Adam Back forecasts Bitcoin could hit $700,000, surpassing gold, tied to the next halving event and its growing scarcity.
Adam Back, a notable cryptographer and Bitcoin enthusiast, predicts a huge rise in Bitcoin's value. He believes Bitcoin could reach $700,000 per unit, potentially surpassing the market value of physical gold soon, possibly in the next one or two years.
Back explained his prediction on the X social media platform (formerly Twitter), linking it to the upcoming Bitcoin halving expected next April. Halvings, happening every four years, cut the rate of new Bitcoin creation in half, historically leading to significant price increases.
The main reason behind this price surge is Bitcoin's growing scarcity, with fewer new Bitcoins being created. This scarcity, along with increasing demand, especially from financial institutions, has previously driven Bitcoin's price up, like in 2021 when it reached nearly $69,000.