Blockstream CEO believes Bitcoin could reach $10m by 20….

• Blockstream CEO and Bitcoin core developer Adam Back believes BTC could be worth $10 million by 2032. 
• The bold projection is based on a theory by Hal Finney which rests on mass adoption of the crypto to catapult its market cap to $200 trillion. 

Blockstream CEO Adam Back recently took to Twitter to share his thesis on the trajectory of Bitcoin over the next ten years. Back, who also happens to be a core developer for Bitcoin, believes that the flagship cryptocurrency could be worth $10 million by 2032, right around the time when it undergoes its sixth halving event. 

$200 trillion market cap prediction for BTC

Adam Back’s projection is largely based on a prediction by Hal Finney. Finney had predicted back in 2009 that should Bitcoin become the dominant payment system across the world, the total value of the crypto would technically be equal to the total value of all the wealth in the world.

This bold prediction would mean that BTC’s market capitalization would reach $200 trillion, with each BTC worth a whopping $10 million. 

Back shared his take on Finney’s prediction, which itself was based on the mass adoption of Bitcoin. According to the Blockstream CEO, BTC went up by 2.036% every year between 2013 and 2022. If this trend were to continue, Finney’s prediction would come true by 2032, which is when Bitcoin would undergo its sixth halving. 

However, Back factored in a number of improvements that would be needed for the $10 million valuation to become a reality. Improvement of wallet infrastructure and Bitcoin layer 2 techs, paired with a new wave of investors who learn to hold and accumulate BTC in cold storage, would contribute to the 2032 vision. 

“The market in bitcoin-native financialisation is immature, almost untouched. bitcoin structured products, mortgages backed by real-estate but interest guaranteed by BTC, and other products make bitcoin easier to use for more people, and match risk profiles. which creates more growth,” he told his followers on Twitter.