Blockstream CEO Predicts Bitcoin at $10M in 9 Years
- Blockstream CEO Adam Back believes that Bitcoin will hit a price tag of $10 million by 2032, reaching a market cap of $200 trillion.
- Back noted that this value is “a lot” and “displaces a significant part of the store of value premiums in bonds, real estate monetary premium, gold, 60:40 stock portfolios, etc.”
- He believes that this can only happen if the development of Bitcoin layer-2 technologies and wallet infrastructure are fast tracked.
- He said that only 1-2% of the population has exposure to Bitcoin and investors will begin to “stack” BTC into cold storage wallets.
Adam Back, the CEO of popular blockchain technology company Blockstream, headquartered in Canada, has made a bold and bullish prediction for the future of the world’s largest cryptocurrency, Bitcoin (BTC). Back stated that the crypto coin will hit a price tag of $10 million by the end of 2032, i.e., in just nine years. This means that the market capitalization of the digital asset will reach approximately $200 trillion.
In a series of Twitter posts, the Blockstream executive pointed out that, on average, Bitcoin’s value has doubled each year, which means that the leading cryptocurrency has gone up 1200% in the last decade.
“Early this year I was curious of the claim “bitcoin 2x’s per year on average”. it checks: the decade jan 2013 – dec 2022 #bitcoin 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,” Back stated.
Back, who has 500K Twitter followers, stated that this value is “a lot” and “displaces a significant part of the store of value premiums in bonds, real estate monetary premium, gold, 60:40 stock portfolios, etc.”
The Blockstream CEO added that this can only happen if improvements are made in the Bitcoin blockchain and the development of Bitcoin layer-2 technologies and wallet infrastructure are fast tracked. Back also pointed out that some industry players believe that the development and adoption of Bitcoin will lower its volatility. However, he believes that this is not likely in the near future.
“I’m not sure about the adoption slowing, nor the volatility reducing; there are other factors. the new cycle people who learn to hodl/stack, who over time make it their mission to buy and cold store a much #bitcoin as possible, even resorting to leverage (volatility creator),” said Back.
Things will get “interesting” for the Bitcoin blockchain in the next decades, stated the Blockstream executive, while adding that “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.”
Back added that he believes that only 1–2% of the population has exposure to bitcoin, and investors will begin to “stack” BTC into cold storage wallets in the coming days as the supply of the leading crypto coin continues to decrease.
“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. I suspect people with average entry points, relative to then current price won’t have much incentive to sell in size,” added Back.
On the other hand, it is also important to note that Back’s crypto firm, Blockstream, has been expanding gradually, recently securing $125 million in funding from Kingsway Capital and others. The money was raised “in convertible notes and secured loan financing to expand its institutional BTC mining colocation services.”
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
