CEO Predicts Bitcoin to Reach USD $100K Milestone Pre-Halving
Blockstream CEO Adam Back believes Bitcoin could reach USD $100K before the next halving event.
Back also believes Bitcoin could eventually be worth USD $750K-1M.
The vaunted USD $100K (AUD $151K) mark has been a long-standing battle cry for Bitcoin maximalists. Years ago it seemed to be a pipe dream – but after BTC’s explosion in 2021 and eventual all-time high of around USD $70K (AUD $105K), USD $100K is now well within the realms of possibility. And some people expect that the world will get to see it sooner rather than later.
Blockstream CEO Believes BTC Is on a Path Toward USD $1 Million Dollars
Bitcoin’s past 12 months have been nothing short of spectacular. Amid rough macro and microeconomic market conditions (inflation, geopolitical crises, supply shortages), the coin is up 142% since December 2022. This begs the question: Just how far can BTC run in a good economic environment?
Bitcoin (BTC) since December 2022, source: CoinMarketCap
Blockstream’s CEO, Adam Back, is extremely bullish on Bitcoin’s short- and long-term future. Much has been made of the impending BTC halving event, slated for mid-2024, as the catalyst for the crypto market’s next big bull run. But the coin’s performance over the past few months has spurred excitement in the industry that the USD $100k barrier may be breached beforehand.
This is exactly what Back argued in a tweet:
…that’s what I’ve been saying, my bet is USD $100k before the halving
In a separate post on “x”, Back doubled down on his long-term belief in the legacy cryptocurrency, suggesting Bitcoin was on track to eventually be worth USD $750k-1M dollars (AUD $1.1-1.5M).
digital gold #bitcoin will surely flip physical gold sooner or later; and probably this halving cycle. so within a year or two. currently it’d take $700k/BTC but it maybe partially a substitute (some people start selling gold to buy #bitcoin crossing the market caps below that).
— Adam Back (@adam3us) December 4, 2023
It’s worth pointing out that for Back’s prediction to come true, Bitcoin would have to defy history and break its all-time high pre-halving. Additionally, he is providing just one voice among hundreds (or thousands) of crypto investors trying to have their opinions heard. As the CEO of a crypto-focused company, Back is of course going to be bullish on the prospects of BTC. That’s why it’s important to always perform your own research, whether that be through analysing charts, performing fundamental analysis or simply keeping up to date with the latest news.
The post CEO Predicts Bitcoin to Reach USD $100K Milestone Pre-Halving appeared first on Crypto News Australia.
Filed under: Bitcoin - @ December 5, 2023 4:26 am