Cryptocurrency News

Bitcoin bulls give ‘conservative’ 10-year estimate for hyperbitcoinization to hit


bitcoin (B T c) may be just ten years away from mass adoption in a phenomenon known as “hyperbitcoinization”.

This is according to the participants of Bitcoin 2021 Conference in Miami, which on June 4 delivered Surprisingly optimistic verdict on when hyperbitcoinization will come.

Bitcoin could be a unit of account by 2031

Speaking on a panel, “Bitcoin Standard” author Saphedian Ammos, Unchained Capital head of business development Parker Lewis and Kraken growth lead Dan Held all gave their deadline for bitcoin to effectively take over global finance.

“I’d say a decade,” Lewis began.

“I think based on how bitcoin has been historically adopted and the trillions of dollars the Fed is going to print in the coming months-years, it would probably be conservative to say that bitcoin is a unit of account for ten years.”

This would mean that the bitcoin network would add billions of new users by 2031, but as the panel noted, the adoption rate since 2011 has already produced hundreds of millions of bitcoiners.

“I’m going to be a little more conservative than Parker and maybe 15 years – 16 years, you know, four more halving cycles,” Ammos continued.

His approach is in line with that of PlanB, the creator of the stock-to-flow bitcoin price model, which previously assessment There will be several halving cycles when it will become impossible to measure the price of bitcoin in dollars. This is because, as a currency with no bottom, the potential for Bitcoin to rise in USD terms is infinite.

Hyperbitcoinization “unlikely” but possible by 2026

“I would say at least a decade for hyperbitcoinization would be the most likely and really conservative estimate,” Held concluded.

“If we have an event where fiat currency is rapidly devalued, bitcoin starts to rise or gets closer to $1 million per bitcoin – a Supercycle-esque moment – ​​then we will see it very quickly. Maybe, maybe five-six years or so. But it would be a very unlikely outcome. I think it could happen, but it’s not likely to happen.”

as Cointelegraph Reported, Stocks-to-Flow predicts an average BTC/USD price of either $100,000 or $288,000 based on this halving cycle, depending on which type of model is used.

Its predictions remain valid with PlanB careless From a recent passage that took more than 50% of the value of bitcoin above its latest high of $64,500.

Bitcoin stock-to-flow chart as of June 4. Source: Bybitcoinworldwide.com