Editor’s note: Adam Back is a familiar name in the Bitcoin community. He invented HashCash in 1997, which was later cited by Satoshi Nakamoto in the Bitcoin white paper and eventually became one of the key technologies used in the Bitcoin blockchain.
Until 2014, Adam Back founded the Bitcoin infrastructure company Blockstream and is still the CEO of the company. The outside world's evaluation is polarized. Some people say that Blockstream dominates the Bitcoin industry and controls the development direction of Bitcoin; at the same time, some netizens criticize Blockstream for treating Bitcoin as its own product and only accepting changes that are in its own interests.
Cryptozoologist and Blockstream CEO Adam Back recently stated that if Bitcoin's layer 2 technology and wallet infrastructure are improved, by the end of the sixth halving in 2032, the price of Bitcoin is expected to rise to The “miracle price” of $10 million.
In January 2009, about a week after Bitcoin began to produce blocks, Hal Finney, an early contributor to Bitcoin, released a price prediction model and said that Bitcoin would one day exceed $10 million. Earlier today (13th) In a Twitter post, Adam Back provided a more specific explanation.
Adam Back pointed out that the price of Bitcoin has doubled every year on average since 2013. He said that if this trend continues, the price of Bitcoin will reach 10 million US dollars in about 9 years, with a market capitalization of 200 million US dollars. trillion dollars.
early this year i was curious of the claim "bitcoin 2x's per year on average". it checks: the decade jan 2013 – dec 2022#bitcoinwent 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. pic.twitter.com/mqmO2SRdAv
— Adam Back (@adam3us) February 12, 2023
However, Adam Back said that to reach the $10 million target price, the most important task right now is to improve Bitcoin’s layer 2 technology and wallet infrastructure to allow more time for these innovative technologies to scale:
I think things will get “interesting” during the next two halvings. We didn't have a lot of time to scale the technology. We must have a place where 1 billion users can have their own UTXOs (Unspent Transaction Outputs), their own private keys, and censorship-resistant cold storage without weakening the security of the main chain.
He added that this means that Bitcoin needs to have more side chain and drive chain support, and also needs to continue to optimize the Lightning Network.
In response to comments, Adam Back stated that he believes that Bitcoin adoption has not yet reached the bottom of the S-curve because only 1% to 2% of the global population currently uses Bitcoin. He predicted that more investors will begin to move Bitcoin to cold wallets for storage:
Given its volatility, I don't think it's out of the question that Bitcoin could skyrocket to a $100-$300 trillion market cap, then correct, and eventually regain more stable adoption over time.
Adam Back also predicts that once people in a hyperinflationary environment begin to "flock" to Bitcoin, it will inevitably drive the next wave of mass adoption.
adoption could have hyperbitcoinization spurts, where rapid viral adoption nukes a weak currency in a hyper-inflationary frenzy, and domino crash 20 bottom-tier currencies. people get pragmatic, adapt fast if they see fiat melting, a rush of others protecting savings via #bitcoin
— Adam Back (@adam3us) February 12, 2023
In 2020, Adam Back predicted that countries' rampant "money printing presses" would prompt retail investors to flock to Bitcoin, thereby "letting the bull market knock on its own door" and allow it to climb to $300,000 within 5 years. High position.
This article Bitcoin hits $10 million in 9 years? Cryptozoologist Adam Back: It’s not impossible appeared first on Blockchain.
