Bitcoin (BTC) may be only ten years away from mass adoption: an event known as “hyperbitcoinization.”
This is the opinion of some participants at the Bitcoin 2021 Conference in Miami, which on June 4 offered surprisingly optimistic verdicts on the timing of hyperbitcoinization.
Bitcoin could become a unit of account by 2031
In a debate, Saifedean Ammous, author of the book “The Bitcoin Standard,” Parker Lewis, director of business development at Unchained Capital, and Dan Held, growth lead at Kraken, set their deadlines for the ultimate conquest of global finance by of Bitcoin.
“I would say a decade,Lewis began.
“I believe that, based on how Bitcoin has been adopted historically and based on the trillions of dollars the Fed will have to print in the coming months and years, it might be conservative to say that in ten years’ time, Bitcoin will be a unit of account.”
This would mean that the Bitcoin network will welcome billions of new users by 2031, but as the speakers made clear, the pace of adoption since 2011 has already produced hundreds of millions of Bitcoiners.
“I will be a little more conservative than Parker, I would say maybe 15/16 years, another four halving cycles,”Continued Ammous.
His perspective aligns with that of PlanB, creator of the Stock-to-Flow models on the price of Bitcoin. In the past, PlanB has estimated that in a few halving cycles it will become impossible to measure the price of Bitcoin in dollars. This is because, being the USD a bottomless currency, the growth potential of Bitcoin in USD terms is infinite.
Hyperbitcoinization by 2026 “unlikely” but possible
“I would say that at least a decade for hyperbitcoinization would be the most likely and actually conservative estimate,Concluded Held.
“If there is an event involving the rapid devaluation of fiat currencies, Bitcoin will start to take off and approach the million dollars per unit; such a super cycle moment could be seen much sooner, perhaps around five or six years. a very unlikely outcome. I think it could happen, but it’s unlikely. “
As Cointelegraph reported, Stock-to-Flow predicts an average price per BTC / USD of $ 100,000 or $ 288,000 in this halving cycle, depending on the type of model used.
To this day, all predictions of the Stock-to-Flow models remain valid, and PlanB is still unperturbed by the recent collapse that wiped out over 50% of Bitcoin’s value after its new all-time high of $ 64,500.