Blockstream CEO Adam Back has wagered a million satoshis (approximately $290 in current prices) on Bitcoin surpassing an all-time high of over $100,000 before halving in 2024.
Back engaged in a bet with the pseudonymous user @Vikingobbitcoin, who believes Bitcoin will not reach $100,000 until 2025, during a discussion on X (formerly Twitter). On the other hand, Back believes that the price will “probably ” reach a new all-time high roughly a month before the halving, which is scheduled for April 26.
In the past, bets forecasting significant surges in Bitcoin’s price have drawn considerable attention, with notable instances such as Balaji Srinivasan’s $1 million 90-day Bitcoin wager in March.
However, the CEO is putting his money where his mouth is, backing his recent claim with hard-earned funds, although it is only a million satoshis worth $290 at current prices. But a million satoshis are expected to be worth over $1000 if Back’s prediction is accurate.
A satoshi — “sat” for short — is the smallest divisible unit of Bitcoin, and there are 100 million sats to a single BTC.
In response to Back’s original post, Jan3 CEO and fellow Bitcoiner Samson Mow also expects a new all-time high for Bitcoin before the halving, not after. Despite the small bet, some snide replies have been drawn by the wager; however, it reflects a growing bullish trend on Bitcoin’s price among market commentators and analysts ahead of next year’s halving.
In a Cointelegraph interview on February 24, Charles Edwards, the founder of Capriole Investments, forecasts that the impending halving event will elevate Bitcoin to become the “most resilient asset globally.” He indicates that the market is in the initial phases of a new bullish cycle.