Can Bitcoin Reach $1 Million by 2030? One Crypto Leader Is Skeptical.
Key PointsMany high-profile Bitcoin holders have said that its price can reach $1 million per coin.
Bitcoin (BTC) has been on a significant rally, recently trading around $79,000 on August 25. During the previous bull market, many industry leaders suggested that Bitcoin could reach a price of $1 million per coin, potentially as soon as 2030. However, Markus Thielen, head of research at 10x Research, disputes this notion, claiming that a price of $1 million is mathematically impossible. Let's explore his argument to determine if it holds up.
In 2009, a "Double Down" signal appeared for a little-known chipmaker called Nvidia. For the first time in years, a similar "Total Conviction" signal is now flashing for a company 1/100th the size of Nvidia. Today, Bitcoin has a market cap of approximately $1.6 trillion, which is divided among 20.1 million coins. If all 21 million coins were in circulation, the value would be around $21 trillion.
To reach a price of $1 million per coin, there would need to be an increase of about $18.5 trillion in market value between now and 2030, assuming a maximum of 100% of the maximum supply is in circulation. Thielen estimates this amount to be slightly smaller, at $15 trillion, which is still an extraordinarily large sum.
Written by urgent.news from Yahoo Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
