Bitcoin Forum

Venture Capitalist Chris Dixon Believes Bitcoin Will Hit $100,000
Bitcoin was on a wild roller-coaster ride for much of 2013.

The digital currency has been trading in the triple digit territory for weeks, but there is no shortage of optimists who believe it will soon go north of $1,000 – and then some.

http://www.coindesk.com/venture-capitalist-chris-dixon-bitcoin-will-hit-100000/

Careful there. Dixon said two additional words that change the feel: "could" and "if".


There's a long way to go when we're still at the earliest of days.

I don't know why predictions on the future price like this hold any weight or value. Regardless of it coming from a venture capitalist it's still just pure speculation. Bitcoin could become worth a million; it could also become worth little-to-nothing.

Yeah, there was an article the other month which said that it could be worth a million, it could be worth a cent. While I agree with the principle, I can't see it ever be worth anything near as little as a cent.

Too much money has gone into it, and it will still serve a purpose, I can't see it going any less than $50. I mean who would sell for that little?

Unless there's a flaw exposed or becomes apparent, or a new coin comes out which is infinitely better.

Bitcoin isn't actually backed or regulated by any authorities so it could very much happen.

It would be great I it did go 1000+ again. Most other alts directly linked to it. It has become like the reserve crypto currency with out the fiat control.....

What aspects are dictating the price (BTC) in everyones opinion??

Thanks....

Still so much to learn and understand with digital currency, an accountant friend was totally fried when I tried to explain the subject and where the coins come from..(still dont completely understand coin creation genesis block etc)

Fried myself..!! Lol...

Man is talking his own book
Even so let's all hope he is right

He could be right.

You do any projections of bitcoin gaining modest market penetration into any sector, say 15% or so, and the numbers go astronomical quickly... and it only seems to have to be a modest success in any ONE of those sectors to be in the mid to high five figures.

What does that have to do with anything I said?

I just hope it comes true but deep inside feel maximum it can reach is $10,000

It just proves that venturers aren't that much different from forum trolls when it comes to speculation  :P

Agreed. It could go either way. Nobody knows at this point, venturer or not. There are factors that can both help and hinder the price. Way too early to tell but like others said, who'd have thought it would reach $1000 a year ago!

It'll hit $100,000 eventually when the $ inevitably dies from hyperinflation. Be it today or in 50 years, doesn't matter. Why compare the btc to the usd?

I've often thought this too - that we measure the precious relative to the very thing that fuels the very thing it was created to replace.

I suppose we have to seek value in some way, and as it is early days the USD will have to do. The more ubiquitous Bitcoin becomes commercially, the less we are likely to draw such a comparison.

Maybe one day the USD will be pegged to BTC.

Maybe the bankers who fuelled the demise of the USD will be pegged?

http://ic.pics.livejournal.com/thecheekydragon/24093899/552121/552121_original.png

This kind of getting pegged?  ;D

Precisely that kind of getting pegged haha.

People need to stop speculating and evaluating coins in cash. Cryptocurrencies should really only be evaluated in other cryptocurrencies. People who continue to care about the cryptocurrency cash prices seem to fail to understand the ideology behind cryptos, and that the foundations of paper cash in general are extremely faulty.

By the time Bitcoin hits 100,000 dollars, you could easily expect one dollar from today to be the equivalent of 3 or 4 dollars by that point.

But perhaps the other altcoins will only gain more in relation to bitcoin, so it could be quite possible for it to drop more in relation to altcoins.

I like his comparison to domain names back in the 90s. So true that buying up domains back in the 90s would/has been a insanely profitable invstment for quiet a few people.

Given the fact that bitcoin is deflationary by nature I could certainly see someday a single bitcoin being worth $10,000 . I would hope they have moved the decimal place over by then so its not so confusion but we will see.

Actually the deflationary aspect is one part of bitcoin that a lot of people think might ultimate doom bitcoin being used as a day to day means for transaction.  People do have a valid point when they say a lot of people won't spend something if they expect it to go up in value.

Maybe the guy as invested and this is his wish

Lots of places already quote prices in mBTC (milli-bitcoins, 1/1000 of a bitcoin).  That makes it easier.

USD hyperinflation will never happen as long as the fed abides by its own rules (the Taylor rule, specifically).

Aside from fed intervention, all fiat currencies' and cryptos' ability to store value despite a lack of any intrinsic value flows primarily from the anchoring bias in the minds of the users.  If everybody woke up tomorrow and decided the dollar (or bitcoin) was worthless then it would actually be worthless, but that's never gonna happen because people are extremely stubborn in holding on to their biases about what something is worth.  Cryptos have a great way of bootstrapping that anchoring bias by getting people involved in mining, where they make lots of decisions based on the current price of the coin and the price gets burned into their memory.  Bigger currencies and bigger stocks are more stable partly because they draw on a larger reservoir of people with anchoring bias who help to smooth out the noise by buying and selling when the price deviates much from what they think it should be.

I guess the reason we draw value in a USD comparison at the moment is because there's not an alternative. In the UK, we can determine how well our currency is dong by product cost.

When 'us Brits' go abroad, you are likely to hear someone talk about the price of a pint; "It's only 40p a pint!". We naturally measure our currencies strength by what it can afford. The places we can buy products with bitcoin online determine the cost by comparing it to USD or otherwise, meaning that's all wwe have to go on at this point, publicly anyway.

Overstock's success on the first day of accepting Bitcoin was again measured in dollar worth.

Me, I'm drawing my value from cock pushups. 1 BTC = 1.3 cock pushups at the moment but it's on the up :P

You never know.  I didn't think it would pass $1, then $32, then $265. And, well here we are.  See you at 100,000

One is all you need. Just like Bitcoin. Anyone who doesn't have 1 Bitcoin is a cryptopleb.

I'm currently parked in fiat, with 0.5 BTC (plus a little change in another wallet). I guess that makes me a cryptopleb (again). Maybe this time I'm a cryptopleb with intention.

All of us live in constant fear of becoming a cryptopleb once again. You could lose your coins in a hack or do something truly plebby like lose them gambling. I would advise staying away from such pleb activities.

He says with a PrimeDice sig lol

I don't mind ushering plebs in to the gutter. And plebs could also shed their pauperness and become a cryptonoble by gambling, but they must know when to quit or be prepared to be a cryptopeasent once again.

Haha, there's a fine line between cryptoplebeian and cryptonoble when gambling.

Even if BTC were to hit $100k, how many people would sell their precious along the way. People who sold their BTC for $1 way back when must have felt like gods at the time. It's all about context.