Bitcoin mass adoption, also known as hyperbitcoinization, maybe as close to a decade, according to some long-time bulls. “I would say at least a decade for hyperbitcoinization would be the most likely and actually conservative estimate,” says Dan Held, growth lead at Kraken.
Bitcoin Experiencing Hyperbitcoinization
In a panel discussion entitled “Picturing the Hyperbitcoinized World”, Dan Held, growth lead at Kraken joins Unchained Capital head of business development Parker Lewis and Saifedean Ammous, author of The Bitcoin Standard at the Bitcoin 2021 conference in Miami to contemplate that Bitcoin (BTC) may be just 10 years away from seeing mass adoption.
During the discussion, Held remarked on Bitcoin experiencing ‘hyperbitcoinization’:
“we’re experiencing hyperbitcoinization in part right now. Institutions are coming in, you can buy bitcoin almost everywhere, and it’s becoming universally recognized as a store of value.”
Held defines hyperbitcoinization as “the moment when the whole world comes to see Bitcoin’s value” world, meaning the digital asset will be used regularly as a transactional currency and held by individuals and businesses as normally as fiat currency.
According to Lewis, the timeline for Bitcoin becoming a unit of account is accelerated based on current fiscal policies where people will start to understand and appreciate the flagship cryptocurrency as a store of value more and more:
“I think that based on how bitcoin has been adopted historically and based on the trillions of dollars that the Fed is going to have to print in the coming months, years, that it would potentially be conservative to say that bitcoin’s a unit of account in ten years.”
“Bitcoin’s Price Should be Between $100,000 to $400,000”
On the other hand, Ammous took a more conservative approach, citing PlanB, the creator of the stock-to-flow Bitcoin price models, who previously estimated that after several halving cycles, it will become impossible to measure Bitcoin’s price in dollars as without any bottom the potential for Bitcoin to grow in U.S. dollar terms is infinite:
“I’m going to be a little more conservative than Parker (Lewis) and say maybe 15 years 16 years, or four more halving cycles.”
When asked about the current state of the market, Held remarked, “We still have a good four to six months left in the bull run, maybe eight to twelve. If we use historical price patterns, bitcoin’s price should be between $100,000 to $400,000.”