ADAM BACK: BITCOIN TO HIT $100K INEVITABLY 

Back has pointed out the crypto community’s subdued response to Bitcoin’s recent surge to $73,000.

Adam Back, the British cryptographer and a key figure behind Blockstream, is convinced that it’s only a matter of time before Bitcoin (BTC) reaches the $100,000 milestone, arguing that it’s not a question of if but when.

In a recent tweet, the well-known advocate for Bitcoin expressed that the current lack of excitement over Bitcoin’s significant gains, ranging between $1,000 to $5,000, is because the community is anticipating the cryptocurrency to hit a new all-time high (ATH) of $100,000 soon.

Bitcoin Destined for $100K

Bitcoin has seen an impressive surge of over 46% in the past month, breaking past its previous ATH of $69,000 from the last surge. This week, the cryptocurrency exceeded $70,000, reaching highs of over $72,000 and $73,000 on Monday and Wednesday, respectively. According to CoinMarketCap, Bitcoin was trading around $73,400 at the time this was written.

Back observed that the crypto community did not strongly react to Bitcoin’s recent achievements. He commented that it went relatively unnoticed, stating, “No one said anything.”

He believes the muted response is due to the widespread belief within the community that Bitcoin reaching $100,000 is long overdue, thus the lack of excitement for its current levels around $73,000. “Just tick tock $100k,” he remarked, indicating an expectation for this milestone.

Insights into Back’s Bitcoin Forecasts

Previously, Back had predicted that Bitcoin would hit $100,000 by Christmas 2021. His prediction was in line with those of precious metal and Bitcoin analyst Florian Grummes and the stock-to-flow (S2F) model. At that time, Back was optimistic about Bitcoin’s level of global acceptance and its deployment.

He reiterated his prediction of Bitcoin reaching $100,000 in June 2022, during a market downturn, suggesting that the milestone could be achieved by year-end if Bitcoin decoupled from traditional financial markets and if the U.S. Securities and Exchange Commission (SEC) approved Grayscale’s spot Bitcoin ETF.

In August 2023, Back wagered one million satoshis on Bitcoin hitting $100,000 before the next halving event scheduled for mid-April. He speculated that Bitcoin miners could play a crucial role in pushing the cryptocurrency’s price to new heights around the halving.

As the Bitcoin halving approaches, with the cryptocurrency currently valued at $73,000, the crypto community watches closely to see if Back’s bold predictions will materialize.

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