- Blockstream CEO Adam Back predicts Bitcoin will hit $100K before 2024.
- Back attributes Bitcoin’s downward trend to pandemic and geopolitical factors.
- Analyst Dan Tapiero also predicts Bitcoin exceeding $100,000 by 2025.
In a recent discussion with Robert Breedlove, a prominent entrepreneur in the Bitcoin space, Adam Back, the CEO of Blockstream and the creator of Hashcash, expressed his optimistic views on Bitcoin
The cypherpunk recently waged on Twitter, predicting that Bitcoin will hit or surpass $100,000 by the upcoming halving in March 2024. The bet was made with a pseudonymous Bitcoin advocate, Vikingo on X (previously known as Twitter). The bet’s stake is 1 million satoshis, equivalent to 0.01 Bitcoin.
Bitcoin is currently experiencing a challenging phase, marked by a surprisingly low price range. The digital currency currently trades at $27,048.25, with a 24-hour trading volume of $13,903,587,544. Despite a significant increase in price and volume over the past 24 hours, the current range represents a significant drop from its 2021 peak, valued at approximately $60,000.
Back suggests that the ongoing downward trend of cryptocurrency can be attributed to several elements, such as the extended COVID pandemic, the conflict in Ukraine, the collapse of crypto hedge funds, and continuous easing, among others. Nonetheless, his sentiments conveyed an optimistic perspective on Bitcoin’s potential upward trajectory.
I’m thinking we undershot a lot due to Covid, quantitative easing, economic disruption plus in crypto DeFi cascading liquidations and 3AC, Celsius, Blockfi, Genesis bankruptcies… Positive financial industry adoption, holders stacking and miner reflexivity we could get a delayed upwards correction before.
Back’s optimistic forecast for Bitcoin’s impressive future trajectory is one of numerous positive projections for the cryptocurrency. For example, analyst Dan Tapiero has suggested that Bitcoin could experience a remarkable increase between Q2 2024 and 2025, exceeding the $100,000 mark.
