- Blockstream CEO forecasts “hyperbitconization spurts” prior to rapid adoption.
- At the time of writing, Bitcoin (BTC) traded at $21,860.
The 2009 Bitcoin prediction of Hal Finney, popularly Bitcoin’s first recipient, is now re-asserted by Adam Back, Founder and CEO of Blockstream, on Twitter. As per his prediction in the tweet thread, in the next 9 years, the price of one Bitcoin (BTC) might ramp up to $10 million.
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
Markedly, Back took the price pattern followed by BTC in the 2013-2022 decade as the checkpoint for his prediction. During this decade, Bitcoin exhibited a “2.036x per year” price pattern. Thus, he highlighted that this average 2x per year increase will cause the largest crypto’s price to spike and hit the $200M market cap mark.
Back also added:
“Given volatility, I think Bitcoin can overshoot wildly and tap one of these $100-300 trillion market caps, correct and then regain a steadier adoption over time.”
Bitcoin to $10M After Two Halving Cycles
Furthermore, Blockstream CEO highlighted the significant role of adoption in causing the BTC price surges. He believes that the development of mortgages and other financial products backed by BTC will confer more growth to Bitcoin. Also, he pointed out the possibility of “hyperbitcoinization spurts” preceding rapid adoption.
Significantly, Back solidly asserts that optimization of the Bitcoin network’s layer 2 technology with sidechains will aid the prediction’s occurence.
In addition to this prediction, Cathie Wood’s Ark Invest predicted:
“We believe Bitcoin’s long-term opportunity is strengthening […]The price of one bitcoin could exceed $1 million in the next decade.”
The following events – removal of crypto ads at Super Bowl 2023, SEC’s ban on crypto staking in the US, and especially, crypto exchange Kraken withdrawing its staking service in the US – darkened the crypto weather. All these caused slight evident dips in the price of BTC. Presently, BTC is trading below $22k. For the optimistic predictions to occur, the adoption and network upgradation of Bitcoin is expected to happen.
