According to Adam back, Blockstream CEO, the world’s largest cryptocurrency, Bitcoin hitting a $1 trillion market capitalization by 2025, is “conservative,” and those levels should hit in less than two years.
Adam Back delivered a fresh bullish Bitcoin price outlook on October 5.
Blockstream CEO responded a report by Yassine Elmandjra, which is crypto asset analysts at investment advisor Ark. Ark is a famous for its enthusiastic price forecasts for Tesla stock as the giant company witnessed an unbelievable gain in 2020. Yassine Elmandjra forecasts a Bitcoin market capitalization of $1 trillion to $5 trillion in the 2030 year.
Yassine Elmandjra noted that bitcoin would see a $1 trillion market cap in two years or sooner. $1 trillion is approximately BTC $50,000.
Bitcoin’s market capitalization of October is more than $198 billion. If we believe in Adam Back, the Bitcoin market will witness a 400% rise in 2022.
Significantly, in 2018, October’s capitalization was $114 billion. Thus, Bitcoin traded at $6,600 before the pit of its bear market, which bottomed out at $3,100.
According to n-chain data resource Ecoinometrics, which highlighted a $2 trillion Bitcoin market cap is equal to that of Apple.
Stock-to-flow calls for an average price of $288,000 through the current cycle, which started in May and will continue to 2024.
BTC short-term analysis
Significantly, Bitcoin miners generated an estimated $328 million in revenue in September. If we look through August’s data, it decreased by 11%.
The moderate drop in revenue came as bitcoin fell through September. Therefore, closing the month down 8% after growing above 25% through July and August. Revenue estimates assume miners sell their BTC immediately.
Network fees brought in $26 million in September, or just more than 8% of total revenue, down two percentage points from costs, including 10% of August’s revenue.
Remarkably, fees as a percentage of total revenue continue a strong upward trend since April after the block subsidy halving in May.