Bitcoin (BTC) Could Pop $500K-$1M Before the End of the Current Cycle

Adam Back, one of the legendary Satoshi Nakamoto’s confidants and now CEO of Blockstream, believes $100,000 is still way too cheap for Bitcoin (BTC). The earliest adopter of the cryptocurrency asset said its value has the potential to rise to a $500,000 minimum and up to $1 million per BTC this cycle.

Going back two years ago, Back threw in a $10 million per BTC prediction for 2032 or about two halvings from now. At that rate, its market cap could grow to $200 trillion, dwarfing gold’s prevailing $22 trillion overall valuation.

Back’s outlook aligns with Bitcoin’s continuous surge to new all-time highs (ATHs) per halving cycle. Historically, BTC peaked at the following prices at each epoch:

Doing the math, Back’s minimum estimated peak for Bitcoin this cycle is around $390,885 or 358.23% more than the digital asset’s ATH in January. However, he reminded his audience that the last cycle doesn’t present reliable data for inference due to COVID-19, which caused supply chain disruptions, heightened money printing, and overall economic volatility. Interestingly, he stated that it could have gone higher than its recorded tops past the second halving if it weren’t for the recent pandemic.

Back is confident that Bitcoin could eventually outshine the Magnificent Seven stocks, namely Apple, Microsoft, Amazon, Alphabet, Meta, Nvidia, and Tesla combined. Along the way, he praised how Strategy has been breezing through the ups and downs of the economy through its strategic Bitcoin acquisition.

The Blockstream CEO claimed he was pretty perplexed about why companies are slow to emulate Strategy’s success. He explained that as Bitcoin gains more traction in adoption and acquisition by businesses, it could mean a huge win for companies that backed their treasuries using the digital asset.

Back pointed out, “Acquisition strategies work better if Bitcoin is going up more consistently.” It could elevate the value of adopters faster than their cost of capital and effectively hedge their businesses’ wealth against fiat inflation.

Speaking of Strategy, the company could be on its way to announcing another Bitcoin purchase on Monday, judging by the latest cryptic post of its executive chairman, Michael Saylor.