Adam Back, the CEO of Blockstream, believes that with the development of Bitcoin’s layer 2 solutions and the infrastructure of wallets, the price of Bitcoin can reach $10 million by the end of its sixth halving in 2032.
In a tweet on February 12, “Beck” told his more than half a million followers about the conditions necessary to realize Hal Finney’s $10 million price prediction for Bitcoin, according to Wallex and quoted by Coin Telegraph.
Beck noted that the price of Bitcoin has doubled annually on average since 2013 and explained that if this trend continues, the price of Bitcoin will reach $10 million in about nine years.
Beck added:
I think things are going to get exciting and fast over the next two halves. We don’t have much time to develop technology. We will need a place that can accommodate the next billion users who want to have their UTXO and private keys and store it in a cold, censorship-resistant form. Without affecting the security of the main network.
Beck believes that Bitcoin adoption has not yet reached the bottom of the S-curve, as only 1-2% of the world’s population still uses Bitcoin. He predicts that more investors will start hoarding Bitcoin in the future:
Given the volatility, I think Bitcoin could explode to a $100-$300 trillion market cap, then correct in price and find a slower, more steady growth and adoption over time. I think people with a moderate entry point (relative to the current price) have little incentive to sell.
Adam Beck also explained that part of the next wave of Bitcoin adoption may come from what he calls “hyperbitcoinization”; This means that residents of economies experiencing high inflation will flock to Bitcoin.
Hal Finney’s prediction that Bitcoin will be worth $10 million was made by him just one week after the launch of the Bitcoin network on January 3, 2009.
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