After a productive January, the cryptocurrency market started to trend sideways in February. Currently, while most coins are in the correction phase, the overall market cap has dropped to $1 trillion. In parallel, the market’s leading digital asset, bitcoin It lost 5% of its value last week.
Crypto Although the market is currently shaky, bullish predictions have not stopped. Blockstream CEO Adam Back recently stated via a Twitter thread that BTC could reach an eight-digit valuation in less than a decade.
Back explained that Bitcoin gained 2,036x, or 1200x, per year from January 2013 to December 2022. The manager stated that if the trend in question continues, BTC will exceed $10 million. However, he stated that at the end of the next 2 semesters, it will reach a market value of 200 trillion dollars in about 9 years.
early this year i was curious of the claim “bitcoin 2x’s per year on average”. it checks: the decade jan 2013 – dec 2022 #bitcoins 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
NEWS CONTINUES BELOW— Adam Back (@adam3us) February 12, 2023
These valuation figures have historical significance. Computer Scientist Hal Finney was one of the first Bitcoin testers to join hands with Satoshi Nakamoto. Besides that, he was one of the first to predict the future price of Bitcoin.
Koinfinans.com Considering that the total worldwide household wealth is around $100-300 trillion as we reported, he predicted that the value of each coin would eventually reach around $10 million. Commenting on similar lines, Adam Back shared a tweet.
“Given the volatility, I think Bitcoin could wildly surpass and touch one of those $100-300 trillion market caps, fix it and regain more stable adoption over time.”
However, the Blockstream executive pointed out that the wallet infrastructure and Bitcoin’s L2 technology will need to be improved to quickly make the process seamless. He shared a tweet detailing the same issue.
so i think things will get “interesting” over the next two halvings. and fast, we don’t have much time to scale tech. we need somewhere for the next billion users to own their own UTXO, their own keys, with censorship-resistant cold storage. without weakening main-chain security.
— Adam Back (@adam3us) February 12, 2023
Other Bitcoin Predictions
In addition to Back, other leading names in the industry are also making bullish predictions for Bitcoin. ARK Invest CEO Cathie Wood recently stated that BTC could rise another 2,000% from $1 million in the next seven years. However, she predicted it could reach $1.5 million by 2030. In line with this, prominent analyst Plan B has estimated that the king coin could reach $1 million by 2025.