Adam Back, the CEO of Bitcoin, has his belief that the price of the cryptocurrency could reach a sum of $10 million by 2032. But this is wholly dependent on the layer-2 technology, as well as the wallet infrastructure of the cryptocurrency improving at a good rate.
In a Twitter thread on the 12th of February, the contributor of BTC Core went on to explain to his 509,000 followers that the price prediction of Hal Finney could come true but under a few very specific situations. Back went on to note that the price of BTC had been doubling year-on-year since 2013- and then further explained that if this trend continued, the price of the cryptocurrency will reach a sum of $10 million, with the market cap set at $200 trillion.
Bitcoin Could Reach $10 Million If Improvements Take Place
However, the CEO also mentioned that in order for this tall claim to be reached, multiple improvements need to be met in the layer-2 technologies, as well as the wallet infrastructure of Bitcoin. In fact, the cryptocurrency would need to be fast-tracked in order to give time for the innovations to come over to the scale. This probably includes drivechains or sidechains as a tradeoff, along with more lightning optimization. Back believes that they don’t have much time considering technology requires time to mature, interop, wallets, as well as integration.
The CEO also believes that the adoption of Bitcoin hasn’t yet reached the bottom of the S-curve, with only 1-2% of the world population tapping into cryptocurrency. The next wave of the adoption of the cryptocurrency might come from ‘hyperbitcoinization spurts’- with people rushing to process and purchase the cryptocurrency.
