After a fruitful January, the cryptocurrency market started trading sideways in February. With most coins in their correction phase currently, the overall market cap is down to $1 trillion. Parallelly, Bitcoin, the market’s most prominent digital asset, has lost ~5% of its value over the past week.
Even though the market is currently wobbly, bullish predictions have not come to a halt. Blockstream CEO Adam Back recently opined via a Twitter thread that BTC could achieve an eight-digit valuation in less than a decade.
Back revealed that Bitcoin appreciated 2.036x/year i.e. 1200x from January 2013 to December 2022. The executive pointed out that if the said trend continues, “we’ll cross $10mil/BTC” and a $200 trillion market cap by the end of the next 2 halvings, in about 9 years.
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The said valuation numbers have historical significance. Computer Scientist Hal Finney was one of the earliest Bitcoin testers to who joined hands with Satoshi Nakamoto. Alongside, he was also one of the first people who predicted the future price of Bitcoin.
Considering the total worldwide household wealth to be around $100-300 trillion, he projected the value of each coin to eventually hit about $10 million. Commenting on similar lines, Adam Back tweeted,
“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.”
However, the Blockstream executive was quick to point out that wallet infrastructure and Bitcoin’s L2 technology will have to improve to make the process seamless quickly. Elaborating on the same, he tweeted:
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Other Bitcoin forecasts
Alongside Back, other prominent stalwarts from the space have also been making bullish predictions on Bitcoin. ARK Invest CEO Cathie Wood recently predicted that BTC could spike another 2,000% from $1 million in the next seven years and reach $1.5 million by 2030. Parallelly, prominent analyst Plan B has forecasted that the king coin could reach $1 million by 2025.
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