Bitcoin to Hit $10M in 9 Years: Blockstream CEO

According to Adam Back, the CEO of a global Bitcoin (BTC) corporation, Blockstream, the price of the leading cryptocurrency might hit $10 million by the end of the sixth halving in 2032. This prediction is contingent upon advancements in BTC layer-2 technology and wallet infrastructure.

The blockchain technology company outlined to his 509,000 followers on Twitter on February 12 how Hal Finney’s $10 million price forecast for BTC might actually happen.

Back stated that since 2013, the price of BTC has increased by double on average. If this trend keeps up, Back predicted that in nine years, the price of Bitcoin will reach $10 million as well as a $200 trillion market value.

Back asserted that in order to reach such a level, progressions in wallet infrastructure and layer-2 Bitcoin technologies must be accelerated in order to allow time for these advances to scale.

“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,” Back said.

Only 1-2% of Population Use Bitcoin

In response to a comment, Back stated that he thought Bitcoin adoption hadn’t yet reached the S-bottom curve’s because just 1% to 2% of the world’s population had been using the crypto coin.

The CEO added that people in high inflationary situations will “rush” to Bitcoin as part of the upcoming surge of uptake, which he refers to as “hyperbitcoinization spurts.” Back also acknowledged that “we’ve utterly failed to financialize bitcoin” until now in response to another remark.

Back said, BTC would also need to “displace” a large fraction of store of value premiums in bonds, real estate, gold, and stock portfolios in order to approach $10 million.

Meanwhile, Blockstream received a $125 million in a convertible note and landed loan financing last month to expand its institutional bitcoin mining colocation services.