In a startling report, according to a crypto research group, the price of Bitcoin might surge up to $400,000 in the next ten years, with altcoins following its bullish example.
The June 2020 edition of the Crypto Research Report claims that researchers predicted the price of Bitcoin (BTC) and other altcoins — Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH), and Stellar (XLM) — would receive a surge before 2025, which may continue for at least five years.
“We believe that Bitcoin is still at the very start of its adoption curve,” the report states. “The price of $7,200 at the end of 2019 suggests that Bitcoin has penetrated less than 0.44% of its total addressable markets [worth $212 trillion]. If this penetration manages to reach 10%, its non-discounted utility price should reach nearly $400,000.
It would mean a price increase of more than 4,000% for BTC by 2030. However, ETH, LTC, and BCH are looking bullish in this scenario, with surges of roughly 1,600%, 5,000%, and 5,400%, respectively. XLM might see the largest increase, which is expected to be, more than 11,000% from $0.07 to $7.81.
A research group based in Liechtenstein analyzed cryptocurrencies based on their target addressable market (TAM), a metric used “to estimate a cryptoasset’s implied future price.”
According to the report, TAMs for cryptocurrencies include remittance, tax evasion, offshore accounts, store of value, online transactions, micropayments, crypto trading, gaming, online gambling, consumer loans, reserve currency, and others.