Adam Back, the co-founder of a company focusing on storing and transferring Bitcoin and other digital assets, Blockstream, believes Bitcoin (BTC) can surge to $10 million, driving its market capitalization to over $200 trillion in the next nine years.
On February 12, Adam explained on Twitter that if Bitcoin keeps growing at a 2X rate year over year for the next nine years, this valuation may be reached. The mining rewards on the bitcoin network would have been halved twice during this time period.
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
In support of his assertions, he argues that since 2013, the price of bitcoin has increased by an average of twice annually; if this upward trend continues, the price of bitcoin will reach $10 million and a $200 trillion market value by 2032. This is true even if BTC’s price finally increased to over $69,000 at the height of the bull cycle in 2021, despite prices oscillating in a boom and bear cycle.
Adam Back Believes More Functionalities Will Drive Up BTC’s Price
However, Back stated that in order for that figure to be reached, advancements in Bitcoin layer-2 technologies and wallet infrastructure must be expedited in order for these innovations to scale.
“I think things will get “interesting” over the next two halvings. and fast; we don’t have much time to scale technology. We need somewhere for the next billion users to own their own UTXOs and keys, with censorship-resistant cold storage. without weakening main-chain security.”
In early January 2009, Hal Finney was one of the first, following Satoshi, to operate a bitcoin node, and he remained confident that BTC would succeed given its limited supply.
Adam recognized that this assessment is “a lot,” but it is still possible. He just raised the potential tapering of growth as more Bitcoin futures are released. According to him, the more derivative products there are, such as futures, ETFs, and ETPS for bitcoin, the more liquid the currency will be. As a result of the enhanced liquidity depth, the coin’s volatility will subsequently decrease.
Moving ahead, Adam stated he would actively monitor the development of BTC pricing and keep an eye on adoption. It will be beneficial for BTC volatility and, consequently, pricing if more people hold custody of their currencies.
