In recent years, experts and analysts have been controversially discussing when Bitcoin could first reach the six-digit mark. But for some leaders, that's not enough - they're even speculating about seven-figure prices. The question of whether Bitcoin could eventually reach one million US dollars remains a hot topic.
Willy Woo's Forecast: 1 Million US Dollars by 2035
Willy Woo, a renowned Bitcoin analyst, recently announced his optimistic forecast in a post on X: He believes that the "fair value" of Bitcoin could reach one million US dollars per Bitcoin by 2035. This prediction is based on the growth curve of the user base.
On track for $1m per BTC as "fair value" by 2035.
— Willy Woo (@woonomic) May 2, 2024
That's if we take the user growth curve as a guide for valuation. Remember I said fair value and not peak value in bull market hype.
- In the early days price was slow to catch up to user count, BTC didn't even have a price… pic.twitter.com/bD7I55ymXD
According to Woo, the difference between the "fair value" and the "peak value" during a bull market is that the price of Bitcoin during the hype may potentially rise even higher, but the fair value will ultimately be around one million US dollars. He supports his analysis with historical data and the close relationship between the number of users and the price of Bitcoin.
The Evolution of Bitcoin Price and User Base
In the early days of Bitcoin, according to Woo, the price lagged behind the number of users. Price discovery began only with the introduction of exchanges like New Liberty Standard, MtGox, and later Bitstamp. Since 2012, the price of Bitcoin has largely fluctuated around the increasing number of users, indicating that this benchmark has been established.
Woo believes that the continuous increase in the user base, supported by improved market structure and global trading platforms, could lead to a significant increase in the fair value of Bitcoin in the long term. The limited supply of Bitcoin and increasing demand are expected to contribute to a significant valuation of the Bitcoin market in the medium term.
The fundamental driver for Bitcoin remains mass adoption. With only 21 million Bitcoins for a potential user base of around 8 billion people, the scarce supply could lead to a significant increase in the Bitcoin market in the medium term.
