Adam Back Bets on Bitcoin Reaching $100K by 2024
Adam Back, a well-known privacy expert and cypherpunk, has made a bet that the price of Bitcoin will reach or exceed $100,000 by the end of March 2024. Back agreed to the bet with a Twitter user named “Vikingo,” with the winner receiving 1 million satoshis or 0.01 Bitcoin. In order for Bitcoin to reach this price, it will need to gain 243% over the next 8 months. Back believes that miners will play a significant role in driving prices around the time of the halving, which is expected in late March 2024 or early April.
Key Points:
- Adam Back has bet that Bitcoin will reach or exceed $100,000 by the end of March 2024.
- The bet was made with a Twitter user named “Vikingo,” with the winner receiving 1 million satoshis.
- In order to reach $100,000, Bitcoin will need to gain 243% over the next 8 months.
- Back believes that miners will have a significant influence on prices around the time of the halving.
- Back previously made a similar prediction for the end of 2021.
Hot Take:
Adam Back’s bet on Bitcoin reaching $100,000 by 2024 reflects his bullish outlook on the cryptocurrency. He believes that factors such as financial industry adoption, holders stacking, and miner reflexivity could lead to an upward correction in prices. However, it remains to be seen whether Bitcoin will be able to achieve such a significant price increase within the given timeframe.
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