Adam Back Wagers $1 Million on Bitcoin’s $100,000 Bet

Adam Back, the chief executive officer of Blockstream and one of the cryptocurrency’s early pioneers, is prepared to wager $1 million that Bitcoin will surpass $100,000 before its halving in 2024.

Back is confident Bitcoin will reach an all-time high of over $100,000 before halves.

Back consented to a wager with the pseudonymous user @Vikingobbitcoin on X (formerly Twitter) on August 7 that Bitcoin would reach $100,000 by March 31, 2024. According to Vinkingo, it won’t occur until 2025.

Back believes that the price will “probably” reach a new all-time high before the actual date of the halving, which is presently scheduled for April 26.

This date is approximately one month earlier than the exact date of the halving.

In the past, massive quantities have been wagered on Bitcoin price increases, such as Balaji Srinivasan’s $1 million, 90-day Bitcoin wager in March.

Beck has also been optimistic regarding Bitcoin, stating in February that it could reach $10 million by the sixth halving in 2032.

This time, Back is putting down his own money to support his most recent claim. It is one million satoshis, not dollars.

That’s only $290 at today’s prices (or more than $1,000 if Back’s prediction is accurate). A satoshi, or “sat” for short, is the smallest divisible unit of Bitcoin, and one Bitcoin equals 100 million satoshis.

Given his estimated net worth of between $50 million and $300 million, Back’s wager is comparatively modest.

However, in response to Back’s original post, Samson Mow, CEO of Jan3 and fellow Bitcoiner, stated that he, too, anticipates a new all-time peak for Bitcoin “pre-halving, not post.”

Despite the small size of the wager, it elicited some snide comments in the responses.

Still, it nonetheless reflects a growing favorable trend in the price of Bitcoin among market commentators and analysts ahead of the halving next year.

Charles Edwards, the founder of Capriole Investments, stated in an interview on February 24 that the forthcoming halving would make Bitcoin the “hardest asset in the world” and that the market is already in the early stages of a new bull cycle.