- Bitcoin rally continues with ATH price in sight.
- Peter McCormack bets BTC can reach new highs this year.
- A skeptical asset manager takes the bet but with a twist.
Bitcoin’s relentless rally in 2024 has rekindled feverish optimism around the world’s largest cryptocurrency. As BTC inches closer to retesting its $69,000 all-time high, emboldened bulls are scoffing at skeptics who dare pour cold water on the leading cryptocurrency, hitting new highs.
Sponsored
In an extraordinary gambit, podcaster Peter McCormack has extended a tasty $100,000 wager that Bitcoin will breach $100,000 this year. While self-proclaimed metals maximalist “Black Swan” turned down the bet, McCormack faces off against a fresh challenger.
Zero Chance Bitcoin Hits $100,000
Although Black Swan boldly declared Bitcoin had zero chance of hitting $100,000 in 2024, his swagger vanished when McCormack offered an even $100,000 bet that Bitcoin would breach six figures this year.ย
In response to the refusal, McCormack accused Black Swan of having โzero convictionโ behind his beliefs and offered the metals maximalist a 5:1 payout to entice him to accept the wager. The revised offer was not met with a reply.
Yet, McCormack found little room for celebration as Michael Green, chief strategist at Simplify Asset Management, swiftly entered the online dispute. Surprisingly, Green not only accepted McCormack’s bet but proposed an astonishing increase in the stakes, setting the bar at a dizzying $1 million.ย
After further bravado and posturing, the duo eventually agreed to scale the stakes back down to $100,000, maintaining the same 5:1 payout arrangement in Greenโs favor. This revised agreement was accepted by both parties, bringing the heated exchange to a temporary resolution. While the terms of the wager greatly favor Green, is Bitcoin to $100,000 an inevitability?
Institution-Backed Moon Calls
Bitcoin has shown strength in recent weeks, making a $100,000 price target this year seem likely with each passing day. After bottoming in November 2021 at $15,500, the leading cryptocurrency has been trending higher, culminating in rapid acceleration throughout February to hit a new yearly high of $65,600 on Monday.
Analysts attributed this meteoric ascent to institutional money embracing Bitcoin en masse via the newly approved ETF products. According to Zero Hedge, BlackRock’s iShares Bitcoin Trust raked in a staggering $10 billion in just seven weeks, marking the fastest growth of any ETF and dwarfing the two years it took the first gold ETF to reach that level.
With unprecedented levels of institutional FOMO fueling Bitcoin’s rally, Bernstein analyst Gautam Chhugani now boldly predicts Bitcoin could soar to $150,000 within the next 18 months as BTC ETFs continue sucking up liquidity.ย
On the Flipside
- Price predictions are notoriously inaccurate, particularly considering crypto volatility and unpredictability.
- Simplify Asset Management specializes in “institutional-grade alternative strategies,” and Green advises legacy entities, including the IMF, BIS, and Fed, on investment strategies.
- Samson Mow and Arthur Hayes have touted a lofty $1 million cycle top for Bitcoin.
Why This Matters
This wager transcends mere financial speculation; it symbolizes a clash of contrasting ideologies regarding Bitcoin’s future. The audacious bet serves to magnify the existing discord between the cryptocurrency’s staunch supporters and its detractors.ย
Read about Chinaโs renewed Bitcoin hostilities as it nears $69,000 ATH price here:
China Issues Crypto Ban Warning as Interest in Bitcoin Surges
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