Adam Back explained why Bitcoin price could rise to $ 10 million

Blockstream CEO Adam Beck is convinced that $ 100K and even $ 10M Bitcoin forecasts are not that far from reality.

Back commented on the thought of one of the leading representatives of the cipherpunk movement Hal Finney, expressed by him in correspondence with the creator of bitcoin Satoshi Nakamoto. Finney suggested "as a thought experiment" to imagine that Bitcoin has become the dominant payment system in the world.

“The total value of the currency should be equal to the total value of all world wealth. Current valuations of household assets around the world, which I have discovered, range from $ 100 to 300 trillion. With 20 million coins, each of them will cost about $ 10 million, ”Finney wrote.

Beck noted that “it is closer than it seems” due to rising dollar inflation.

“Modern monetary theory justifies high inflation. So today's $ 1 will cost 10 cents in a decade or two in this monetary frenzy. Then $ 10 million in bitcoins will be the same as $ 1 million in bitcoins by today's standards. ”

He also emphasized that a few years ago, the current price of bitcoin seemed unrealistic to many, however, the first cryptocurrency more than once crossed the threshold of $ 10 thousand. This, according to Beck, makes the forecast for the price of MTC in the region of $ 100 thousand "not so far."

Recall, according to forecasts by Fundstrat analysts, the price of bitcoin may rise by 100% this year.