Bitcoin price to reach $10 million and market cap of $200 trillion

• Blockstream CEO Adam Back has justified the prediction that the Bitcoin price could top $10 million in 9 years.
• The Bitcoin price will reach this milestone, but will see a lot of developmental push on the Layer-2 network.

Blockstream CEO and Bitcoin (BTC) core contributor Adam Back has come out to support a more than decade prediction that Bitcoin will reach a price value of 10 million dollars. Using his Twitter handle, Back told his more than 509.5k followers that before the next 2 halvings, BTC’s market cap could top $200 trillion.

To justify his stance, Adam Back said that since Hal Finney, an early Bitcoin contributor, predicted that the price of Bitcoin will touch $10 million back in 2009, the digital currency has recorded an average growth of 2.036 times per year. According to Back, this growth rate corresponds to 1200x per decade.

The veteran crypto executive said that if the pace continues, the coin will reach the false $10 million valuation. He said in the Twitter thread:

early this year I became curious about the claim “bitcoin 2x per year on average”. it checks: the decade Jan 2013 – Dec 2022 #bitcoin went up 2,036x/year (1200x in a decade). if it continues we will cross $10mil/BTC and $200 tril market cap by the end of the next 2 halvings, roughly 9 years.

There have been many bullish predictions about Bitcoin since its inception back in 2009. Of the positive projections being shared, the one from Hal Finney and Adam Back remains the most ambitious. At the time of writing, the premium digital currency is trading at a price of $21,533.17, up 0.22% at the time of writing according to data from Marketcap.

The price prediction may come true according to Back, but it will require a lot of concerted effort from developers in the Bitcoin ecosystem.

The need for layer-2 networks to increase the Bitcoin price

One of the main factors that Adam Back postulated will help push the price of Bitcoin up to its projected price is the growth in the activities of Layer-2 scaling solutions on the BTC network.

“I think things will get ‘interesting’ in the next two halvings. and fast, we don’t have much time to scale technology. we need a place for the next billion users to own their own UTXO, their own keys, with censorship-resistant cold storage. without weakening main chain security,” he said, adding “probably means sidechains/drivechains as a trade-off. more lightning optimization. other layer2s like @liquid_btc (trade), fedimint @fedimint (community federated chaum mints) and others. we don’t have much time as technology takes time to mature, wallets, interoperability, integration.”

that probably means sidechains/drivechains as a trade-off. more lightning optimization. other teams like @liquid_btc (trade), fedimint @fedimint (community federated chaum mints) and others. we don’t have much time as technology takes time to mature, wallets, interoperation, integration.

— Adam Back (@adam3us) 12 February 2023

Bitcoin achieved its All-Time High price (ATH) above $68,000 back in November 2021. The advent of the prolonged crypto winter has created a remarkable decline in the price of the coin over the years. At this point, Bitcoin is performing relatively better than it was about a year ago. With electricity regulatory R&D assemblymay the slowing price of Bitcoin be persistent for a while longer.

Despite this, Adam Back advocated that people should buy, save and repeat to move on.

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