The CEO of the Chamber of Digital Commerce says Bitcoin (BTC) could reach a seven-figure price tag by 2029 if adoption continues at its current pace.
In a new interview On CNBC Television, Perianne Boring, the founder and CEO of the crypto advocacy group, says that the fair value price of BTC is probably already somewhere between $100,000 and $210,000 per token.
According to Boring, a combination of mass adoption and limited supply will massively boost the leading crypto asset by market capitalization over the next five years.
“We use valuation models to try to understand what the value of Bitcoin is today. We all know what the price is… but the real question that we need to understand, that investors need to understand, is: what is the value? We use four different valuation models.
Today, the price of Bitcoin is currently estimated at $100,000 to $210,000 per Bitcoin. We also apply S-curve analysis to look at Bitcoin adoption in the long term. Currently, approximately 40% of US households have already committed to and own some form of cryptocurrency.
We are on track for 90% adoption by 2029. Once we reach that 90% adoption, prices could reach $1 million per coin because Bitcoin is once again in limited supply, which is a key feature of this technology is.”
Bitcoin is trading at $42,987 at the time of writing, up fractionally on the day. An increase in Boring’s target would mean an increase of approximately 2,200% for the flagship digital asset.
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