Crypto industry pioneer and Blockstream CEO Adam Back bet one million satoshis (0.01 BTC) that the price of bitcoin will reach $100,000 before the halving.
Back agreed to a bet with an X (formerly Twitter) user named Vikingo. According to the latter, digital gold quotes will reach $100,000 no earlier than 2025. The head of Blockstream is confident that this will happen before March 31, 2024.
The next bitcoin halving will take place about a month after the date announced by Back. The network block reward will be reduced from 6.25 BTC to 3.125 BTC.
Former Blockstream Strategy Director and Jan3 CEO Samson Moe also wrote that he expects a new all-time high before the halving, not after.
In March, former Coinbase CTO Balaji Srinivasan bet $1 million that the price of bitcoin would reach $1 million within 90 days. In May, he prematurely admitted his defeat and donated the lost amount.
Back’s proposed bet to his opponent is approximately $290 at the time of writing. The sum has caused a number of malicious comments. Independent developer Udi Wertheimer offered to help the entrepreneur with financing.
Some users noted that if Back wins, the bet will rise to $1000. His personal fortune is estimated at $100-300 million.
Recall that in 2021, Blockstream raised $210 million in a Series B funding round at a $3.2 billion valuation.
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