Blockstream CEO Adam Back Wagers 1 Million Satoshi on Bitcoin Reaching $100,000 by 2024
Adam Back, the CEO of Blockstream and an early pioneer of Bitcoin, is confident that the cryptocurrency will hit an all-time high of over $100,000 before its halving in 2024. In fact, he is so certain of this prediction that he has bet 1 million satoshis on it.
In a conversation on X (formerly known as Twitter) on August 7, Back agreed to a bet with the pseudonymous user @Vikingobbitcoin. @Vikingobbitcoin believes that Bitcoin will not reach $100,000 until 2025, while Back believes it will happen by March 31, 2024.
The bet is set to take place roughly a month before the halving, which is scheduled for April 26. Back believes that the price will “probably” reach a new all-time high before the actual date of the halving.
Bets on Bitcoin’s price have attracted large sums in the past, such as Balaji Srinivasan’s $1 million 90-day Bitcoin bet in March.
This is not the first time Back has expressed bullish sentiment about Bitcoin. In February, he stated that Bitcoin could reach $10 million by the sixth halving in 2032.
Back is now backing up his latest claim by wagering 1 million satoshis. A satoshi, or sat for short, is the smallest divisible unit of Bitcoin, with 100 million sats equaling one BTC. In current prices, the bet is worth $290, but if Back’s prediction comes true, it will be worth over $1,000.
While the bet may seem small given Back’s estimated net worth of between $50 and $300 million, it reflects a growing bullish trend on Bitcoin’s price among market commentators and analysts ahead of next year’s halving.
Charles Edwards, the founder of Capriole Investments, has also expressed optimism about Bitcoin’s future. In a February interview with Cointelegraph, he predicted that the upcoming halving will make Bitcoin the “hardest asset in the world” and that the market is already entering a new bull cycle.
