Self-proclaimed cypherpunk Adam Back has placed a bet on Bitcoin’s price reaching $100,000 by the end of March 2024. The privacy expert made the announcement on Twitter, stating that he is confident in Bitcoin’s ability to achieve this milestone before the next halving event. Back agreed to the bet with a pseudonymous user called “Vikingo,” with the winner receiving 1 million satoshis or 0.01 Bitcoin.
To reach the $100,000 target, Bitcoin would need to gain approximately 243% over the next eight months. This prediction comes in anticipation of the upcoming halving, scheduled for late March 2024 or early April. Back acknowledges that the previous halving in May 2020 did not immediately result in significant price gains. However, he believes that factors such as Covid, quantitative easing, economic disruption, and DeFi liquidations could have contributed to this.
Back suggests that a “bulltard” scenario, driven by positive financial industry adoption, increased holding, and miner reflexivity, could lead to an upward correction before the halving. Fellow Bitcoiner Samson Mow also shares the expectation of a new all-time high for Bitcoin before the halving.
Back emphasizes the influence of miners on prices around the halving. According to a report by Seeking Alpha, miners would need BTC prices to triple post-halving in order to break even. However, it’s worth noting that Back had previously made a similar $100,000 prediction for the end of 2021.
Currently, Bitcoin’s price remains relatively stable, hovering around $29,100. The cryptocurrency has struggled to break above the $30,000 resistance level in recent weeks. Meanwhile, altcoins continue to experience a gradual decline, resulting in a marginal drop in total market capitalization.
In conclusion, Adam Back’s bet on Bitcoin reaching $100,000 before the 2024 halving event has sparked discussions within the crypto community. While some believe that external factors may have impacted previous halvings, Back remains optimistic about the potential for a significant price surge. Only time will tell if his prediction proves to be accurate.