Bitcoin to be worth $1.5 million

In the early hours of 10 January, the price of bitcoin (BTC) temporarily fell to $91,200, yet the outlook for the world's first cryptocurrency remains the subject of optimistic forecasts. 

Economist Timothy Peterson, author of the paper “Metcalfe’s Law as a Model for Bitcoin’s Value” and founder of the investment firm Cane Island Alternative Advisors, is confident that bitcoin could reach the $1.5 million mark by 2035. This was reported by Cointelegraph.

Peterson bases his forecast on a valuation model he developed, in which the expansion of the bitcoin network plays a key role. In his view, the growth of the user base and increased activity within the network form the cryptocurrency’s core value proposition. 

On 8 January, the economist stated on his X social media page that bitcoin is capable of reaching this impressive milestone within the next decade.

Previously, in 2020, Peterson predicted that the price of BTC would never fall below $10,000 again, and his forecast proved to be correct.