I have heard quite a few people say that BTC could very likely reach $10,000 in two years, but what would need to happen for such exponential growth in a year?
Bitcoin just needs to keep being Bitcoin. Governments just need to keep printing money, restricting financial freedoms, and manipulating markets.
Nothing other than a continuation of current global trends is required. Even a sharp change in global trends would invoke uncertainty and likely cause Bitcoin to appreciate. Bitcoin simply needs to survive; and all signs points towards its thriving.
Just wait until 21 million people each want just one.
Bitcoin’s value is not tied to its transactional capacity. It’s tied to supply vs. demand. Small and cheap transactions will have to move off-chain at some point. I suspect it will have to be done in a way that bypasses the miners’ ability to block it.
Here are what I consider the key points for such a thing to happen:
- Wider, increasingly positive public perception of Bitcoin
- Lower barrier entry to buying bitcoin.
- Wider acceptance of bitcoin as an alternative payment method.
- The scarcity of new bitcoins.
I think there is still too much mining and too much early investors selling for us to hit that any time soon. The $1000+ price should flush out some of the early investors but the miners are still ever-present. Might have to wait until the next halving.
Bitcoin can reach $10,000 some day. I give it at minimum 3 years to achieve this. Would expect something more like 5 years.