Adam Back Bets Bitcoin Will Reach $100,000 Before Next Halving
Blockstream CEO Adam Back, an early Bitcoin investor, is confident that Bitcoin will reach $100,000 by the next halving in April 2024. He has made a bet with another user that his prediction will come true. Back believes that Bitcoin’s price was suppressed in the last cycle due to various factors such as Covid, quantitative easing, and bankruptcies in the crypto industry. He suggests that a delayed upwards market correction could happen before the halving, especially if a spot Bitcoin exchange-traded fund (ETF) gets approved. Back points out that if Bitcoin had followed the same price trajectory as in 2013, its high in 2021 would have been $330,000. Currently, Bitcoin is trading at $28,827.
Main Breakdowns:
– Back bets Bitcoin will reach $100,000 by the next halving in April 2024.
– He believes Bitcoin’s price was suppressed in the last cycle due to various factors.
– A delayed upwards market correction could occur before the halving, potentially triggered by ETF approvals.
– If Bitcoin had followed the same price trajectory as in 2013, its high in 2021 would have been $330,000.
– Bitcoin is currently trading at $28,827.
Hot Take:
Adam Back’s bet on Bitcoin reaching $100,000 before the next halving shows his strong belief in the cryptocurrency’s potential. While the market is currently experiencing a dip, Back points out that there are several factors that could lead to a significant price increase. His optimism is rooted in the past performance of Bitcoin and the potential for positive industry adoption. If his prediction comes true, it could be a significant milestone for Bitcoin and its investors.
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