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The cryptocurrency market is currently trading sideways with a market cap of $1 trillion.
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Bitcoin has lost ~5% of its value over the past week.
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Blockstream CEO Adam Back predicts that BTC could reach an 8-digit valuation in less than a decade.
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Back stated that if the trend of 2.036x appreciation per year continues, BTC could reach $10 million and a $200 trillion market cap in 9 years.
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The prediction of $10 million per coin was first made by computer scientist Hal Finney.
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The total worldwide household wealth is estimated to be $100-300 trillion.
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Back believes that Bitcoin's market cap could reach one of the estimated household wealth market caps.
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He also stated that the wallet infrastructure and L2 technology of Bitcoin need to improve for seamless adoption.
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Other prominent people in the cryptocurrency space are also making bullish predictions on Bitcoin.
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Cathie Wood predicts BTC could reach $1.5 million by 2030, while Plan B predicts it could reach $1 million by 2025.