In an in-depth analysis shared on social media platform Krueger boldly predicted that the price of BTC may exceed the $10 million mark in the next 10-20 years.
Why Bitcoin price could hit $10 million in 2 years
Kruger’s predict Rooted in a detailed examination of adoption trends, technology advancements, and comparisons with the growth trajectories of major technology innovations and social media platforms. His analysis began with a retrospective question raised by Tom Lee in 2019 about the actual number of cryptocurrency owners, which at the time was estimated to hover around 500,000.
This number is partly derived from the following on Crypto Twitter, where having 100,000 followers may indicate influencer status within the BTC community. Krueger noted that the impact metrics stand in stark contrast to those of mainstream social media giants.
“You really need 10 million followers to be a star on Instagram, and you really need 100,000 followers to be a star on Bitcoin Twitter,” he emphasized. He used this difference to emphasize that compared to the global social media phenomenon, Bitcoin’s current adoption is still nascent.
Krueger’s insights go beyond follower counts and also go into the realm of Bitcoin’s adoption rate and potential growth trajectory. He shared: “Given the growth since 2019, I would put that number at 2 million today. But as with all technologies, once adoption really starts to happen, it will be a much higher percentage.”
His reflections on competing with Facebook in 2006 provide his company, Tagworld, with a historical lens through which to view Bitcoin’s potential. “Three billion people now use social media,” he said, suggesting that Bitcoin’s user base could see a similar explosion. Krueger boldly estimated that “I guess 2 billion people will be using Bitcoin in 20 years,” indicating that Bitcoin adoption will increase by 1,000 times.
The road to 2 billion users
The cornerstone of Krueger’s argument lies in Bitcoin’s fixed supply and its impact on price as adoption scales. “If the price is $48,000, you have 2 million users, and the supply is fixed, imagine we get to 2 billion users,” he explained, providing clear justification for his prediction.
In response to potential skepticism and the competitive landscape of cryptocurrencies, Krueger remains steadfast in his belief in BTC’s supremacy. “So, Bitcoin’s near-term goal was 1 million, which was gold parity+, and we achieved that this cycle. As adoption increased, we got crazy numbers. All you have to do is Buy it, don’t sell it,” Kruger asserted, highlighting Bitcoin’s unique value proposition and its fixed supply as key differentiators that will drive its unparalleled adoption and value growth compared to other digital assets .
Additionally, Krueger delves into the mechanisms that could accelerate Bitcoin’s journey to widespread adoption. He noted that financial instruments such as spot ETFs play a key role in democratizing the use of BTC for millions of U.S. investors.
“ETFs will be the first stage of adoption. It won’t be that difficult to get a significant portion of these people to own a Bitcoin ETF in the next 5 years,” Krueger predicthighlighted the potential of ETFs to bridge the gap between traditional finance and Bitcoin for mainstream investors.
Nonetheless, technological advancements, particularly in terms of enhancing Bitcoin’s scalability and usability through layer 2 solutions and trustless wrapping of BTC, are considered key enablers for a larger wave of adoption. Krueger believes that the need for consumer-grade applications can facilitate BTC’s transition to mass-market use cases.
“We need consumer-grade applications to expand Bitcoin to mass-market use cases. That’s why Bitcoin ultimately wins.” He noted that this shows his confidence in the technological development that supports the rise of cryptocurrencies.
Overall, Fred Krueger’s analysis provides a compelling narrative of Bitcoin’s potential trajectory, blending historical parallels, economic principles, and technological advancements. His prediction of BTC reaching $10 million in the next 10 to 20 years is not just an optimistic prediction, but a detailed vision based on a deep understanding of market dynamics.
At press time, BTC was trading at $48,051.
Featured image created with DALL·E, chart from TradingView.com