Adam Back Says Bitcoin Could Explode To $200 Billion Market Cap By 2032 – Here’s Why
Blockstream CEO and Bitcoin (BTC) spokesperson Adam Back says the flagship crypto-asset could explode to a market cap of $200 trillion over the next nine years, meaning a price tag of around $10 million per coin.
In a tweet threadBack says that based on historical performance, BTC is still on track to continue its trend of amassing an average of 100% per year.
“Early this year I was curious about the claim ‘Bitcoin 2x per year on average’. It checks out: the decade January 2013 – December 2022 Bitcoin went up 2.036x/year (1200x in a decade). If it continues, we will cross $10 million /BTC and $200 trillion market cap by the end of the next 2 halvings, roughly 9 years.
$200 trillion is one [Hal Finney] 2009 Bitcoin Market Cap Prediction Number. There is a LOT, displacing a significant portion of the stock of value premiums in bonds, cash premiums in real estate, gold, 60:40 stock portfolios, etc. some believe adoption will slow, derivatives reduce volatility.”
The veteran Bitcoiner and HashCash inventor says BTC doesn’t necessarily need to see $100 trillion flowing into it to reach the same market cap, due to illiquid markets and the tendency for Bitcoin investors to hold onto their coins for the long term.
“Also remember that bitcoin doesn’t need to absorb anywhere near $100 trillion to reach market cap, due to relatively thin trading and hodl/cold storage investors. If Bitcoin really takes off, it will be harder to get anyone to sell, have to pry it out of its cold wallets.
Given the volatility, I think Bitcoin could overshoot wildly and hit one of those $100-300 trillion market caps, correct and then regain more even adoption over time. I suspect people with average entry points, relative to the current price, won’t have much incentive to sell in size.”
At the time of writing, Bitcoin is trading at $21,521, roughly a 46,000% increase from a market cap of $200 trillion.
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