Bitcoin Bullish Momentum Surges With $1 Million Target

Bitcoin’s bullish momentum has surged as prominent figures in the cryptocurrency space have set their sights on a $1 million price target for the digital asset. This optimistic outlook has reignited interest in a legendary bid made by Adam Back, who once proposed to purchase all 21 million BTC at a price of $0.02 per coin. The resurgence of this ambitious proposal has sparked renewed discussions and speculation within the Bitcoin community.

Michael Saylor, Executive Chairman of Strategy, framed bitcoin’s trajectory in stark binary terms, suggesting it is either destined for obsolescence or exponential price discovery. He remarked, “If it’s not going to zero, it’s going to a million.” Saylor’s statement followed an earlier one in which he declared, “Winter’s not coming back. Bitcoin’s not going to zero—it’s going to $1 million,” emphasizing his belief that the cryptocurrency has entered a sustained bullish phase. Moreover, Strategy currently holds 582,000 BTC.

Blockstream CEO Adam Back promptly addressed the downside scenario. Responding to Saylor, he pointed to a limit order once placed on a crypto exchange to purchase the full 21 million BTC supply at $0.02 per coin. “$1 million bitcoin it is then, as it’s not going to zero as I have a limit order at 2c/ BTC for 21m BTC,” Back wrote, positioning his bid above fellow bitcoin advocate Alistair Milne’s previously stated $0.01 offer.

Back’s reference ties back to a July 12, 2020, post, where he publicly countered Milne’s earlier declaration. At the time, Milne had stated: “I hereby confirm that bitcoin will never go to zero (at least on Bitfinex). I’m buying them all at $0.01.” Back responded with: “@alistairmilne for 18.6mil BTC at 1c eh? I bid for 21mil BTC at 2c.” The number 18.6 million was the amount of available bitcoin at the time.

Although the order initially served as a symbolic show of price support, its purpose changed over time. In response to an X user who remarked on its inactivity, “Sad to see $420K just sitting there in an order that will never be filled,” Back replied: “Well, I got FOMO after a while, cancelled and used the liquidity to buy BTC. But it was a real live order for a while during 2020.”

Saylor’s post drew widespread speculation on X, with some users predicting that bitcoin could exceed $1 million and potentially breach the $13 million target the Strategy executive chairman previously suggested. Despite differing views, the dominant sentiment reflected strong confidence in bitcoin’s long-term growth and staying power.

The call for Bitcoin to reach $1 million was notably made by Michael Saylor, a prominent advocate for Bitcoin. Saylor's prediction has garnered significant attention, as he has been a vocal proponent of Bitcoin's potential as a store of value and a hedge against inflation. His statements have historically influenced market sentiment and have been closely watched by investors and analysts alike.

Adam Back's 21 million BTC order, initially made in 2013, was a bold move that aimed to acquire the entire supply of Bitcoin at a fraction of its current value. The order was seen as a testament to Back's unwavering belief in the long-term potential of Bitcoin. Although the order was never fulfilled, it has become a symbol of the early days of Bitcoin and the optimism that surrounded its potential.

The renewed interest in Back's order comes at a time when Bitcoin's price has been fluctuating. However, the bullish sentiment expressed by Saylor and others has provided a counterbalance to these concerns, with many investors remaining optimistic about Bitcoin's future prospects.

The discussion around Bitcoin's potential to reach $1 million has also highlighted the unique characteristics of the digital asset. Unlike traditional currencies or assets, Bitcoin has a fixed supply of 21 million coins, which makes it a deflationary asset. This scarcity, combined with its decentralized nature and global accessibility, has made it an attractive option for investors seeking to diversify their portfolios.

The resurgence of interest in Adam Back's 21 million BTC order also underscores the enduring appeal of Bitcoin as a revolutionary technology. Despite the challenges and volatility that have characterized its journey, Bitcoin has continued to attract attention and investment from a wide range of individuals and institutions. The ongoing debate about its potential to reach $1 million serves as a reminder of the transformative power of digital currencies and their potential to reshape the global financial landscape.