Bitcoin

If Adam Back and Hal Finney’s $10 million price prediction were to come true, the BTC market cap would be approximately $200 trillion.Blockstream CEO Adam Back believes the price of Bitcoin <a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">(BTC)</a> could reach $10 million by the end of the sixth halvening in 2032, as long as Bitcoin layer-2 technology and wallet infrastructure improves.In a Feb. 12 Twitter thread, the Bitcoin Core contributor explained to his 509,000 followers under what situation <a href="https://cointelegraph.com/news/wife-of-hal-finney-announces-bitcoin-charity-event" rel="noopener noreferrer nofollow">Hal Finney’s $10 million price prediction</a> for BTC could come true.Back noted that BTC has doubled in price year-on-year on average since 2013 and explained that if that trend continues, Bitcoin’s price will reach $10 million, along with a $200 trillion market cap, in around nine years’ time.However, Back said that in order for that figure to be reached, improvements in Bitcoin layer-2 technologies and wallet infrastructure needs to be fast tracked to give time for these innovations to scale:“i think things will get “interesting” over the next two halvings. and fast, we don&#39;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 that it “probably means sidechains/drivechains as a tradeoff. more lightning optimization [...] we don&#39;t have much time as tech takes time to mature, wallets, interop, integration.”Responding to a <a href="https://twitter.com/adam3us/status/1624867914045169665" rel="noopener noreferrer nofollow">comment</a>, Back said he believes Bitcoin adoption hasn’t reached the bottom of the S-curve yet, as only 1-2% of the world population has tapped into Bitcoin. He predicts more investors will begin to “stack” BTC into cold storage wallets:“given volatility, 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&#39;t have much incentive to sell in size.”The CEO explained that part of that next wave of adoption may come from what he describes as “hyperbitcoinization spurts” — where <a href="https://cointelegraph.com/news/how-to-preserve-capital-during-inflation-using-cryptocurrencies" rel="noopener noreferrer nofollow">people in hyperinflationary environments </a>will “rush” to bitcoin:However, responding to another comment, Back also admitted that “we’ve utterly failed to financialize bitcoin” thus far. The cypherpunk suggested that <a href="https://cointelegraph.com/news/adam-back-crisis-will-push-btc-to-300k-even-without-institutions" rel="noopener noreferrer nofollow">Bitcoin could be used in mortgages</a> where property is used as collateral and Bitcoin as the interest:“the market in bitcoin-native financialisation is immature, almost untouched. bitcoin structured products, mortgages backed by real-estate but interest guaranteed by BTC, other products make bitcoin easier to use for more people, and match risk profiles. which creates more growth.”Back added that in order to approach $10 million, BTC would also need to “displace” a significant proportion of store of value premiums in bonds, real estate, gold and stock portfolios.At time of writing, BTC was priced at $21,800.

Bitcoin could hit $10M in 9 years but more sidechains needed: Blockstream CEO

ItsBitcoinWorld

Alte articole publicate pe 13 feb. 2023

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