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Blockstream CEO Adam Back Predicts Bitcoin to Reach $100,000 Before Next Halving
(Originally posted on : Crypto News – iGaming.org )
The CEO of Blockstream, Adam Back, stated his optimism towards Bitcoin (BTC), predicting that the value of the digital currency will rise to $100,000 soon. Back, a pioneering Bitcoin investor and the creator of the proof-of-work protocol Hashcash, posted his forecast to his social media followers.
Predicting Six Figures by the Next Halving
Back’s prediction is predicated on the idea that Bitcoin would cost more than $100,000 before the subsequent halving, which is anticipated to occur in April 2024. The CEO even placed a wager with another user by the name of Vikingo for one million Sats (sats), or 0.01 Bitcoin. On social media, he revealed the wager and emphasized how sure he was of his forecast.
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“The bet is on: I bet Bitcoin reaches or exceeds $100,000 between now and halving (31st Mar 2024) with @vikingobitcoin9. One million sats to the winner.”
Reasoning Behind the Optimism
Down’s assurance is based on his examination of prior market cycles and the elements that could have held down Bitcoin’s price in the preceding cycle. He emphasized how things like the COVID-19 epidemic, quantitative easing, economic upheavals, and problems with the decentralized finance (DeFi) industry had an influence. Additionally, he mentioned the bankruptcy of several cryptocurrency firms, including 3AC, Celsius, BlockFi, and Genesis, which may have helped to the price suppression.
Before the anticipated April 2024 halving event, which decreases the incentives to miners by half, Back predicts a postponed market slump for Bitcoin. He asserted that the approval of an exchange-traded fund (ETF) for spot Bitcoin might act as a trigger for a significant price increase.
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Long-Term Growth Perspective
Back noted that the price spike from 2017 to 2021 was quite small compared to other cycles when comparing Bitcoin’s price changes throughout several cycles. He emphasized the probability of a postponed upward correction in the present cycle as a result of many variables impacting the larger economic environment. At the time of writing, Bitcoin has a 24-hour change of 0.21% and is now trading at $29,241.60.