Blockstream CEO Adam Back, has expressed his confidence in Bitcoin (CRYPTO: BTC) reaching a new all-time high of over $100,000 before the cryptocurrency’s halving event in 2024.

What Happened:  Bitcoin halving is a highly anticipated event that occurs approximately every four years, resulting in a reduction of new Bitcoin issuance. 

This process has historically been associated with increased attention, volatility, and speculation within the cryptocurrency market.

The bet was made during a conversation on X (formerly known as Twitter) with a pseudonymous user, @Vikingobbitcoin. 

While Back believes that Bitcoin will hit $100,000 by March 31, 2024, Vinkingo expressed their belief that it won’t happen until 2025. The wagered date is just before the scheduled halving event, currently set for April 26. 

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Why It Matters: Back is so confident in this outcome that he is willing to wager a million satoshis, equivalent to $290 at current prices, on this prediction.

This amount is relatively small, considering Back’s estimated net worth of $50 to $300 million.

Notably, bets on significant Bitcoin price increases have attracted substantial sums in the past. For example, back in March, Balaji Srinivasan made a $1 million bet on Bitcoin’s price within a 90-day period.

Price Action: At the time of writing, BTC (CRYPTO: BTC) was trading at $29,107.23, up 0.29% in the last 24 hours, according to Benzinga Pro.

Photo Courtesy: Shutterstock.com

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