The head of the Chamber of Digital Commerce is making waves with a bold prediction: Bitcoin might soar to a million dollars per coin by 2029. This optimistic forecast hinges on the continued rise in Bitcoin adoption.
Perianne Boring, the CEO and founder of this crypto advocacy group, shared her insights in a recent CNBC Television interview. She believes that Bitcoin’s actual worth is already significantly higher than its current market price, estimating its value to be between $100,000 and $210,000 per coin.
Boring explains that Bitcoin’s value could skyrocket due to two main factors: widespread adoption and its finite supply. Her team uses a variety of valuation models to gauge Bitcoin’s real worth beyond its market price. One key model is the S-curve analysis, which tracks long-term adoption trends. Impressively, about 40% of U.S. households already own some form of cryptocurrency.
If this trend continues, Boring anticipates that by 2029, 90% of U.S. households will have adopted cryptocurrency. This level of adoption, combined with Bitcoin’s limited supply, could potentially drive its price up to a staggering $1 million per coin.
Currently, Bitcoin is trading at $42,987, marking a slight increase. Achieving Boring’s prediction would represent an increase of approximately 2,200% from its current value, a significant leap for the leading digital asset.