Adam Back is the CEO of Blockstream as well as one of the leading developers of Bitcoin. Recently, he shared on the social network Twitter his views on the evolution of the value of BTC. He highlighted a key event that could push the price of bitcoin to $10 million.
The value of bitcoin (BTC) will increase just before the sixth halving
Adam Back presented a trajectory of bitcoin (BTC) indicating that it could be worth $10 million in 10 years. The CEO of Blockstream estimates that this value would be reached around 2032. This would happen precisely at the approach of the sixth halving operation of the mining rewards. Back made his prediction based on a theory from developer Hal Finney. This was one of the first Bitcoin miners. He established that the crypto market capitalization could reach $200 trillion with mass adoption.
Finney’s prediction dates back to the year 2009. At the time, the developer made his estimate by considering bitcoin as the dominant payment system in the world. According to him, in this case, the total value of all global wealth would be equivalent to that of crypto. Also, this bold prediction meant that one BTC token would be worth $10 million.
There is still a long way to go before mass adoption!
Adam Back explains that some improvements are required to drive the mass adoption that would drive BTC to $10 million. He stated that it would be necessary in particular improve the infrastructure of bitcoin wallets and layer 2 technologies. It would also require more investors to favor cold storage for the safekeeping and accumulation of their BTC.
Back asserted : “The bitcoin financialization market is immature, almost unexplored. Products structured in bitcoins, mortgages backed by real estate but whose interest is guaranteed by BTC, and other products facilitate the use of bitcoins by more people and correspond to risk profiles, which creates more growth“.
The CEO of Blockstream explained that BTC has seen an increase of 2,036% every year so far. The rise was observed precisely between 2013 and 2022. If the trend continues, the flagship crypto could end up being worth $10 million in 2032.
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