Bitcoin (BTC) Price Prediction to $3 Million: Possible or Outrageous Speculation?

2023-11-01 05:51:47

TL;DR

Luke Broyles suggests Bitcoin could reach $3 million per coin based on potential growth comparable to the internet’s early expansion, and labels BTC as the first triple point asset.
Bitcoin’s 2023 price has been influenced by ETF news, with multiple factors, including regulatory changes and geopolitical tensions, impacting its future valuation.

Luke Broyles, a crypto analyst and Bitcoin advocate, thinks it’s possible that the cryptocurrency could reach $3 million per coin, and all it takes is 100x from today.

In an X thread, Broyles stated that Bitcoin has maintained a market capitalization of $500B through 2023. While it has outperformed most cryptocurrencies and assets today, it’s still a tiny fraction compared to the world’s largest asset classes.

$3,000,000 per #Bitcoin is a 100x from today and yet that is still ABSURDLY early. 👀

Yes, really… Here is how #Bitcoin goes hyperbolic. 📈

A mind-blowing thread on market caps, future innovation, and the indescribable future value of #Bitcoin. 🧵👇 pic.twitter.com/qTBrRXqMrI

— Luke Broyles (@luke_broyles) October 30, 2023

To support his prediction, Broyles stated that we’re still early if we consider Bitcoin’s adoption rate, which is currently between 0.05% and 0.5%. If that number goes up to 10%, that would mean 100x for the cryptocurrency —even if 4% of the global population demands 1 million satoshis to the point of exhausting the supply, Bitcoin could soar to astronomical prices.

Bitcoin as the First Triple Point Asset in History

Broyles highlighted the “inherent” value of future technology even with low adoption rates, drawing parallels with the Internet in the late 90s/early 2000s.

“Sounds crazy until you realize the internet at 10% was the 2000s… massive growth vs old media, yet early,” Broyles stated.

He said BTC is the first triple point asset in history, providing users with a store of value, medium of exchange, and unit of account.

Throughout 2023, BTC has recouped at least 50% of its ATH in November 2021, currently exchanging hands at $34,501. The coin has remained in a consolidated zone for the past seven days, as data from CoinMarketCap shows. However, most of the price action has been driven by the news surrounding a spot ETF, which is fading away.

For BTC to reach such levels above the six digits, several factors will come into play, including regulatory effects, increased demand for risk assets amid higher inflation, tighter monetary policies from central banks like the Fed, geopolitical tensions, and more.

Like Broyles, other analysts have weighed in their price predictions for BTC in the upcoming years, but they seem to agree that it’s havoc and social unrest that usually ignites the most attention towards the asset.

You can check out some other interesting BTC price prediction in our recent video here:

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