Brian Estes, CEO and CIO of the investment fund Off The Chain Capital, revealed his prediction on the price of bitcoin (quotation BTC) for the next few years during its participation in the Bitcoin 2022 convention in Miami.
BTC aims for widespread adoption
The investment specialist explained that the high adoption bitcoin has had is the reason it has risen so much in price since its creation. Right now, one BTC is trading above USD 43.600, and he believes this is a small figure for the cryptocurrency, which he expects to continue to experience exponential growth.
For example, Brian Estes indicated that 25% of US households currently own bitcoin. Considering that the cryptocurrency is only thirteen years old since its origin in 2009, he predicts that by 2029, 90% of Americans will have BTC, as the chart below shows. Something that he believes will be replicated in other countries, perhaps even earlier, such as in El Salvador for having adopted it as legal tender.
Due to its growing adoption, Brian Estes warns that from his point of view, Bitcoin is no longer in its infancy, but rather in its second stage of life. The specialist estimates that a pause has formed in 2019 which has caused its use to increase more rapidly.
Therefore, consider that we are now in the best time in bitcoin's life to enter. And under this idea, he argues that before 2019 it was too early to see its value over time and after 2029 it will be too late to enter.
He thinks so because he believes the large adoption he assumes will have over the next seven years could drive the price of bitcoin up tenfold or even more. In this way, starting from that year, a third phase would begin for its market, as colored purple in the previous graph.
Bitcoin could be worth $ 1.000.000 by 2024, according to Estes
Brian Estes commented that the more people use bitcoin, the more its price will rise. Therefore, he made a warning about this. He has estimated that there is something that makes him believe that its value will increase more than tenfold and should not be overstated.
“As businesses and banks become involved and become a critical mass, the level of activity per user will really start to mirror traditional financial services,” he said. Hence, she made it clear that the real realized value could be much higher, as much as $ 1.000.000 per bitcoin by 2024.
This prediction goes hand in hand with that of other specialists who have also released greedy figures. Crypto-currency recently reported that of cryptocurrency content creator MMCrypto which displays the price of bitcoin at $ 5.000.000 in the next few years and in the short term to $ 100.000 by the end of 2022, the closest figure in which several analysts coincide.