Adam Back was one of the first people to correspond with Satoshi Nakamoto and has even had to respond to rumors that he had a beer with the Bitcoin creator. He’s also a renowned computer scientist and an original cypherpunk. If asked about the future price of BTC, Back is not shy to throw out huge figures.
Back is at least in partial agreement with a major Tesla investor and Ark Investment Management analyst Yassine Elmandjra. They both think Bitcoin still has plenty of room to grow, but their timelines slightly differ.
Recently, Back responded to a Forbes article that quoted the Tesla investor.
“Bitcoin offers one of the most compelling risk-reward profiles among assets, as our analysis suggests it should scale from roughly $200 billion today to $1-5 trillion network capitalization during the next five to ten years,” Elmandjra said.
In a report addressed to investors, Elmandjra suggested that Bitcoin is in for huge growth in the next decade and the trillion-dollar mark is not only realistic, but just a stop on the way to multi trillions.
“Our analysis suggests bitcoin is early on its path to monetization, with substantial appreciation potential. “In our view, bitcoin’s $200 billion market capitalization—or network value—will scale more than an order of magnitude to the trillions during the next decade.”
Adam Back agrees with Elmandjra on the price direction. But Back says he sees Bitcoin breaching the trillion-dollar mark much faster than the timeline offered by Elmandjra.
“Conservative. I’d say #bitcoin likely sees $1trillion market cap within 2years, probably sooner. $1trillion is about BTC $50k.”
And back isn’t the only perma-bull out there. Anthony Pompliano hinted at Bitcoin breaking the trillion-dollar plane hours after Back’s tweet.
“Bitcoin has a $200 billion market cap.
Both JPMorgan Chase ($300 billion) and Bank of America ($213 billion) have higher market caps.
I bet I know which financial service reaches $1 trillion first 🙂”
The trillion-dollar plateau sounds like a goal, but many consider it to be a point where new faces will be attracted to Bitcoin for the first time.