Bitcoin's $1 Million Price Target Faces Skepticism from Crypto Leader

Bitcoin's price has been on a hot rally, trading near $79,000 as of August 25. The cryptocurrency's market cap is around $1.6 trillion, spread across 20.1 million coins.

Markus Thielen, head of research at 10x Research, believes that reaching $1 million per coin by 2030 is mathematically impossible. He argues that the needed increase in market value would be an improbably large sum, roughly $18.5 trillion between now and then.

Thielen's calculation is based on the existing supply of Bitcoin, which will slowly increase between now and 2030. The head of research at 10x Research also notes that reaching such a high price target would require an influx of capital that is unlikely to occur in just a few years.

However, some analysts argue that money doesn't enter Bitcoin a dollar at a time, but rather through the 'money multiplier' effect. This effect revalues existing coins and increases their market value by a multiple of the cash involved in each transaction.