Adam Back Envisions Bitcoin’s Path to $200 Trillion Market Cap

The accumulation of reserves in the leading cryptocurrency by public companies is paving the way for sustainable “hyperbitcoinization,” which could elevate the asset’s market capitalization to $100-200 trillion. This perspective was shared by Blockstream co-founder and cypherpunk Adam Back.

$MSTR and other treasury companies are an arbitrage of the dislocation between the bitcoin future and today’s fiat world. a sustainable and scalable $100-$200 trillion trade front-running hyperbitcoinization. scalable enough for most big listed companies to move to btc treasury.

— Adam Back (@adam3us) April 26, 2025

According to him, such a scale of offering would be sufficient for most of the largest publicly traded firms to incorporate digital gold into their treasuries.

“Buying bitcoin or using a strategy of accumulating it on the balance sheet is an arbitrage short sale of fiat against cryptocurrency,” Back explained.

The entrepreneur expects that within the current inter-halving cycle, the price of the leading digital asset will reach $0.5-1 million. The next halving of the block reward is anticipated in April 2028.

According to BitcoinTreasuries, among corporate holders of the first cryptocurrency, Strategy leads unconditionally. Michael Saylor’s company has accumulated 538,200 BTC on its balance sheet.

Recently joining the top ranks is the Cantor Fitzgerald-founded firm Twenty One Capital, with reserves of 31,500 BTC.

“Some think the treasury strategy is a temporary glitch. I say no, it’s a logical and sustainable arbitrage. But not eternal. The main driver is the price of bitcoin, which over four years grows faster than interest rates and inflation,” Back emphasized.

ARK Invest projects that the price of the first cryptocurrency could rise to $2.4 million by 2030, driven by adoption by institutions and sovereign funds.