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Bitcoin (BTC) hitting a $1 trillion market cap by 2025 is “conservative,” and those levels should hit in less than two years.
That was according to Blockstream CEO Adam Back, who delivered a fresh bullish Bitcoin price outlook on Monday.
Back was responding to a report by Yassine Elmandjra, a crypto-asset analyst at investment advisor Ark, who in September forecast a BTC market cap of $1 trillion to $5 trillion by 2030 at the latest.
Ark is well known for its enthusiastic price forecasts for Tesla stock, which saw an almost unbelievable rise in 2020.
“Conservative. I’d say bitcoin likely sees $1 trillion market cap within 2 years, probably sooner. $1 trillion is about BTC $50k,” he said.
As of October, Bitcoin’s market cap is just over $198 billion. For Back’s prognosis to come true, the market would need to see a 400% increase by 2022.
For reference, at the start of October two years ago in 2018, the figure stood at $114 billion. BTC/USD traded at $6,600, two months before the pit of its bear market which bottomed out at $3,100.
Further responses to Ark included on-chain data resource Ecoinometrics, which highlighted a $2 trillion Bitcoin market cap as equal to that of Apple.
BTC/USD would trade at $100,000 under such circumstances, while to equal gold, the pair would need to reach $500,000.
BTC price activity is currently much more subdued, with analysts expecting more sideways action to characterize the remainder of the year.
At the same time, anticipation is building over BTC/USD abandoning its correlation to traditional macro assets and rising in line with historical behavior — specifically centered on predictions from the stock-to-flow price forecasting models.
Stock-to-flow calls for an average price of $288,000 during the current halving cycle, which began in May and will last until 2024.
Adam Back: Crisis Will Push BTC to $300K Even Without Institutions
The Bitcoin pioneer says that unlimited money printing will drive retail investors toward BTC and push the price to $300,000 within five years.
In an interview with Bloomberg — in which he once again denied he was Bitcoin (BTC) creator Satoshi Nakamoto — Back outlined his thinking behind the sky-high price prediction.
The cypherpunk OG — who was cited in the Bitcoin white paper — added that BTC may not need the long-awaited flood of institutional money to push it into a bull run.
“It might not require additional institutional adoption because the current environment is causing more individuals to think about hedging,” Back said. “And retaining value when there’s a lot of money printing in the world.”
In January, Back responded to reports that had unearthed early Bitcoin dev Hal Finney’s wild speculation that Bitcoin may be worth $10 million one day. Back said that it was entirely possible that high inflation could make $1 worth $0.10 over a decade or so, which would mean: “$10mil/BTC is
$1mil/BTC in today’s money.”
“And $100K Bitcoin doesn’t seem so far given we already crossed $10k threshold a few times when few expected even $1k some years back and $10k seemed crazy.”
With that in mind, it’s possible that Back expects a $300,000 BTC price in five years’ time to be more achievable, as it would be worth considerably less in today’s money due to inflation.
In other trending Bitcoin News today:
Bitcoin and Ethereum Bull Raoul Pal Details How to Spot the Next 100x Investment
The Real Vision CEO Raoul Pal is sharing his blueprint for how to spot the next investment with 100x potential.
In an interview with Chris Dark, the host of Dr Dark after Dark, Pal says you don’t have to venture far to find that life-changing bet.
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Show Notes / News Resources:
– $50K Bitcoin Price By 2022: https://bit.ly/2GCg1LM
– $300K Bitcoin Prediction: https://bit.ly/3iCeKBC
– 100X Investment: https://bit.ly/2Sz83FL
DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky and so is investing into Cryptocurrency. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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