Adam Back Projects Bitcoin’s Market Cap to Surge to $200 Trillion by 2032

Blockstream CEO and renowned cypherpunk Adam Back has projected Bitcoin’s market capitalization could soar to an unprecedented $200 trillion by the year 2032.

Back, a long-time Bitcoin advocate and one of the few cited in Satoshi Nakamoto’s original whitepaper, envisions a future in which public companies increasingly shift their reserves into Bitcoin, sparking a global financial transformation known as “hyperbitcoinization.” This, he believes, will result in Bitcoin becoming the dominant store of value, eclipsing even gold and fiat currencies.

Speaking on the growing trend of corporations integrating Bitcoin into their treasuries on Saturday, the pundit argued that acquiring BTC today is effectively a long-term bet against fiat currencies. 

“Strategy and other treasury companies are an arbitrage of the dislocation between the bitcoin future and todays fiat world.” He tweeted. “A sustainable and scalable $100-$200 trillion trade front-running hyperbitcoinization. Scalable enough for most big listed companies to move to BTC treasury.” 

Just last week, Back predicted that within the current inter-halving cycle, the price of Bitcoin could reach between $500,000 and $1 million per coin. The next halving is anticipated in April 2028, which many analysts believe could trigger the next major bull run.

Notably, the pundit’s comments come as companies like Michael Saylor’s Strategy continue to expand their holdings. The firm currently holds over 553,555 BTC, by far the largest stash among public entities. Other major players, including Twenty One Capital, have also entered the arena, fueling speculation that institutional adoption is accelerating.

That said, Back’s $200 trillion market cap estimate represents a staggering leap from Bitcoin’s current valuation, which hovers around $1.3 trillion as of April 2025. Achieving this target would mean Bitcoin becomes the most valuable financial asset in history, surpassing global real estate, equities, and even sovereign debt markets.

In the past, critics have viewed such projections as overly optimistic, but Back insisted that the rate at which Bitcoin has outpaced both inflation and interest rates is a sign of its long-term viability. “The macro environment favors hard assets,” he noted, pointing to the weakening trust in fiat currencies and growing inflationary pressures worldwide.

Adding fuel to the bullish sentiment, investment firm ARK Invest recently revised its 2030 forecast, setting Bitcoin’s price targets between $500,000 and $2.4 million, depending on adoption rates by institutions and sovereign wealth funds.

At press time, BTC was trading at $95,196, reflecting a 0.04% surge in the past 24 hours.