During the Bitcoin 2021 conference the stalwarts of the Bitcoin industry explained why suddenly there will be a hyperbitcoinization age and how much time it would take for full adoption.
Hyperbitcoinization is a term coined during the Bitcoin 2021 conference that was organized in Miami. With several well-known names and experts from the crypto community participating in the conference, there seems to be a plethora of innovations and exchange of ideas happening.
Dan Held, Executive from Kraken and Parker Lewis, a business development head at Unchained Capital echoed the same views about Bitcoin during the conference. Both believe that there is going to be an age of hyperbitcoinization, which is a decade ahead.
Bitcoin may witness mass adoption in just 10 years. This is as per the participants of the Bitcoin conference, who on June 4 shared an optimistic opinion about the adoption and time of hyperbitcoinization.
Held had earlier also expressed his views about hyperbitcoinization in an interview to a media publication. During the interview he defined the term hyperbitcoinization as the moment when the whole world will see bitcoin’s value. He believes that the age has come as institutions are coming in, bitcoin is acceptable everywhere almost, and is becoming universally recognized as a store of value.
Bitcoin may see mass adoption by 2031
Saifedean Ammous, Author, The Bitcoin Standard, Parker Lewis and Dan Held, all of them experts in their fields related to cryptocurrency, shared their opinions on the panel for which they were invited.
According to Lewis, while addressing the audience at the conference during the panel discussion said that bitcoin has been welcomed with open arms and the way it has been accepted by the people in the past, there is a bright future to this coin. Also, trillions of dollars that the Fed is going to have to print in the coming months or years, it would not be wrong to say that Bitcoin is a unit of account in ten years.
Does that mean that there would be humongous adoption of bitcoin in 10 years? Of course, the network will see billions of new users onboarding the network by 2031. However, as the panel sees it, the rate of adoption since 2011 has already produced hundreds of millions of bitcoiners.
On the other hand, Ammous stated that he sees the adoption to be increased in 15 to 16 years, as he is a little more conservative. His perspective is the same as that of PlanB, creator of the stock-to-flow Bitcoin price models. He has thought that after many halving cycles, it will become impossible to measure bitcoin’s price in dollars.
He further stated that the currency that has no bottom, the potential for Bitcoin to grow in U.S. dollars terms is infinite.
Hyperbitcoinization by 2026 might be possible
While addressing the panel discussion at the conference, Held concluded by saying that hyperbitcoinization would happen in at least a decade. It would be the most likely and conservative estimate.
He explains that if there is an event where there is the rapid devaluation of fiat currency, Bitcoin will surge and might get close to $1 million per bitcoin. It is a supercycle-esque moment. Then there will be an adoption of the token much sooner, maybe in five to six years. But this would be very unlikely. It will happen but at its own pace.
The stock-to-flow model predicts an average BTC/USD price of either $100,000 or $288,000 this halving cycle, depending upon which type of model is used. Hence, PlanB remained unfazed by the recent debate that took over 50% of bitcoin’s value off its latest all-time high of $64,500.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.