Blockstream CEO Adam Back Predicts $10 Million Bitcoin and $200 Trillion Market Cap Within 9 Years
Blockstream CEO Adam Back recently took to Twitter to share his thoughts on the future trajectory of Bitcoin. In a tweetstorm, Back discussed his thesis on the growth of Bitcoin over the next decade.
According to Back, Bitcoin has grown 2.036 times per year on average from January 2013 to December 2022. He believes that if this trend continues, Bitcoin’s market cap could cross $200 trillion within the next 9 years, resulting in the price of Bitcoin reaching $10 million per coin.
early this year i was curious of the claim “bitcoin 2x’s per year on average”. it checks: the decade jan 2013 – dec 2022 #bitcoin went up 2.036x/year (1200x in a decade). if that continues we’ll cross $10mil/BTC and $200 tril market cap by end of next 2 halvenings, about 9 years. pic.twitter.com/mqmO2SRdAv
— Adam Back (@adam3us) February 12, 2023
Bckstream CEO also mentioned the potential for hyperbitcoinization to drive growth, where rapid adoption of Bitcoin could lead to the collapse of weaker currencies and cause people to turn to Bitcoin as a means of protecting their savings. He emphasized the need for technology to mature to accommodate the next billion users who need their own UTXO and keys with censorship-resistant cold storage.
Despite the volatility of Bitcoin, Back believes that people with average entry points relative to the current price will not have much incentive to sell, and therefore, the price of Bitcoin could overshoot wildly and tap one of the market caps between $100 and $300 trillion, before regaining a steadier adoption over time.
Back also believes that the next two halvings will be “interesting” and that the growth of Bitcoin-native financialization, such as structured products, mortgages, and community-federated chaum mints, will make it easier for people to use Bitcoin, leading to more growth. He also mentioned the possibility of a network effect tipping point, which could collapse some weaker currencies along the way and make it hard to ignore the news.
Conclusion
In conclusion, Back’s tweet offers a unique insight into the future trajectory of Bitcoin and how it could shape the world of finance. With the growth of Bitcoin-native financialization and the potential for hyperbitcoinization, there is no doubt that the next decade will be exciting for the world of cryptocurrency. It will be interesting to see how these predictions unfold in the coming years and the impact they will have on the financial landscape.
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