 2024 Halving?
One of the early cryptocurrency pioneers, Blockstream’s CEO Adam Back, is certain that Bitcoin will reach an all-time high of over $100,000 before it is halved in April 2024 and is willing to stake 1 million Satoshis on it (a hundredth of a Bitcoin, or around $290 at current prices)
In a chat on X (formerly known as Twitter) on August 7, Back and anonymous X user @Vikingobbitcoin settled on a wager that Bitcoin will hit $100,000 by March 31, 2024. According to Vinkingo , it probably won’t occur until 2025.
CCN reached out to Adam Back for commentary but did not receive a reply at the time of publishing
Back predicts that the price will “probably” achieve a new all-time high before the halves, which is scheduled for April 26. This puts the wagered date close to a month before the splitting.
Huge sums have previously been wagered on sharp increases in the price of Bitcoin, such as Balaji Srinivasan ‘s $1 million 90-day Bitcoin wager in March.
Back Investing His Own Money – Community Laughs
Additionally, Back has previously expressed optimism about Bitcoin, stating in February that it might hit $10 million by the sixth halving in 2032. He then mentioned that the flagship crypto asset could explode to a $200 trillion market cap in the next nine years.
This time, Back is investing his own money to support his most recent assertion.
Unfortunately, instead of dollars, it’s a million satoshis currently, but, if Back’s forecast comes true — he will receive more than $1,000.
The smallest division of a Bitcoin is called a satoshi, or “sat” for short. There are 100 million sats in a single BTC.
Given that Back’s net worth is thought to be somewhere between $50 and $300 million , it is therefore a relatively minor wager for him.
Samson Mow, the CEO of Jan3 and a fellow Bitcoiner, responded to Back’s original article by stating that he too anticipates a new all-time high for Bitcoin, but “pre-halving, not post.”
Back’s little wager has received some sarcastic comments ; nonetheless, it still indicates an increasing bullish tendency among market pundits and analysts on the price of Bitcoin ahead of next year’s halving.
Who is Back, and Why Care About his Predictions?
Like David Chaum and Hal Finney, Adam Back is a “British cryptographer and cypherpunk” from London who was “a pioneer of early digital asset research.”
He created the cryptographic hash-based proof-of-work technique Hashcash in 1997. When mining, Bitcoin uses the hashcash proof-of-work function as the mining core, and Bitcoin miners are expending their effort creating hashcash proof-of-work, which acts as a vote in the blockchain evolution and validate the blockchain transaction log.
When giving his predictions, Back usually talks about the macro factors that he believes will make his price prediction come true. In short, he seems to think that the Federal Reserve, the central bank of the U.S., is responsible for all the factors that define Bitcoin price. Such a macroeconomic view differentiates him from the crypto experts, who usually focus only on crypto and not the whole ecosystem per se.
Also, it’s good to know that Back primarily used two methods to amass his wealth. First, by purchasing Bitcoin in 2011, when one cost between $0.70 and $15. Even a modest purchase made at the time for $10,000 would be worth more than $30 million now.
Adam Back did a fantastic job of capitalizing on his early interest in and exposure to the cypherpunk movement by investing very early in Bitcoin and creating a billion-dollar business in the same industry. He has been fortunate enough to amass a sizeable net worth from his endeavors, maybe between $100 and $300 million.
Why People Predict Around the Halving?
Following a halving, there is typically an uptick in volatility for Bitcoin. With less Bitcoin in circulation, its value rises, and investors find it more desirable.
When examining the post-halving booms in Bitcoin, other factors should be taken into account:
- more press coverage on Bitcoin and other cryptocurrencies
- a curiosity about the privacy of the digital asset
- a steady rise in the number of real-world applications for the money
If you trust in the importance of history, previous Bitcoin price halvings have been long-term bullish factors for the cryptocurrency. On the other hand, the subsequent halving will almost certainly have various effects on the BTC ecosystem. The number of Bitcoin miners is generally expected to fall as the financial incentive to mine diminishes and, for less skilled miners, becomes unprofitable.
