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HomeNewsMaxi's Million Dollar Bet: BTC to Break $100K Ceiling Prior to 2024...

Maxi’s Million Dollar Bet: BTC to Break $100K Ceiling Prior to 2024 Halving

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  • Blockstream CEO and Bitcoin pioneer, Adam Back, stakes one million Satoshis on BTC reaching $100,000 before the 2024 halving.
  • His optimistic outlook reflects a broader bullish sentiment among market analysts and commentators in anticipation of Bitcoin’s halving event.

Adam Back, CEO of Blockstream and one of the early adopters of cryptocurrency, is betting big on Bitcoin’s future trajectory. He’s laid down a million Satoshis – the smallest divisible unit of Bitcoin – wagering that Bitcoin will touch the $100,000 mark before the 2024 halving.

Making a Million-Satoshi Bet on Bitcoin’s Future

Back’s bold prediction emerged during an August 7th exchange on the social media platform X, formerly known as Twitter. There, he accepted a challenge from the pseudonymous user @Vikingobbitcoin, who argued that Bitcoin wouldn’t reach the $100,000 milestone until 2025.

The timing of the bet is of significant interest as it lands approximately a month before the 2024 halving, currently forecasted for April 26. Back’s conviction is that Bitcoin’s value will most likely attain a new all-time high prior to the actual halving date.

Historically, high-stakes wagers on Bitcoin’s dramatic price escalation have attracted substantial attention. Case in point, Balaji Srinivasan’s $1 million, 90-day Bitcoin bet in March. Back himself has previously made bullish statements about Bitcoin, even speculating a potential $10 million price tag by the sixth halving in 2032.

However, this time, the size of Back’s bet is surprisingly modest considering his estimated net worth, which ranges between $50 and $300 million. Although his wager of a million Satoshis may seem significant, it only translates to roughly $290 at current rates (or potentially over $1,000, should Back’s prediction materialize).

Growing Bullish Sentiment Pre-Halving

Despite the small size of the bet, it’s noteworthy for reflecting an increasingly optimistic outlook among market commentators and analysts concerning Bitcoin’s price trajectory, especially in the run-up to next year’s halving.

This bullish sentiment isn’t restricted to Back alone. In response to Back’s original post, Jan3 CEO and fellow Bitcoin advocate, Samson Mow, agreed that Bitcoin would likely achieve a new all-time high

“pre halving, not post.”

Interestingly, Charles Edwards, the founder of Capriole Investments, mentioned in a February 24 interview with Cointelegraph, that the upcoming halving would cement Bitcoin’s position as the

“hardest asset in the world”.

He also suggested that the market is currently in the early stages of a new bull cycle.

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Godfrey Benjamin
Godfrey Benjamin
Godfrey Benjamin is an experienced crypto journalist whose primary goal is to educate everyone about the prospects of Web 3.0. His love for crypto was sparked during his time as a former banker when he recognized the clear advantages of decentralized money over traditional payments. Business Email: info@ethnews.com Phone: +49 160 92211628
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