According to the CEO of the Chamber of Digital Commerce, a Bitcoin could be valued at $1 million by 2029. Check out the latest reports about this below.
Bitcoin to hit $1 million by 2029
The founder and CEO of the Chamber of Digital Commerce, Perianne Boring, has recently stated in an interview on CNBC Television that Bitcoin (BTC) could reach a value of seven figures by 2029 if current adoption rates continue.
Boring believes that the fair value of BTC’s price is likely to be somewhere between $100,000 and $210,000 per token already.
She also predicts that the combination of mass adoption and limited supply will significantly boost the price of the top crypto asset by market cap over the next five years.
“We use valuation models to try to understand what the value of Bitcoin is today. We all know what the price is… but the real question that we need to understand, that investors need to understand is, what is the value? We use four different valuation models.
Today, it has the price of Bitcoin currently valued at $100,000 to $210,000 per Bitcoin. We also apply an S-curve analysis to look at the long-term adoption of Bitcoin, currently about 40% of U.S. households have already allocated and own some form of cryptocurrency today.
We are on track for 90% adoption by 2029. Once we hit that 90% adoption, prices could go as high as $1 million a coin because, again, Bitcoin has that limited supply, which is a key feature of this technology.”
At the time of writing, Bitcoin is trading at $42,987, which is a slight increase from the previous day’s value. If it reaches Boring’s target, it would result in a 2,200% increase for the cryptocurrency.
Earlier today, we revealed the fact that Raoul Pal, a former executive at Goldman Sachs, is optimistic about the prospects of the cryptocurrency market.
Despite the significant gains made by digital assets in 2021, Pal believes that the bull market cycle has only just begun and could last for several years.
