- Adam Back, CEO of blockchain technology company Blockstream, has placed a high bet on the future price of Bitcoin.
- If Adam Back’s prediction turns out to be correct, Vikingo will owe Back 1 million satoshis (the smallest unit of Bitcoin). However, if Back’s prediction doesn’t come true, he will owe Vikingo the same amount.
- The bet has garnered significant attention on social media, with both supporters and skeptics of Bitcoin’s future value expressing their views.
Adam Back, CEO of Blockstream, excited the community with a Bitcoin price prediction and placed a bet on the price of BTC.
Adam Back Predicts Bitcoin Price
Adam Back, CEO of blockchain technology company Blockstream, has placed a high bet on the future price of Bitcoin. In a post, Back claimed that Bitcoin will reach or potentially surpass $100,000 by the next halving event, scheduled for March 31, 2024. Back stated:
“Another Bet Placed! I predict Bitcoin will reach or exceed $100,000 by the next halving event on March 31, 2024.”
This post quickly turned into more than just a statement, evolving into a friendly wager. Another prominent figure in the crypto space, “Vikingo,” responded to this offer and entered the bet. If Adam Back’s prediction proves correct and Bitcoin indeed surpasses $100,000 or more, Vikingo will owe Back 1 million satoshis (the smallest unit of Bitcoin).
Currently, the mentioned satoshis have a market value of approximately $291. However, if Back’s prediction doesn’t come true, Back will owe Vikingo the same amount. In a subsequent Twitter discussion, Vikingo expressed doubts about Bitcoin’s ability to surpass $50,000 by the end of the year. Vikingo said:
“I don’t believe we’ll return to the $12,000 level. I think we could have another shot at $15,800, so we might be around there. I still believe we can climb towards Christmas. We might reach a value of $50,000 – $55,000, but we won’t go higher than that and we’ll fall back.”
Back’s Predictions Align with the Halving Event
The bet garnered significant attention on social media, with supporters and skeptics of Bitcoin’s future value expressing their views. Many pointed out that Back’s prediction aligns with the timing of the halving event, which occurs roughly every four years and tends to trigger significant price movements in the cryptocurrency markets.
The halving process reduces the rewards miners receive for verifying and adding transactions to the blockchain. This mechanism controls the new supply of Bitcoin and theoretically contributes to price increases over time.
This isn’t the first time Back has made such bold predictions for Bitcoin. In February, the expert who explored the claim of “Bitcoin growing at an average rate of two times per year” found that Bitcoin had grown by 2,036 times (a 1,200-fold increase in a decade) between January 2013 and December 2022.
According to his view, if this trend continues, projections indicate that within the next two halvings, Bitcoin could reach significant milestones of $10 million per BTC and a market cap of $200 trillion, potentially in around nine years.
