- Blockstream CEO Adam Back has justified the prediction that Bitcoin price can top $10M in 9 years.
- Bitcoin price will hit this milestone but will see a lot of developmental push on its Layer-2 network.
Blockstream Chief Executive Officer and Bitcoin (BTC) core contributor Adam Back has come out to support a more than-decade prediction that Bitcoin will hit a price valuation of $10 million. Taking to his Twitter handle, Back told his more than 509.5K followers that before the next 2 halvings, BTC’s market capitalization might top $200 trillion.
In justifying his stance, Adam Back said since Hal Finney, an early Bitcoin contributor predicted the price of Bitcoin will touch $10 million back in 2009, the digital currency has been recording an average of 2.036x growth per year. This growth rate according to Back corresponds to 1200x per decade.
The veteran crypto CEO said if the pace continues, the coin will reach the bogus valuation of $10 million. He said in the Twitter thread:
early this year i was curious of the claim “bitcoin 2x’s per year on average”. it checks: the decade jan 2013 – dec 2022 #bitcoin went up 2.036x/year (1200x in a decade). if that continues we’ll cross $10mil/BTC and $200 tril market cap by end of next 2 halvenings, about 9 years.
There have been many bullish predictions on Bitcoin since its inception back in 2009. Of the positive projections being shared, that from Hal Finney and Adam Back remains the most ambitious. At the time of writing, the premium digital currency is trading at a price of $21,533.17, up 0.22% at the time writing according to data from Marketcap.
The price prediction can come true according to Back, but it will require a lot of concerted effort on the part of developers in the Bitcoin ecosystem.
The need for layer-2 networks to boost Bitcoin price
One of the major factors that Adam Back postulated will help push the price of Bitcoin up to the projected price is the growth in the activities of Layer-2 scaling solutions on the BTC network.
“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,” he said adding “that probably means sidechains/drivechains as a tradeoff. more lightning optimization. other layer2s like @liquid_btc (trading), fedimint @fedimint (community federated chaum mints) and others. we don’t have much time as tech takes time to mature, wallets, interop, integration.”
that probably means sidechains/drivechains as a tradeoff. more lightning optimization. other layer2s like @liquid_btc (trading), fedimint @fedimint (community federated chaum mints) and others. we don't have much time as tech takes time to mature, wallets, interop, integration.
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— Adam Back (@adam3us) February 12, 2023
Bitcoin attained its All-Time High (ATH) price above $68,000 back in November 2021. The advent of the long-drawn crypto winter has stirred a remarkable depression in the price of the coin over the years. At this time, Bitcoin is performing relatively better than it was about a year ago. With current regulatory FUD mounting, the slowing price of Bitcoin may be persistent for a while longer.
Despite this, Adam Back advocated people should buy, store and repeat moving forward.