Bitcoin Forum

With this past weekends crash I have to admit I was a little worried about my BTC, but it appears to have just been a quick knee jerk reaction to some stories out of China.  Nothing effected the way people like you and me can use BTC, only banks are not allowed to deal with them in China.  Obviously this has no bearing on how they will continue to work from here on out, and China may ever reverse this in the future.

With that said, who thinks BTC is ready to bounce back to new highs?  It sure appears new people are coming on board every day and the popularity definitely hasn't gone away in the least bit.  If anything I think "crashing" to only a low of about $700 reinforces how strong BTC really is right now.  Currently its back up to the mid $900 range.

Easily $2k by March/April. If it starts to pick up, we'll see $10k by this time next year. $5k is a little more believable (and probably under-estimating). But easily 10k by the end of 2015 (if not the end of 2014).

I wholly believe that if you invest in Bitcoin RIGHT NOW you can easily expect a %300+ profit by this time next year.

We've had our fun for 2013...

I expect greatness and new ATH's in 2014



I'm worried about companies like Amazon, JPMorgan Chase and Apple all jumping in to create their own virtual currencies. They're not decentralized global p2p currency with as many advantages of bitcoin, but these companies have strong advertising and the avergae joe won't know the difference. Do you guys think this will hurt or slow down bitcoin adoption?

Absolutely! It has gone up 100 fold since this time last year. Assuming it only does 10 fold (not another 100 fold again), we'll be at $10,000 Q4 2014. And if only 5 fold: $5,000 at Q4 2014. These are all underestimations.

At the rate of Bitcoin growth, it seems that there should be a 1,000 fold increase by next year (as it seems to be exponentially going up over the years). Hypothetically speaking, if this were to happen, we'd see Bitcoin at $1,000,000 (1 million USD) each. It seems like way too wild of a number, but certainly within the realm of rare possibility.

That's why I am under estimating and saying it's very probably to see $10k/per coin (definitely $5k each). I'm "under estimating my under estimates" if that makes sense. So it gives plenty of room for potential over estimates.

The problem with those are the ones you stated, plus they aren't interchangeable easily.  I doubt they'll let you spend AmazonBucks at Apple or AppleDollars at Chase etc.  And that is a big deal, I think.  The difference between a Starbucks gift card and a generic Visa gift card.

:-)

RIght now it's having trouble getting over the $1k mark.  I'd say to watch that number and make sure it doesn't whipsaw back right after it gets to $1k.  Then we might see a new high, but I'm suspicious we'll have to consolidate here for a while.  $10k for a bitcoin that seems farfetched to me

I think 10k does sound high, but when you think about how much it has grown with still a relatively small amount of people using it, I think its possible.  Just imagine say Facebook or some other mainstream business starts to integrate BTC into their payments.  Bitcoin use could double, even quadrouple overnight.  I really think that is what it will take to push BTC beyond the 1-2k limit.

While I agree, I had to laugh at the way I read this in my head, using a Billy Mays voice.

That being said, such phenomenal growth is within the realm of possibility, but people need to be willing to "ride out storms" like the one that happened just this weekend.  Additionally, I think that with legal protections will come increased acceptance and reduced volatility, so these types of "storms" will become less severe over time.


This is an excellent example why I think legal protection is the next logical step for Bitcoin, because businesses are at least half of the equation for broader acceptance and no business owner I know will deal in something without the possibility of prosecuting someone who stole it from him/her.  Additionally, business want to pay their taxes correctly, so as to receive the protection I just mentioned. That being said, they need to know how to pay taxes on Bitcoin sales, meaning better defined rules are also needed.

I think it is high time to revert to mBTC. It will make it a lot easier if the currency is at 1mBTC=1$. Going up to 5$ for a mBTC doesn't "feel" the same as going from 1000 to 5000$.

Yes and I agree legal protection will no doubt help its wider acceptance.  People right now like the idea of their credit card "protection" or PayPals "buyer protection."  I think that ties in with the problem that if you aren't a bitcoin expert, you could easily send BTC and get ripped off.  I think once people can expect to use BTC without getting ripped off (and it becomes easier to acquire) then we can definitely expect to see value go to the $2k range very soon.  Probably in a matter of months.  To get past that, I believe some sort of mainstream business will have to come on board.

I am inclined to believe we will sit somewhere between 5k and 10k by the end of2014

Btc is incredibly well supported at 1k

I think its in a good position.  Even with all of the troubles that have been popping up in China hasn't caused much to limit the price.

Try sending cash to someone in a different country with an AppleCoin .... get the idea? Companies just do everything they can do to promote brand loyalty. Doesn't even impinge on the benefits of a truly global currency like bitcoin.

Unless they all agree to come standard (HA yeah right), I don't think it's any threat at all. They wouldn't be cross compatible, while bitcoin is universal. Even if they did agree to a standard making transactions comparable on a global level, I bet their fees would be a problem, fraud would be a problem, random seizures, snooping, and on and on etc will be problems. Bitcoin is the anti-bank.

There's more chance of me going to the moon than all these new coins / vouchers / money-back systems suddenly becoming "cross-compatible". Can you imagine the Apple promotion? "Use your Google vouchers here"  ;)

This blip was bigger than the last blip which was bigger than the blip before that. Anyone can see where this is going.