Story Highlights
Bitcoin's journey to $1M depends on scarcity, adoption rates, and market dynamics, not magic.
Bitcoin ETF inflows and treasury adoption have driven institutional confidence and price growth.
Reaching 3% of global wealth could push Bitcoin's market cap to $20 trillion.
Bitcoin's journey to becoming a true store of value has rekindled interest as its price approaches $100,000. According to well-known cryptocurrency trader and investor VirtualBacon, the potential for cryptocurrency to reach $1 million per coin in the next decade is not just a dream, but a logical progression. But how exactly does this happen?
Can Bitcoin still make you rich?
Yes, of course, but the journey to $1 million is not magical; it is supported by mathematics and market trends.
Since last month, Bitcoin's price has soared nearly 40% to an ATH of $93,400 due to Donald Trump's recent victory, as he said he would make America a crypto capital. Many experts believe Bitcoin will soon reach $100, mainly before the end of November.
Meanwhile, VirtualBacon further hints that Bitcoin could soon reach $200, but that alone won't make you a millionaire. The real opportunity lies in the long term, with Bitcoin expected to reach $1 million in the next 10 years.
This may be due to Bitcoin's unique characteristics, such as its fixed supply, scarcity, and the growing global adoption.
Why do traders believe Bitcoin can reach $1M?
Unlike stocks, gold, or real estate, Bitcoin has unparalleled growth potential. Its fixed supply of 21 million coins and resistance to inflation make it a strong contender for the role of digital gold.
If Bitcoin continues to be regarded as a store of value and more institutions and individuals allocate part of their portfolios to it, the price could easily rise.
One key factor for Bitcoin potentially reaching $1 million is the increasing institutional adoption. Bitcoin ETFs have already seen significant inflows, and companies like Microsoft are considering Bitcoin as part of their treasury.
VirtualBacon points out that if Bitcoin's share of global wealth grows from the current 0.35% to just 3%, its market cap could skyrocket to $20 trillion, bringing the price up to $1 million per coin.
The math behind $1 million
VirtualBacon believes Bitcoin can reach $1 million without needing to surpass gold. If by 2034 Bitcoin only accounts for 57% of gold's future market value, its market cap could reach $20 trillion, pushing its price to $1 million.
This is a realistic outcome driven by steady adoption and Bitcoin's anti-inflation properties. Bitcoin is not about quick profits; it's about long-term growth.
With more and more institutions investing, Bitcoin's role as 'digital gold' is strengthening and is expected to provide 5-10 times returns in the next decade.
