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

Bitcoin's price target of reaching $1 million per coin by 2030 has been disputed by Markus Thielen, head of research at 10x Research. According to Thielen, this estimate is mathematically impossible. To support his claim, he argues that the existing supply of Bitcoin would need to increase significantly in order for its market value to reach $1 trillion.

Thielen estimates that the needed amount of capital to reach $1 million per coin by 2030 would be around $15 trillion, which is a significant portion of the entire U.S. stock market. However, he also notes that the 'money multiplier' for Bitcoin could potentially be as high as 25, which would reduce the required inflows to just $740 billion.

While this may seem like a feasible target, Thielen remains skeptical due to the unrealistic pace of inflows required to reach it. The current net inflows into U.S. spot Bitcoin exchange-traded funds (ETFs) are around $30.2 billion per year, and sustaining an inflow rate five times that pace for four years without major interruption is unlikely.