"In nine years the price of BTC will reach $10 million, I can't believe it."
Adam Back, Chief Executive Officer (CEO) of blockchain technology company Blockstream and staunch supporter of the mother of all cryptocurrencies Bitcoin (BTC) expects the digital asset to break through the $10 million price mark within the next nine years.
Back also thinks that BTC is still witnessing an upward price movement, where he is confident that the digital asset will climb by 100% this year.
Through Back's observations, BTC was able to jump to $10 million with a market capital of $200 trillion in the aforementioned period following the digital asset's January 2013 to December 2022 successful increase of 1,200% in a decade.
It is well known that the expected market capitalization of $200 trillion is greater than the value premium savings in bonds, monetary real estate, gold, stocks and others.
Even so, the BTC veteran who is also the creator of HashCash said that the digital asset does not necessarily need to see $100 trillion flowing into it to reach a similar market cap as investors are mostly more interested in holding BTC for the long term.
However, Back still believes that BTC will reach a market capitalization of $100 to $300 trillion which will allow the digital asset to regain stronger use over time.
As of this writing, BTC price is down 0.06% to $21,689 in the last 24 hours with a market cap of $418 billion.
