Bitcoin OG bets surprising sum on BTC hitting $100K before the halving
Blockstream CEO Adam Back, one of the crypto’s early pioneers, is pretty confident Bitcoin will hit an all-time high of over $100,000 before Bitcoin's halving in 2024 — and is willing to drop a million wagering on it.
In an Aug. 7 conversation on X (formerly known as Twitter), Back agreed to a bet with pseudonymous X user @Vikingobbitcoin, that Bitcoin would reach $100,000 by March 31, 2024. Vinkingo however said they believe it won’t happen until 2025.
The wagered date comes in roughly a month before the halving — which is currently on track for April 26 — as Back believes that the price will “probably” reach a new all-time high sooner than the actual date of the halving.
Bets on dramatic increases in the price of Bitcoin have attracted huge sums in the past, such as Balaji Srinivasan’s $1 million 90-day Bitcoin bet in March.
Beck’s also been bullish about Bitcoin in the past, saying in February that Bitcoin could reach $10 million by the sixth halving in 2032.
This time, Back is actually setting down hard-earned funds to back his most recent claim. Unfortunately, it's a million satoshis, not U.S. dollars. That's only $290 in current prices (or over $1,000 if Back’s prediction comes true).
A satoshi — “sat” for short — is the smallest divisible unit of Bitcoin, and there are 100 million sats to a single BTC.
Thus, it's a rather small bet for Back, given his net worth is estimated to be somewhere between $50 and $300 million.
Related: How will Bitcoin halving affect BTC price, and is DeFi dead?
However, in a response to Back’s original post, Jan3 CEO and fellow Bitcoiner Samson Mow said that he too expects a new all-time high for Bitcoin “pre halving, not post.”
I also think new ATH pre-halving, not post.
Despite the
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