Bitcoin cryptocurrency predicted to grow to $ 3 million

Cryptocurrency analyst and bitcoin supporter Luke Broyles has predicted that the market flagship could reach $ 3 million per coin. According to the expert, all that is required is a 100-fold increase from today.

In his publication on the X platform, Broyles stated that the market capitalization of bitcoin will remain at $ 500 billion by 2023. Although BTC has outperformed most cryptocurrencies and assets to date, it is 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

In support of his prediction, Broyles said that «it's too early to talk about the adoption rate of bitcoin, which is currently between 0.05% and 0.5%. If this figure rises to 10%, it will mean a 100-fold increase in the cryptocurrency. Broyles emphasized the «inherent» value of future technologies, even with low adoption rates, drawing parallels with the Internet in the late 90s and early 2000s.

«It sounds crazy until you realize that the Internet was at 10% in the 2000s… Massive growth against old media,» Broyles said. According to him, BTC is the first asset in history that provides users with the ability to store value, be a medium of exchange and a unit of account.

During 2023, BTC recovered at least 50% of its ATH in November 2021. As CoinMarketCap data shows, the coin has remained in a consolidated zone over the past seven days. However, most of the price action has been driven by news surrounding the spot ETF. According to many market participants, the approval of the new instrument by the US Securities and Exchange Commission (SEC) will make BTC accessible to a wider audience and attract large investors to the industry.