The CEO of Blockstream, which operates in the field of Bitcoin technology, predicted that the Bitcoin price could reach an all-time high, even $100,000, before the next halving event in 2024.
Adam Back, who is also a cypherpunk and the inventor of Hashcash, a proof-of-work system used by Bitcoin, made bullish statements for BTC in his statement today.
Back reminded that on October 1, 2021, Bitcoin exceeded $ 47,000 again, as it did yesterday, and then rose to $ 69,000, the highest price level of all time, within 41 days. He added that there are 70 days left until the halving, implying that Bitcoin has enough time and momentum to break new records.
However, Back claimed that a new all-time high price level or even the $100,000 level could be seen before the halving.
Halving, or halving, is known as a process that occurs in the Bitcoin network every 210,000 blocks, or roughly every four years. It reduces the amount of new BTC produced per block by 50%, making the supply of new coins less and more valuable. The next halving is expected to occur in April 2024, when the block reward will drop from 6.25 BTC to 3,125 BTC.
*This is not investment advice.