© Reuters
Investing.com – While Ark Invest’s Cathie Wood’s prediction of Bitcoin over $1.4 million by 2030 has already sparked quite a bit of controversy, Blockstream CEO Adam Back took it a step further , estimating that the price of (BTC) could reach $10 million by 2032.
In a series of posts on Twitter (NYSE:) on Sunday, Back explained when this prediction for BTC might come true.
He noted that the price of BTC has doubled on average year-over-year since 2013 and explained that if this trend continues in a linear fashion, the price of BTC would reach $10 million, with a market capitalization of $200 trillion in about nine years.
However, he made the achievement of this objective conditional on improving bitcoin’s layer 2 technologies and wallet infrastructure:
“I think things are going to get ‘interesting’ over the next two halvings. Very quickly, we don’t have a lot of time to scale the technology. We need a place where the next billion users can Own your own UTXO, your own keys, with censorship-resistant cold storage. Without weakening mainchain security.”
Back further pointed out that only 1-2% of the world’s population has accessed bitcoin, and explained that part of the next wave of adoption could come from what he describes as “hyperbitcoinization surges.” – where people living in hyperinflationary environments will “rush” to bitcoin.
Finally, Back that to approach $10 million, BTC would also need to “displace” a significant proportion of store-of-value premiums into bonds, real estate, and equity portfolios.