On-chain analyst Willy Woo believes Bitcoin (BTC) is on track to increase by over 1,500% based on one main driver.
Woo tells his 1.1 million followers on the social media platform X that increasing adoption of Bitcoin could drive the top-performing digital asset to $1 million within 11 years.
[adinserter block="1"]According to Woo, there is a historic correlation between Bitcoin’s value and the the number of Bitcoin users, which he expects to continue to increase based on his growth curve model.
“On track for $1 million per BTC as ‘fair value’ by 2035. 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 until the 1000th user came in. Thanks to the blockchain we have a high resolution view of users using forensic clustering of addresses into entities.
- Price discovery started with early markets like New Liberty Standard and Mt. Gox. By Aug 2011 Bitstamp launched and we had multiple global exchanges to properly price the asset. (shaded region below).
- After 2012 price pretty much oscillated around the increasing user count.”
Woo believes that Bitcoin is still early on in adoption, comparing the asset to the Internet’s adoption rate.
“Bitcoin is at 4.7% world adoption, this is the same as January 1999 for Internet adoption. You are still early and that’s backed by the best data available.”
Bitcoin is trading for $61,581 at time of writing, up 4% in the last 24 hours.
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