Bitcoin to hit $400k in 10 years: research

30 Jun 2020

The price of Bitcoin could hit nearly $400,000 in the next 10 years, according to a new report from a cryptocurrency research organisation.

Crypto Research Report, published on Monday, notes: “We believe that Bitcoin is still at the very start of its adoption curve.

“The price of $7,200 at the end of 2019 suggests that Bitcoin has penetrated less than 0.44% of its total addressable markets [worth $212 trillion]. If this penetration manages to reach 10%, its non-discounted utility price should reach nearly $400,000.”

That represents a price hike of more than 4,000% for BTC by 2030.  But it is not just the world’s largest digital currency. 

Ether, Litecoin and Bitcoin Cash are also bullish under the calculated assumptions set out in the report, with increases of approximately 1,600%, 5,000% and 5,400%, respectively. 

‏‏The group based their findings on their Target Addressable Market, or TAM, a metric used “to estimate a cryptoasset’s implied future price.”  

According to crypto news site Coin Telegraph, “TAMs for cryptocurrencies include remittance, tax evasion, offshore accounts, store of value, online transactions, micropayments, crypto trading, gaming, online gambling, consumer loans, reserve currency and others.”

In a separate report out this week, derivatives exchange ZUBR reveals that retail investors “could end up absorbing more than half of Bitcoin’s daily fresh supply in as little as four years,” says Coin Desk.

Using information from analytics firm Chainalysis, ZUBR showed the number of wallet accounts holding small whole balances, anywhere between 1 to 10 Bitcoins – sizes that suggest retail rather than institutional – had increased considerably.

“By the time the next reward [halving] era comes around in 2024, retail could potentially account for eating up over 50% of the physical supply,” the report forecasted.
 

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