Bitcoin can hit $10 million per coin or more

Bitcoin may struggle with ‘brutal’ volatility, but hodlers and critics alike should be in no doubt about its long-term price trajectory, Bitcoin expert advisor Jesse Myers said

Bitcoin can reach $10mln per coin or more as it reaches 25 per cent of the global wealth, according to a new analysis.

In a February 16 blog post, fund manager and Bitcoin expert advisor Jesse Myers disclosed his own ‘outrageous’ BTC price target.

Bitcoin may grapple with ‘brutal’ volatility, but hodlers and critics alike should be in no doubt about the long-term price trajectory of bitcoin, Myers said.

Analyzing value proposition of Bitcoin, Myers contends that the ability of Bitcoin to appreciate over time means that it fated to suck in value from other asset classes.

Apart from other causes, it is because an asset with such appreciation features and rising shortage permits it to fulfil the role of ‘digital gold.’

Bitcoin has an incredible characteristic: it gets more valuable over time. Gold is good at storing purchasing power, but Bitcoin increases purchasing power, according to the blog post.

Value stored in Bitcoin rises over time due to Bitcoin’s design of increasing scarcity — you just have to outlast the (admittedly brutal) volatility along the way, it reads.

Such an idea is not new — it forms the key thesis of a number of popular takes on Bitcoin, which includes Saifedean Ammous’ seminal book, The Bitcoin Standard.

Getting down to the numbers, meanwhile, Myers calculated the worldwide allotment into BTC as 0.05 per cent of available wealth as of 2023 — $400 billion.

It 1/2000th of global asset value, the post further says.

Overall, my personal evaluation of where the limit is for Bitcoin is straightforward. It is very high. Nearly to the point that I am embarrassed to show my assessment, Myers says.

My conservative figures indicate an outrageous complete possibility for Bitcoin’s price: $10m/Bitcoin, in today’s dollars. To put it another way, I believe total potential of Bitcoin is to eat around 25 per cent of the world’s value while today it accounts for only 0.05 per cent. That’s absurd. That means that I believe Bitcoin could 500x during the coming decades, in real (inflation-adjusted) terms.

‘Absurd’ or not, Myers is far from alone in predicting sky-high Bitcoin price valuations coming true in the coming decades.

Some are even calling for the $1-million level prior to the end of this one — ARK Invest, for example, continued to stick by that very forecast all through the 2022 bear market drops.

In its ‘Big Ideas 2023’ forecast revealed at the end of January, the investment firm explained long-term opportunity as ‘strengthening.’

The company’s ‘bear case’ for 2030, it disclosed, still puts BTC/USD at $258,000 by the end of the decade.