The price of bitcoin could reach $10 million by 2032, according to the CEO of cryptocurrency company Blockstream, Adam Back, if the technology and infrastructure of the Bitcoin layer-2 wallet is improved.
In a Twitter thread on February 12, the Bitcoin Core contributor explained to his 509,000 followers in what situation the bitcoin prediction could come true.
Back noted that bitcoin has doubled in price year-over-year on average since 2013 and explained that if this trend continues, bitcoin’s price will reach $10 million, along with a $200 trillion capitalization, in about nine years.
However, Back said that for these numbers to materialize, improvements in bitcoin’s layer-2 technologies and wallet infrastructure must be made quickly to allow time for these innovations to develop.
Responding to a comment, Back said he believes bitcoin adoption has not yet reached the bottom of the S-curve, as only 1-2% of the global population has utilized bitcoin. He predicts that more investors will begin to “stack” bitcoin in “cold” storage wallets:
“Given the volatility, I think bitcoin can soar wildly and by reaching one of those $100-300 trillion capitalization thresholds, correct and then regain a firmer adoption over time. I suspect that people with average entry points, relative to the then-current price, will not have much incentive to sell on volume.”
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