Blockstream’s Adam Back bets Bitcoin could reach $1m after 2024 halving

In a recent series of X posts, the head of Blockstream Adam Back said the largest by market cap cryptocurrency might surge to $100k before the 2024 halving.

According to the Blockstream CEO, Bitcoin (BTC) “will surely flip physical gold sooner or later” as the probability of this scenario is high enough for “this halving cycle.” In an X post on Sunday, Dec. 3, 2023 Back said he expects the top cryptocurrency to set a new all-time high at $100,000 even before the 2024 halving.

As per Back, Bitcoin will benefit most from an intergenerational transfer of wealth as Gen X and millennials are likely to liquidate their portfolios in stocks, bonds and pension pots. He also noted that some people have already started “selling gold to buy Bitcoin,” opening doors for the cryptocurrency to reach the $1 million mark after the halving, which is expected to arrive in April 2024.

Meanwhile, Bitcoin surpassed the $41,000 mark for the first time since the Terra collapse in May 2022, putting 80% of the asset’s holders in profit. According to data from IntoTheBlock, Bitcoin’s profitability has reached a two-year-high, while the number of active BTC wallets registered a 6.4% rise — hiking from around 863,600 to 919,410 daily active addresses.

Analysts at Matrixport believe that the largest crypto can reach $60,000 by April 2024 and double that price mark by the end of 2024 as the market has entered a new phase of a bull run.

Galaxy Digital Founder and Chief Executive Mike Novogratz is also bullish on Bitcoin, saying the top crypto is poised to reach its old highs a year from now, should the U.S. Securities and Exchange Commission (SEC) give the go-ahead to spot Bitcoin exchange-traded funds (ETFs).