According to recent reports, Adam Back, a British cryptographer and cypherpunk, has joined an expanding circle of financial experts who have recently become bullish on Bitcoin’s valuation before the halving event next year.Â
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Bitcoin to $100K?
The CEO of Blockstream appears to be fairly certain that Bitcoin will reach a record-high value of more than $100,000 before halving in 2024 and he is prepared to bet a million dollars on it.
Back engaged in a bet with anonymous X account @Vikingobbitcoin on Aug. 7 over Bitcoin reaching $100,000 by March 31, 2024 in an exchange on X which was previously known as Twitter.
A New ATH
Back expects that the value will “probably” attain an all-time record high earlier than the real date of the halving, hence the betting date is around a month prior to the halving.
However, this is not the first time Back has professed his admiration for Bitcoin; he was also optimistic about Bitcoin in the past, predicting that Bitcoin might reach $10 million by the sixth halving in 2032 in February.Â
A Million Satoshis
However, this time, Back is in fact putting money on, in order to back up his estimations. Nonetheless, the money he bet on is only a million satoshis, not US dollars, which are just worth $290 at the moment.Â
With this wager, Back joins venture entrepreneur and angel investor Balaji Srinivasan, who stated in March that hyperinflation is already underway. He also bet $2 million on Bitcoin hitting $1 million in 90 days since he believed it could occur quickly.Â
Bitcoin is an Important Hedge Against Inflation
Novogratz, a well-known financial expert, recently voiced that he believes that Bitcoin is capable of functioning as an important hedge against the potential implications of this increasing debt. Novogratz has earnestly advised investors to consider taking action by contemplating obtaining Bitcoin (BTC) in the midst of a shocking revelation with regard to the continually increasing national debt of the United States of America.
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