If Adam Back and Hal Finney’s $10 million price prediction were to come true, the BTC market cap would be approximately $200 trillion.
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Blockstream CEO Adam Back believes the price of Bitcoin (BTC) could reach $10 million by the end of the sixth halvening in 2032, as long as Bitcoin layer-2 technology and wallet infrastructure improves.
In a Feb. 12 Twitter thread, the Bitcoin Core contributor explained to his 509,000 followers under what situation Hal Finney’s $10 million price prediction for BTC could come true.
Back noted that BTC has doubled in price year-on-year on average since 2013 and explained that if that trend continues, Bitcoin’s price will reach $10 million, along with a $200 trillion market cap, in around nine years’ time.
However, Back said that in order for that figure to be reached, improvements in Bitcoin layer-2 technologies and wallet infrastructure needs to be fast tracked to give time for these innovations to scale:
Back said that it “probably means sidechains/drivechains as a tradeoff. more lightning optimization […] we don’t have much time as tech takes time to mature, wallets, interop, integration.”
Responding to a comment, Back said he believes Bitcoin adoption hasn’t reached the bottom of the S-curve yet, as only 1-2% of the world population has tapped into Bitcoin. He predicts more investors will begin to “stack” BTC into cold storage wallets:
The CEO explained that part of that next wave of adoption may come from what he describes as “hyperbitcoinization spurts” — where people in hyperinflationary environments will “rush” to bitcoin:
Adam Back believes the inflation of fiat currencies may force people to buy and hold bitcoin. Source: Twitter.
However, responding to another comment, Back also admitted that “we’ve utterly failed to financialize bitcoin” thus far. The cypherpunk suggested that Bitcoin could be used in mortgages where property is used as collateral and Bitcoin as the interest:
Back added that in order to approach $10 million, BTC would also need to “displace” a significant proportion of store of value premiums in bonds, real estate, gold and stock portfolios.
At time of writing, BTC was priced at $21,800.
