$BTC: Blockstream CEO Says Bitcoin Price Could Reach $10 Million By 2032
British cryptographer and cypherpunk Dr. Adam Back, co-founder and CEO of blockchain technology company Blockstream, recently explained why he believes Bitcoin’s market cap (currently around $472 billion) could reach $200 trillion in just nine years.
Blockstream is a renowned blockchain technology company founded by Bitcoin developers Adam Back and Pieter Wuille back in 2014. The company has a strong focus on developing innovative solutions aimed at scaling and securing blockchain networks, especially Bitcoin.
The firm is known for pioneering several proprietary technologies, including the Liquid Network, a unified sidechain that enables faster and more private transactions on the Bitcoin network. Blockstream has also created Blockstream Satellite, a satellite network that transmits Bitcoin data globally, allowing users to access the network without an internet connection.
Last Sunday (February 12, 2023), the Blockstream CEO shared his long-term price prediction for Bitcoin via a Twitter thread.
Back was intrigued by the “bitcoin 2x’s per year on average” claim early this year, which he confirmed was true. He expects that if the trend continues, Bitcoin’s price will reach $10 million and have a market value of $200 trillion by the end of the next two halvings, which are expected to happen in about nine years. This is a Hal Finney 2009 Bitcoin market cap prediction number that, if achieved, will displace a significant portion of the stored value premiums in bonds, real estate, gold and 60:40 stock portfolios.
This conversation from back in January 2009 between Satoshi Nakamoto and Hal Finney in a Bitcoin forum is what Back refers to when he mentions Hal Finney’s long-term price prediction for BTC:
Back is unsure about slowing down adoption or a reduction in volatility, but he believes there are other factors to consider. For example, he believes that the new cycle of people learning to HODL and making it their mission to buy and freeze as much Bitcoin as possible could create volatility. He also believes that adoption could have hyperbitcoinization spurts, causing rapid viral adoption, leading to people protecting their savings via Bitcoin.
Back is optimistic about the future of Bitcoin, noting that the market for Bitcoin native financialization is immature and almost untouched. He believes that Bitcoin-structured products, such as mortgages backed by real estate with interest guaranteed by BTC, will make Bitcoin easier to use for more people and match risk profiles. However, he also emphasized the need to scale technology to accommodate the next billion users, which likely means sidechains/drivechains as a trade-off, more lightning optimization, and other layer two solutions like Liquid Network and Fedimint.
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