Crypto Expert Adam Back Predicts Bitcoin Going to $100,000 Before the Halving – Here’s His Outlook
In a recent video by Altcoin Daily, host Austin Arnold delved into the future of Bitcoin and other cryptocurrencies with crypto expert Adam Back.
Adam Back, a British cryptographer and CEO of Blockstream, is no stranger to the crypto world. He is the inventor of hashcash, a proof-of-work system used in Bitcoin mining. Back’s influence is so significant that he is often suspected of being the elusive Satoshi Nakamoto, the pseudonymous creator of Bitcoin.
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Show more +The video discusses the two main factors affecting the price of any asset: supply and demand. The upcoming Bitcoin halving event in 2024 will significantly reduce the supply of Bitcoin, creating a “supply shock.” On the demand side, the race for the approval of Bitcoin spot ETFs in the U.S. could serve as a “demand shock.”
What you'll learn 👉
The ETF Race
According to Anthony Pompliano, who appeared on Fox Business, several companies like Grayscale, Fidelity, and BlackRock are vying for the first Bitcoin spot ETF. The SEC’s decision on these applications could have a massive impact on Bitcoin’s demand and, consequently, its price.
The Bold Prediction
Adam Back predicts that Bitcoin could reach or even exceed $100,000 before the 2024 halving event. He bases this prediction on the potential for both supply and demand shocks to drive up the price. Back even wagered 1 million satoshis (0.01 BTC) on Twitter to back his claim.
Ripple’s Multi-Million Dollar Donation
The video also touched on Ripple Co-founder Chris Larson’s multi-million-dollar donation of XRP to the city of San Francisco. Larson emphasized his love for the city and the importance of investing in it, especially given its public safety issues.
Chris Larson also provided an update on Ripple’s ongoing legal battle with the SEC. He stated that the SEC had lost on all crucial points, and the case continues to be a landmark for the regulation of the crypto industry.
Altcoin Daily’s video offers a comprehensive look at the future of Bitcoin and the crypto market at large. With expert insights from Adam Back and updates on Ripple, it’s a must-watch for anyone interested in the crypto realm.
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