Blockstream CEO Predicts Bitcoin Can Reach IDR 1.5 Billion Per Coin Before Haling

Blockstream CEO Adam Back. (Photo; Doc. CryptoAcademia)

JAKARTA - Bitcoin (BTC) is the most popular and valuable cryptocurrency in the world today. Blockstream CEO Adam Back predicts the price of Bitcoin could reach 100,000 US dollars (Rp 1.5 billion) per coin in the near future. Additional information, Blockstream is a company engaged in blockchain technology.

Back expressed his belief through social media, responding to a question from Bitcoin analyst and author Vijay Boyapati. Boyapati asked whether Bitcoin could reach an all-time high (ATH) before halving, which is the process of reducing the half of the amount of Bitcoin given to miners in exchange for every 10 minutes.

"As I already said, I bet 100,000 US dollars before halfing," Back wrote firmly.

For additional information, halving bitcoin is a historic event that the crypto community has been waiting for. Bitcoin haaving is a rare phenomenon that occurs once every four years. This involves cutting half the reward for miners who have successfully completed the transaction block in the Bitcoin network.

This Back prediction is quite striking, as based on historical trends, the price of Bitcoin has never passed ATH from its previous cycle before halving. In the previous two cycles, the price of Bitcoin had only started to rise months after halving, as supply and demand hit new levels.

Bitcoin's current all-time high price is around $69,000, which was achieved in November 2021. Many doubt that Bitcoin could surpass that figure in the near future, let alone reach 100,000 US dollars.

However, Back has reasons to be optimistic. He believes that Bitcoin has the potential to reach between US$750,000 (Rp 11.6 billion) to US$1 million (Rp 15.5 billion) per coin in a very bullish scenario. He also highlighted several factors that support the increase in Bitcoin prices, such as the inclusion of institutional funds, acceptance of Bitcoin by the general public, and favorable regulatory status.

Back is not just anyone in the crypto world. He is one of the computer scientists who is considered a candidate for creator of Bitcoin, Satoshi Nakamoto. He is also the discoverer of hashcash, a system used by Bitcoin to secure his network.

Even so, Back's prediction has still come under criticism from some crypto communities, who consider it merely optimistic speculation. They argue that the crypto market is very difficult to predict, and even the opinions of experts should be taken carefully. They also emphasize that making high-risk predictions can be misleading, especially for less experienced investors.

Meanwhile, there are also those who are cynical and insinuate that Bitcoin will fall to USD 3,000 (IDR 46.4 million) in the coming years. They showed that the latest bear cycle carried Bitcoin under ATH before something that had never happened until last year.