According to Adam Back, the price of bitcoin will reach $10 million.
It's closer than it sounds as along the path of hyperbitcoinization, the USD inflation rises, eg aided by Modern Monetary Theory rationale for high inflation, so $1 becomes worth say 10c over a decade or two of monetary craziness, then $10mil/BTC is $1mil/BTC in today's money.
— Adam Back (@adam3us) January 11, 2020
As the new year began, there have been a number of predictions for various cryptocurrencies, from Bitcoin (BTC) to Ripple (XRP), and many have shared far-fetching figures.
The comment written on Twitter a few days ago by Adam Back is a response to an old comment, or rather, to an idea of Hal Finney, concerning the hypothesis that bitcoin could become a dominant payment method and therefore used by billions of people, estimating the global wealth between 100 and 300 trillion dollars.
This number, divided by the number of total bitcoins, would result in a value per unit of about $10 million.
Precisely because of this assumption, Back believes that it is possible for the price of bitcoin to reach staggering figures and, as a result of the massive spread of bitcoin and hyperinflation of the dollar, it could reach values of several million.
In addition, it is worth remembering that the value of bitcoin in the last 10 years has gone from a few cents to over $20 thousand, resulting in an asset capable of exceeding all expectations in terms of economic return, and in the next 10 years, it is conceivable that it will achieve a 10x from current values.
It is important to remember that in the next 10 years there will be several halving events, which correspond to the 50% reduction of the miners’ reward, meaning that BTC will become even more scarce. Those who will want to buy bitcoins will have to spend high amounts of money, as it is expected that there will be few people who will want to sell and not hold the asset.
So, although it is difficult to predict how high the bitcoin price will go, it is certainly plausible that it will reach significant levels over the next 10 years.