Experts have predicted that the flagship cryptocurrency, Bitcoin could reach $10 million in 2032, thereby taking its market capitalisation to approximately $200 million.
The CEO of Blockstream Adam Back believes the price of Bitcoin (BTC) could reach $10 million by the end of the sixth halving in 2032.
Explaining in a thread on the Twitter platform, Adam Back noted that the $10 million mark is possible as long as Bitcoin layer-2 technology and wallet infrastructure improves.
Back added that BTC has doubled in price year-on-year on average since 2013, noting that if the trend continues, Bitcoin’s price will reach $10 million, along with a $200 trillion market cap, in around nine years.
Investors King understands that Bitcoin layer-2 technology is a protocol that helps to solve the transaction speed and scaling difficulties that are being experienced while mining BTC.
While responding to a comment on the thread, 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 adoption of Bitcoin by more people and institutional investors will instil confidence in the “digital goal as a store of value and a means of transactions.
Already, a number of countries have begun to enact laws that will regulate the cryptocurrency market, thereby paving way for mainstream adoption while a handful of multinationals including Tesla hold Bitcoin on their balance sheet.
Similarly, the CEO of Apple, Tim Cook also confirmed in one of his interviews that he personally holds bitcoin and a number of cryptocurrencies.
Adam Back further disclosed that hyperinflation will also be a major cause for the new adoption as many people will turn to bitcoin to hedge against inflation.
Part of that next wave of adoption may come from “hyperbitcoinization spurts”, where people in hyperinflationary environments will “rush” to bitcoin as a safe haven.
