Blockstream CEO Adam Back believes that as long as Bitcoin’s wallet infrastructure and Layer 2 technology are improved, the price of Bitcoin may reach $10 million by the end of the sixth halving in 2032.
In a Twitter thread on Feb. 12, a Bitcoin Core contributor explained when Hal Finney’s $10 million Bitcoin price prediction would become a reality.
Barker pointed out that since 2013, the average annual price of Bitcoin has doubled, explaining that if this trend continues, the price of Bitcoin will reach $10 million in the next nine years or so, and the market value will reach 2 million. One hundred million U.S. dollars.
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However, Back said that to reach this number, it will be necessary to fast-track improvements in layer 2 technology and Bitcoin wallet infrastructure to allow time for these innovations to scale:
“I think things are going to get ‘interesting’ in the next two halvings. And we don’t have a lot of time to scale the technology. We need a place for the next billion users to own their UTXOs, own keys, and censorship-resistant cold storage without compromising the security of the main chain.”
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Back said it “may have a sidechain/drivechain tradeoff. Faster optimizations (…) We don’t have much time because technology takes time to mature, wallets, interactions, integrations.”
Responding to the comments, Back stated that he does not think Bitcoin adoption has reached the bottom of the S-curve, as only 1-2% of the world’s population uses Bitcoin. He predicts that more investors will start “stacking” Bitcoin into cold storage wallets:
“Given the volatility, I think Bitcoin could spike and potentially hit one of the $100-300 trillion market caps, correct and then regain more steady adoption over time. . I think that, compared to current prices, Those with average entry points won’t have much incentive to make a big sale.”
Part of the reason for the next wave of adoption, the CEO explained, could come from a “hyperbitcoinization boom” — people in a hyperinflationary environment who will “flock” to Bitcoin.
However, in response to another comment, Barker also admitted that “we’re completely unfunded in Bitcoin” so far. Cypherpunk suggested that Bitcoin could be used for collateral, where property is used as collateral and Bitcoin is used as interest:
“Bitcoin-based financial markets are just getting started and have barely been impacted. Bitcoin-structured products, mortgages backed by real estate but guaranteed BTC interest, and others that make Bitcoin more accessible to more people and fit risk profiles, create More products for growth.”
Back added that in order to reach $10 million, BTC would also need to “displace” a significant portion of its portfolio of bonds, real estate, gold and stocks to preserve value.
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