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- Bitcoin is on track to retest the $10,000,000 price mark according to Fred Krueger.
- Fred believes spot Bitcoin ETF can positively impact the BTC market sentiment.
Fred Krueger, a renowned crypto analyst and the former founder and chairman of Traffic Marketplace recently made a bold prediction on social media platform X, suggesting that Bitcoin’s (BTC) price could soar beyond the $10 million mark within the next 10 to 20 years.
Analyst’s Bullish Bitcoin Projections
While such a projection may seem audacious at first glance, Krueger’s insights offer a compelling narrative supported by detailed analysis and historical parallels.
Krueger begins his analysis by reflecting on the state of Bitcoin adoption, highlighting a stark contrast between the metrics of influence within the BTC community and those of mainstream social media platforms. While a large following on platforms like Instagram may require millions of followers, Krueger noted that in the Bitcoin Twitterverse, influencer status can be achieved with just a fraction of that number.
Building on this premise, Krueger delves into adoption percentages and the potential growth trajectory for Bitcoin. He estimated that there are currently around 2 million Bitcoin users, a number he believes will skyrocket as adoption accelerates. Drawing parallels to the explosive growth of social media platforms like Facebook, Krueger suggests that Bitcoin could see a similar trajectory, within the next two decades.
“I would guess, in 20 years 2 Billion people will use Bitcoin. That’s a 1000x increase in adoption,” he noted.
Central to Krueger’s argument is Bitcoin’s fixed supply and its implications for price as adoption scales. With a fixed supply of 21 million coins, he emphasized that increasing demand could drive prices to unprecedented heights. Krueger posits that if Bitcoin’s price is already substantial with just 2 million users, it could reach astronomical levels with 2 billion users in the future.
Addressing potential skepticism and competition from other cryptocurrencies such as Solana (SOL), and Celestia (TIA), Krueger remains steadfast in his belief in Bitcoin’s supremacy.
A post on adoption, and why ultimately we are headed to 10MM+ in Bitcoin Price, over the next 10-20 years.
In 2019 Tom Lee asked: How many people really own Crypto? (see clip: https://t.co/OixpXUUyD2)
His answer at the time 500K. One way he estimated this is "crypto twitter".… pic.twitter.com/z2qaH9MAPG
— Fred Krueger (@dotkrueger) February 11, 2024
The Role of Spot Bitcoin ETFs on Price
Krueger also discusses the role of financial instruments like spot Bitcoin Exchange-Traded Funds (ETFs) in accelerating Bitcoin’s adoption. He predicts that ETFs will play a huge role in democratizing access to Bitcoin for mainstream investors, potentially attracting millions of new participants to the market.
Furthermore, Krueger highlights the importance of technological advancements, particularly in scalability and usability through Layer 2 solutions, as critical enablers of Bitcoin’s widespread adoption. He argues that consumer-grade applications will be essential in broadening Bitcoin’s appeal and facilitating its transition into mass-market use cases.
At present, Bitcoin continues to demonstrate resilience and growth, with its price trading at $47,974, marking an 11% increase in the past week. The cryptocurrency’s robust performance reflects investor confidence and hints at the potential realization of Krueger’s forecast in the years to come.
As Bitcoin continues its galactic voyage, only time will tell whether Krueger’s forecast will become a reality.