Cryptocurrency analyst and the former founder and chairman of Traffic Marketplace Fred Krueger, has taken to his social media page to make a shocking prediction about Bitcoin's (BTC) price. Fred used his X (formerly Twitter) page to predict that BTC's price could hit the $10 million price range within the next 10–20 years.
Fred Krueger's bold forecast on Bitcoin (BTC) is based on several reasons that affect the crypto space in one way or another. These include factors like technological advancements, a detailed examination of adoption trends, and a comparison between social media platform activities and the growth trajectories of major technological innovations.
The former founder and chairman of Traffic Marketplace started analyzing the world's most popular cryptocurrency by asking a retrospective question. The question was posed by Tom Lee in 2019 about the exact number of crypto investors, which was estimated to be around 500,000.
Although the figures were based on gaining influencer status with just 100k followers on "crypto Twitter," Fred compared it with other social media platforms.
You really need 10 Million followers to be a star on Instagram versus a 100K to be a star on Bitcoin Twitter, he stated.
He also pointed out the rate of Bitcoin adoption and its potential growth trajectory.
Allowing for growth since 2019, I'll put that number at 2 Million today. But as with all tech, once adoption really starts, it reaches MUCH higher percentages, he said.
Additionally, Fred Krueger used Bitcoin's fixed supply as another catalyst that will project its price to $10 million within the next 10-20 years. According to him, the fixed coin supply has implications on the price and adoption scales.
He said;
If the price is $48,000 with 2 Million users, and the supply is fixed, imagine where we will get to with 2 Billion users. So, Bitcoin has an immediate goal of 1 Million which is parity+ to gold, and we get there this cycle. And then with adoption, we get to the crazy numbers. All you need to do is buy it and NOT sell it.
Additionally, Krueger explores the mechanisms that might hasten Bitcoin's path to widespread adoption, emphasizing the crucial role of financial instruments such as spot ETFs.
He highlights how these instruments can democratize access to BTC for millions of American investors, potentially facilitating greater acceptance and integration of cryptocurrency into mainstream financial systems.
Krueger emphasizes that while financial instruments like spot ETFs play a significant role, technological advancements are equally crucial in accelerating Bitcoin's widespread adoption.
Specifically, enhancements in scalability and usability through Layer 2 solutions and trustless-wrapped BTC are highlighted as critical enablers of a broader adoption wave.
Additionally, Krueger argues for the importance of developing consumer-grade applications that can seamlessly facilitate Bitcoin's transition into mass-market use cases.
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