Chainlink Founder Explains How Bitcoin Could Reach $10M

Chainlink founder Sergey Nazarov provides an insight into how Bitcoin could reach a jaw-dropping target of at least $10 million per coin

Recently, the Chainlink founder sat down with Austin Arnold of Altcoin Daily to discuss Bitcoin and its potential path to a $10 million target

Bitcoin as a Safe-Haven Asset

During the 10-minute interview, Nazarov characterized Bitcoin as a digital gold that benefits from global instability, especially as people seek safe-haven assets

He opined that if Bitcoin and gold are safe-haven assets amid global instability, then investors might decide to allocate 5% of their portfolios in gold and 2.5% in Bitcoin. This modest allocation, according to him, could drive Bitcoin’s price up significantly

Bitcoin’s Path to $10M

When asked how high Bitcoin could rise and whether it might reach 1% of the global money supply, he suggested that he would measure adoption by the level of capital large investors commit to the asset, rather than its share of global money

He noted that if Bitcoin is seen as a safe-haven asset and global instability rises, then global capital allocation into BTC could spike to a few percent. He suggested that the shift from traditional financial instruments to Bitcoin could send BTC’s valuation to a multi-trillion-dollar range

Hypothetically speaking, he said, if sovereign wealth funds and pension funds ignore equity and commodities and allocate 50% of their capital into Bitcoin, its price could rise to tens of millions of dollars, or at least $10 million

However, he does not believe such an allocation will ever happen because it violates the principle of diversification

Other Bitcoin to $10M Projections

Despite being skeptical about sovereign wealth managers allocating 50% of their portfolios to Bitcoin, the $10 million projection is not new to BTC enthusiasts

Earlier this year, JAN3 CEO Samson Mow suggested that Bitcoin could be trading around the $10 million mark if people understood its prospects

In May, Equity Management Associates founder Lawrence Lepard, while calling Bitcoin a once-in-a-lifetime opportunity, projected that Bitcoin would clinch the $10 million target someday. For context, the $10 million target represents a spike of 8,607% from Bitcoin’s current price of $114,846

Tokenization Will Be a Massive Success for Crypto

Meanwhile, Nazarov also commented on the rise of tokenization and its potential market impact. He referred to tokenization as a larger trend, given the hundreds of trillions of dollars that currently exist off-chain

He expects tokenization to have a positive impact on the crypto industry. According to him, moving 5-10% of that value on-chain would be a massive success for crypto