Adam Back believes that Bitcoin will increase by 400 percent in less than two years.It is „conservative“ to say that Bitcoin (BTC) will have a market capitalization of 1 trillion Euro by 2025. US dollar by 2025. In less than two years it should already be there.
At least that is what blockstream CEO Adam Back believes. On Monday he again expressed a bullish BTC outlook.
Back responded to a report by Yassine Elmandjra, a crypto analyst at investment advisor Ark. The latter has a market capitalization of 1 to 5 trillion for Bitcoin. US dollar by 2030 at the latest.
Ark is known for its optimistic price forecasts for the Tesla share, which has seen an incredible increase in 2020.
„Conservative. I would say that Bitcoin Pro app will reach a market capitalization of 1 trillion dollars within 2 years, probably sooner. US Dollar reached. At 1 trillion. US dollar, BTC would be at 50,000 US dollars,“ says Back.
In October, Bitcoin’s market capitalization was just over 198 billion US dollars. If you believe Back’s forecast, the market should grow by 400 percent by 2022.
By comparison, at the beginning of October two years ago, in 2018, the market capitalization was 114 billion US dollars. The BTC/USD pair stood at 6,600 US dollars. Two months later it reached the bottom of its bear market at $3,100.
Historical market capitalization chart of Bitcoin. Source: CoinMarketCap
Analysts expect breakout
The Ecoinometrics on-chain data website also responded to Ark’s forecast. This forecast said a market capitalization of 2 trillion US dollar. This would put Bitcoin on a par with Apple shares.
The BTC/USD pair would be at $100,000 and at $500,000 the pair would equal gold.
As Cointelegraph reported, Bitcoin’s price activity is currently rather low. Analysts expect a sideways movement for the rest of the year.
At the same time, there is also hope that the BTC/USD pair will soon cease to correlate with traditional macro assets and start to rise as in the past. Especially with regard to the forecasts from the stock-to-flow model.
The stock-to-flow model predicts an average price of $288,000 by 2024.