The chief executive of the Chamber of Digital Commerce says that Bitcoin (BTC) could hit a seven-figure price tag by 2029 if adoption continues at the current rate.
In a new interview on CNBC Television, Perianne Boring, the crypto advocacy group’s founder and CEO, says that BTC’s fair value price is likely already somewhere between $100,000 and $210,000 per token.
According to Boring, a combination of mass adoption and limited supply will greatly boost the top crypto asset by market cap’s price during 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, it has the price of Bitcoin currently valued at $100,000 to $210,000 per Bitcoin. We also apply an S-curve analysis to look at the long-term adoption of Bitcoin, currently about 40% of U.S. households have already allocated and own some form of cryptocurrency today.
We are on track for 90% adoption by 2029. Once we hit that 90% adoption, prices could go as high as $1 million a coin because, again, Bitcoin has that limited supply, which is a key feature of this technology.”
Bitcoin is trading for $42,987 at time of writing, a fractional increase on the day. A rise to Boring’s target would be about a 2,200% increase for the flagship digital asset.
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