This was the bet of Balaji Srinivasan, the entrepreneur, investor and former Chief Technology Officer (CTO) of Coinbase. That was indeed a USD 1 million bet but this is completely different. Adam Back is of a very different calibre. Given that Back is a multimillionaire and in possession of an estimated thousands of BTC, this amount is nevertheless more symbolic. At current prices, this corresponds to just under 300 US dollars; if his prediction is correct, it would then be around 1,000 US dollars.

Despite the low stake, the bet has an enormous symbolic character. Only time will tell whether the prediction of the Bitcoin legend Back will actually be correct.

Here is an article on the Balaji bet:

https://bitcoinmagazine.com/culture/why-did-balaji-srinivasan-bet-1-million-on-bitcoin