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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin To $3 Million Is “A 100X From Today”, And You Are Still Early: Crypto Advocate

Dalmas Ngetich
Dalmas Ngetich
1 year ago
2 mins read
Bitcoin price indicator

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Luke Bryoles, a Bitcoin advocate who thinks the world’s most valuable network will save people’s energy, is bullish. On October 30, Bryoles said the coin could rally to $3 million, and all it needs is to be “100X from today.” For this reason, the crypto supporter thinks users engaging with the coin are “still early.”

Is This The BTC Road To $3 Million?

The Bitcoin defender said the coin has “indescribable future value,” especially compared to other centralized finance (CeFi) market metrics like market capitalization. Bitcoin is changing hands at around 2023 highs, trading above the $34,500 level, with traders and coin holders expecting more gains.

The expansion of last week saw the coin extend gains, lifting higher above the $32,000 level recorded in July. Considering the associated trading volume and resulting activity following the BTC jump, more supporters expect another rally in the next few sessions. 

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Bitcoin is down 50% from the November 2021 peak, when prices surged to approximately $70,000. However, the coin has more than doubled after dropping to as low as $16,000 in November 2022. At spot rates, BTC has more than 100% from 2022 lows, emerging as “one of the top-performing assets.”

Bitcoin price on October 30| Source: BTCUSDT on Binance, TradingView
Bitcoin price on October 30| Source: BTCUSDT on Binance, TradingView

This stellar performance, Bryoles adds, is despite Bitcoin maintaining a market cap of around $500 billion in 2023 while remaining “TINY in comparison to the world’s largest asset classes,” most of which include debt, equities, and gold.

BTC versus other asset classes: Bryoles on X

To support the hyperbolic prediction, the supporter pointed to the low Bitcoin adoption level of “0.05% and 0.5%.” An eventual increase to 10% means there will be 100X users, easily driving the coin to $3 million, though even this remains a “misleadingly pessimistic prediction,” according to Bryoles.

At this valuation, the analyst added that the coin’s market cap will be “unfathomable.” Even so, all that is required is “4% of the global adult population to demand 1 million sats to exhaust exchanges.”

Bitcoin Finds Support And Opposition: Will Bulls Win?

Bitcoin remains the world’s most valuable crypto asset. At the same time, the United States Securities and Exchange Commission (SEC) might authorize the first spot Bitcoin Exchange-Traded Fund (ETF). Analysts expect this to drive prices towards the 2021 high at around $69,000. 

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Meanwhile, Federal Reserve’s Jerome Powell and SEC’s Gary Gensler think the coin is a “speculative asset.” These sentiments have also been shared by Senator Elizabeth Warren, who once said, “Bitcoin is a scam.”

Feature image from Canva, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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