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Bitcoin (BTC) market cap could hit $200 trillion in the next nine years, if we take Bitcoin legend Adam Buck’s word for it.
“Early this year, I was intrigued by the claim that ‘Bitcoin is doubling on average,’” said the early Bitcoin user and founder of Bitcoin developer Blockstream in a post this weekend. I wrote in a Twitter thread.
He went on to say that this claim has been “confirmed” and that BTC actually gained an average of 2.036x annually between January 2013 and December 2022.
If this trend continues, the price of each bitcoin will reach $10 million by the end of the next two halvings, and the market capitalization of assets will reach a whopping $200 trillion, Back wrote. increase.
A Bitcoin halving occurs approximately every 4 years, halving the rewards paid to miners. Halving has historically been a major bull market catalyst for coins, which has fueled bull markets across the broader digital asset market.
Bitcoin’s current market capitalization was $417.2 billion ($0.4 trillion) at the time of writing. In other words, if the predictions of the legendary Bitcoin developer are correct, the upside potential is still great.
Hal Finney’s First Prophecy
Adam Back said in his Twitter thread that the $200 trillion market cap is the same as early Bitcoin user Hal Finney predicted in 2009.
According to Finney, such a market cap could be reached if Bitcoin “becomes the dominant payment system used around the world.”
Finney, who died in 2014, wrote at the time that “the sum of the values of all currencies should equal the sum of the values of all wealth in the world.”
Buck added that he does not believe Bitcoin adoption will slow down over time and that volatility will decline going forward. He even said that adoption could lead to a “surge in hyperbitcoinization,” and that “rapid viral adoption would destroy weaker currencies in a hyperinflationary frenzy.”
Blockstream founder predicts, “People will become realistic and adapt quickly when they see fiat currency melt and others flood in to protect their savings via Bitcoin.” Regular Bitcoin users “will not have much incentive to sell on a large scale,” he said.
As a result, there will be less and less BTC available on the open market for new entrants to buy, and the only way these late adopters can buy Bitcoin will be to “break open” the cold wallets of existing users. , writes Buck.