Bitcoin Forum

Will 1 Bitcoin will Reach 1 million usd one day? What is your opinion?

Only when I use a $100 bill for toliet paper....

Don't laugh, it could happen.  :(

Only when Illuminati and freemason started to adopt bitcoin.

Eventually, yes. The USA won't last forever... neither will the US Dollar. Bitcoin will eventually come to an end (someday) as well. But I think Bitcoin will outlast the US Dollar.

It depends on how strong the foundation systems are
If Bitcoin is really broken down into satoshis and each one has a value then it is a possibility in the extreme
Colored coins etc.

+1 Kill the Fed and end Debt based money systems!  8)

Oh yes, and it won't take very long to see it.

I just see that 1 Bitcoin now already worths over 42K Venezuela currency in an exchange.

If US gets super-inflation and USD becomes 24 times weaker than Venezuela currency at current price, then 1 Bitcoin will cost you USD $1 million

At that time, one satoshi will be worth $0.01  ;D

1 million USD? I hope I don't see that day myself, as it means the country will be dead.  :)

Maybe. Once it becomes mainstream in multiple countries around the world and gains a lot of users, it might reach that price. Maybe sometime in 2020.

There is a lot of business model starting to use Bitcoin this year so why not.

I can bet that it will nnever hit 1m $

Or if a breed will cost399 $ then it is possible :-)

Or maybe you mean Zimbabwr dollars:-)

Now That would bring the world to an end.

I thibk the same way ! If 1 BTC only will cost so much money it'd mean that fiat currency costs nothing as there is gonna be about 21K coins and if each of them will cost so much it would be the end of fiat money ! \
Can't see the end of fiat money without the end of the world as we know it

as cryptographers inherit the earth!

Give me some usd now, I will give it back to you if that day happen :)

  Not necessarily...

  when countries default on sovereign debt, the debt is almost always renegotiated in better terms. There is just some shuffling around of wealth.

I dont think so :D

Could...yes, it is possible.
Would/Will... No clue. (and everyone else has none either)

I can't imagine this will eve happened!
If in case it would really happen (that I doubt) won't it be difficult to use BTC? I mean if nowadays it is $600 per 1 btc, it would be difficult to use it, I mean if you need to pay like a small amount of money and so you should use like 0.000012 btc  only, unless we are going to talk not about BTC but minibitcoins

well i think so

1 satoshi = 1 peni

:)

it would be great

there are some calculation for bitcoins value in future
try =EXP(0,006044*(number of days since 7.2010)-1,82447)

value 1BTC= 1.000.000,00 $ = september 2017

Where did you get that formula?  ???

Yes. This is possible as same possibility has bitcoin to reach 1 mill.

Another 1000x growth from the all-time high? Why not?  ;D

Well I wouldn't mind if 1BTC = 1milll :P

Why not :) but it is not possible.

Websites would generically switch to other units within Bitcoin. See: http://bitcoin.stackexchange.com/questions/114/what-is-a-satoshi

If it does the dollar will be worthless and everyone will stop using it because you can expect everything else basic to cost millions too.

Twenty years from now. After the dollar collapse. Take for example how the internet has evolved. Currencies as a whole will be digital only. I believe it will reach one million. Before that all your bitcoin were already sold at 10k or even 5k. lol

That would be interesting. However chances are next to slim but who knows what can happen, reality is stranger than fiction.

we will all be rich and famous

$30k tops, 1 mill no chance

I believe it will reach one million. Before that all your bitcoin were already sold at 10k or even 5k. lol

not in this year at least i guess maybe after 30-40 years when it's the main currency in the world if that ever happen  :D .

If it will be used as a main currency,,, will see a drastic increase of its value but i doubt it would reach a million / bitcoin.  ;D

:) we can talk about this whole life ;)

and it will never reach 1 million :)

I don't think so.


10k usd seems even really high

1 bitcoin will be worth almost nothing very soon . this thing is doomed to fail . It is already failing . the huge rise in price was artificially inflated by people with big money . You will most likely get another chance to try and dump your coins at 1K again but only if big players get real greedy and think they can get away with it without losing any money . think of this like a penny stock . Promote promote promote and then when people get all crazy and start buying the price goes up and up and the big players that own the huge amount of stock dump it to fuel the buying spree and the next day the stock drops to a fraction of a penny and you get screwed and the big guys laugh all the way to the bank .
 you have been warned . dump that useless coin before you eat it all. Trade it off for other coins that are bound to go up . But be careful as they will do the same thing .

As far as a main currency goes . NEVER . this thing has so many problems it will never go mainstream . too easy to steal is a big one . Too hard to buy . too hard to trade .

Looks like somebody missed the boat.

Go back to yahoo news please. This forum is not for you.

this could be possible but not in the near future

Naah i do not think this is ever gonna happen  :D

sure it is . I see it for what it is not for what I want it to be in some fantasy 1million a bitcoin dream .
just wait and see who is right instead of trying to insult people .

Please not another useless misplaced speculation thread. Put this in the speculation section please.
Also if it's an attempt at just being funny, imho you failed. 0/10.

I sincerely hope its never worth 1 million, because that will mean that hyper-inflation is in full effect and the worlds facing a massive financial meltdown.

You know the trouble with trying to believe anything about future BTC values, is that if you do a very conservative "What if" projection of a few percent penetration into existing market (Without dreaming up whole new ones.) the numbers balloon into 5 or 6 figures... and you sit back and stare at it... yyyynnnnnyyynnnyyyokay, you get a sort of failure of belief and just file it away as "interesting and maybe"

And that's one existing market.

Wanna see silly numbers? Do "If one percent of the one percent hedged one percent into BTC..."

Wanna go crazy? Figure out 25% share of all markets it could compete in, add them all up... yah, hella lotta zeroes....

Sure, it won't happen overnight, but it sure makes you think of  anyone shouting "bubble" at levels below 5 figures as rather unimaginitive.

  Yeah, I agree, this forum is for anyone who abides by its rules... and having a different opinion about future bitcoin/usd exchange rates is not against those rules as far as I know.

   However, it is not particularly helpful to be bitter about bitcoin and prognosticate its failure... and usually when people do this it seems to be because of a combination of

a)not understanding the fundamental technical innovation represented by bitcoin

b)being angry about missing the boat and wishing that bitcoin will fail so that x-coin altcoin can skyrocket like bitcoin did

   so I agree that you should probably do more reading and trying to understand bitcoin.

  Among people who understand the underlying technology there are basically two groups-

1) the people who think that bitcoin is like Netscape of digital currency, meaning that it is big now that digital currency is new, but will fade as altcoins improve on fundamentals of bitcoin- this group would argue that bitcoin would never reach $1 million USD in buying power (of course, at the point where $1 million dollars buys a loaf of bread, like if the petrodollar gets dropped and everyone dumps US bonds, it could reach $1 million in nominal dollars, but not in present day inflation adjusted dollars)

2) the people who think that bitcoin is like the http of digital currency. This means that it represents a fundamentally sound protocol for the transfer of value and an inflation proof, decentralized currency over the internet. http is still used by everyone who uses the internet. If this is the case, no altcoin would really render bitcoin obsolete, and bitcoin's notoriety in the media and the infrastructure already working with it would keep it in the central place for a long time. In this case, it is quite possible that bitcoin could achieve $1 million per coin in present day, inflation adjusted buying power. This would mean that 1 bitcoin could buy 4 houses at the average value in the US.

    For bitcoin to reach this level would mean the market cap would have to reach 13 trillion with the number of coins currently in circulation. The total value of all the money on the earth is around $75 trillion.

"For the narrowest definition, or what's called "M0", that includes only physical money, paper bills and metal coins that constitute currency. That figure is around 5 trillion dollars. The next step up is M1, which includes all the physical money, plus quickly accessed money like that in checking accounts, and comes in at $25 trillion. M2 includes M0 and M1, but also pulls in stuff like savings accounts and CDs under $100,000. That figure is around $60 trillion. And the last figure, the $75 trillion M3, is much more abstract and not often cited in official figures. It includes institutional money market funds, long term deposits, and other stuff rich people possess that can somehow be spent but confuses the rest of us." http://gizmodo.com/5995301/how-much-money-is-there-on-earth

      13 trillion is about 17.33% of 75 trillion. This is less than one fifth. If bitcoin became the currency of choice for one fifth of the transactions on the earth, the price of bitcoin would be greater than one million dollars in today's dollars.

   I think that this means that one fifth of the money on the earth would have to be directed towards buying bitcoin. This could happen more quickly than we think, because bitcoin represents and unprecedented haven for people whose wealth is disproportionately tied up in fiat, and if fiat starts to slide, people may be enabled by bitcoin to make a run on the central bank.

        As most people are aware, banks sometimes keep less than 2% of their liabilities, including cash, available for withdrawal. If people think the bank is broke, they may try to run and withdraw their cash before the bank shuts down. This kind of panic has been a part of many war of the last couple centuries. This is part of why the federal reserve was brought into existence- all banks make deposits with the federal reserve, and in case the customers of one bank try to make a run on it, or withdraw their money, the central bank, in this case, the fed, can loan that bank some money to keep them from collapsing. This is important, because if one bank collapses, people at other banks may try to withdraw their money, causing all of the banks to collapse. The government doesn't want this to happen, because banks are very convenient for tracking everyone's money so that they can be sure that people pay the appropriate amount of taxes.

      So what could happen with bitcoin is effectively a run on the central bank. What happens if the central bank can't cover it's debts? There is a central bank of central banks, called the bank for international settlements (BIS) in switzerland. All employees of this bank have diplomatic immunity. In the event of a fire, firemen are not allowed inside it, due to the level of secrecy. THe central banks of the world, if any one of them is threatened, can prop it up using the BIS as a channel.

      If there was a run on the dollar, say, if a bunch of countries in the middle east were united under unified political leadership, and tried to enact another embargo, refusing to sell oil for dollars, effectively ending the petrodollar, there would be a run on the dollar and all dollar denominated assets, as everyone who still had dollars would try to sell them, and in this scenario, 13 trillion dollars could easily flow into the bitcoin ecosystem. This would mean the nominal price of bitcoin would be at 1 million, but the real buying power would still be much less than what 1 million dollars will buy today.

   Of course, since the US military will go to war to prevent this from happening- which has already happened in Iraq and Libya, it would also take a clear defeat of the US military and the capacity of the US to wage war for this to happen.

     It is hard to imagine, but the current global financial infrastructure could remain intact even with the collapse of the dollar. It is not unheard of for smaller countries to reform their currency by slashing a few zeros of the end, for example, 10,000 dollars would become 10 dollars, but in this case other fiat currencies like Chinese Yuan and the Euro could take over in the dominant position. However, with simple enough technology and high enough rates of smart phone penetration, bitcoin could easily render fiat obsolete and become the global currency, with a value of around $5 million per coin.

     That is to say, it is possible that you could one day buy an oil refinery for 100 bitcoin. Is this likely to happen? God only knows.
The printing press resulted in hundreds of years of war, and resulted in power shifting from the clergy and a small aristocracy towards skilled traders and merchants.

     While the spread of knowledge has dramatic consequences, the issue of a currency is probably a more salient means of controlling a population than controlling the media or information available- in this sense, the invention of bitcoin may come to be seen as more significant than the printing press. Things happen a lot faster now than they did in Luther and Gutenberg's time... so to estimate the timeline of this transition:

   The bulk of this transition originally happened approximately between the issue of Luther's bible and the treaty of Westphalia, a period of about 100 years. At this time, it took about 66 days to cross the atlantic. Now it takes about 7 hours to cross the atlantic. Based on this level of time compression, the war that will establish the new world order would severely reduce the power of the current global elite and end with bitcoin owners as the leaders of the new global system would last approximately 5 to 6 months.

   This may mean that people who spent a lot of their time criticizing the powers that be may be given the chance to prove that they can do a better job of it.


    Of course, lots of other factors can come into play, but it seems to me quite likely that bitcoin will reach $1 million. It is much more likely that it will reach $1 million in nominal dollars than in real dollars, but it is nonetheless possible.

If BTC reaches 1 million USD and assuming that the value of USD doesn't change much from now, then we'd be doing transactions in millibitcoins, microbitcoins, and satoshis. For example, you might buy a loaf of bread for 250 satoshis. Or a stick of gum for 90 satoshis. Or a house for 100 millibitcoins.

If 1 BTC = 1 million USD, I would be close to a millionaire.
But I am not sure how much purchasing power will that 1 million USD be.   :)

Wow.. just wow if that happens ever..! even if it goes upto 10k$ in next 2-3 years I'll be more then happy...! But I liked your optimism .! :)

I believe people who are wasting time @ faucets for all day long think that indeed 1 BTC might be worth 1 million $ :) and then they will laugh from those who tell them to do not use faucets :P

:P

But will they be still alieve? :) Or maybe you can leave your faucets earning for your grandchildren ;)

Meh, faucets still don't pay as much as earn sites like bitcoinget.

Hello,
I think BTC will rise until the end of this year but only until 1000$ and no more... It is the first crypto currencie and its code is a little old. There is a lot more space for development. But if Bitcoin integrates in more places think it wil rise...

BR,

Gondel

haha so that mean future of your grandkids will be bright .! :) 

Naah :) I am not a faucet user :P I am only getting paid from my reffs @coinad and sometimes I visit freebitco.in to het a chance to win  0.2BTC :)

depends how the inflation goes in the US :D

Well the 70 trillion money supply quoted by semaforo may be 2010 figures, the Fed has stopped quoting M3 for a reason, and that reason is that it looks every bit as "scary" as economists say bitcoins rise over time does. Google some "money supply" graphs, and you'll see what I mean, it's going vertical. Recent years figures ('12/'13) have got very hard to come by.

So according to you Rate of Bitcoin depends on Inflation in US .

Well any increase in value from increase in adoption is multiplied by the inflation of national currencies.

No, if a bitcoin was 1 mil everyone would mine causing it to go down.

Yah you might want to do a bit of reading on that, the rate of bitcoins coming into circulation is completely independent of the number of people mining them.

Therefore the fixed amount that are becoming available by the day or week, when sought after by a greater number of people would be likely to increase in value, not decrease.

hope so . hope it not too late .

This. Basically what separates bitcoins from other currencies regarding value determination.

If bitcoin will go mainstream, I mean replacing dollars and euro and will be use as petrodollar. I think It will easily reach 1 million per unit.

You really think so?

So how much then will cost 1 gal of a fuel? :)

Doubt it. Honestly, before the dust settles i'd be willing to bet some altcurrency will take center stage (especially with all the public stigma attached to btc atm).

It will not reach 1 million usd , its my opinion

Maybe one day, the world no longer use dollars.
When it happens, bitcoin will get its due position naturally.

Yep

possibly $20 in 2013 dollars... which means of course that BTC would effectively be "only" 250,000 2013 dollars then... but yah, when it's a choice between grabbing the balloon that's holding level or rising only slightly or not when the floor is dropping away....

haha I don't know anyone who ever claimed that he/she won that 0.2BTC..! btw they just changed that 0.2BTC to  0.34181607 BTC if you roll 10000 :P so best of luck with that :p

well there is always a way to say this is possible/impossible :)

but the truth is - we do not know what is going to happen :)

Honestly we all hope that someday bitcoin reaches $1,000,000 USD. but i dont think it will happen. it will only happen if bitcoin lives longer than i do an i wont see the day it hits 1,000,000$


10,000$ and even maybe 100,000 is possible in my lifetime if it lasts whitch i think it will

Nice put up a new number from that old 1000 dollar thread I guess I will start from the 2009 persons viewpoint
Probably not any time in the near future please just because we started adding numbers to bitcoins value we won't see it :D
I'll change my tune later like those early adopters who return years later XD

Ir might eventually, especially since bitcoin naturally is affected by deflation and dollar by inflation. Problem is when.

It will never happen. THE maximum price of bitcoin will be around $10000 in 2-3 years, If everything goes well.
It will reach $1000 is safe to say.

Bitcoin is very unpredictable who knows. If that happens bitcoin economy will be same gdp as USA. Satoshi would be having 1 trillion usd.

It's possible to reach 1M mark if every country and it citizens around the world will accept bitcoin as online payment network just like any other online payment processor. Buying and selling consumer goods locally and internationally will boost the price of bitcoins. Worldwide acceptance is the key.

will require an expansion of the btc user base/utility/demand to rise significantly.
general rule is that it will always return to any value it has acheived... more or less.
im guessing a saturation point somewhere around 2000, but as guesses go, they are usually wrong. ;D

i hope one day YES ... maybe not 1million but 50.000 - 100.000 usd !!!

I think it might hit 1 million USD one day because it just has too many advantages as a mean of exchanging money. Having said that, I don't necessarily think it will replace ALL "conventional" currencies. It will probably achieve a balance at some point.

Behind the big media conglomerates (Comcast,The Walt Disney Company,21st Century Fox/News Corporation,Time Warner,Viacom,CBS Corporation) that basically decide what's "good" and "evil" for you, lies a big, huge, humongous pile of "bank money". So naturally when you are a bank selling something invented in antiquity and the 21st century comes knocking at your door with bitcoins, of course you are going to react. And the media has reacted plentifully at every sidestep of cryptocurrencies stopping short of declaring Bitcoin from hell. Although if I'm not mistaken, there are a couple of articles out there declaring them "evil". But at the end of the day it's just like gal lamps vs electricity at the beginning of the 20th century. Newspapers shouted left and right back then but nothing they said could stop electrons flowing through a wire. Similarly at the end of the day Bitcoin is a better way of transferring money and there's nothing they can do about it.

On a side note I'm all for technology and I think we should get as much of it as possible out in the open and face the challenges of this new century instead of running away from it.

Happy mining!

lol one million per bitcoin? That is not possible in our lifetime.
Altcoins killing bitcoin's market share.
My only worry is price drop. When i invested in some bitcoin that time price is around $850 range. But now price is going downwards.

It might go up again. OP is trying to have a laugh with this post, it's not realistic to see it at 1 million dollars, ever. However chances are they'll still go waaay past 850 usd. Patience.

Then people will buy Platinum with Bitcoin ;)

Or they will sell their gems, gold and platinum to buy bitcoin  ;)

No. I will be surprised if it ever gets above 1200 again

I think not within 10 years. China, US or EU can make the price of the bitcoin in downward spiral if they like to. Bitcoin having a price of 500,000 - 1,000,000 will make bitcoin threat to their banking monopoly and to the dollar is reserved currency.

Are you talking about next few months or you are saying that we will never ever going to hit a new ATH with bitcoin .. !

Kind of magic thing will be if this comes true one day.  ;D

Well, let's try to make a guess. According to the Worldwatch Institute and Earth Policy Institute the gross world product (GWP = combined GNP/GDP) was about $73 trillion in 2013. To put this in perspective back in 1950 the GWP was about $7 trillion . So let's say, for the sake of argument that by 2050 the gross world product will at least double (which is more than a safe argument) and become at least $146 trillion. The projected BTC supply for 2050 is roughly 20.9 million. Also for the sake of argument let's presume that by 2050, 15% of all transaction are done in bitcoins. 15% of $146 trillion is roughly $21.9 trillion and divided by 20.9 million BTC you get about 1,047,846 USD per 1 BTC.

But forget about 2050, let's talk about tomorrow. IF by tomorrow 3% of all transactions (and Bitcoin has the potential to achieve much more) are done with bitcoins this leaved us with 3/100*73 trillion ~ $2,1 trillion. Divide that by 10.5 million BTC and you get 1 BTC = $219,000

Unless my math is wrong $1,200 could be just the tip of the iceberg :)

Happy mining!

Nice calculation. I couldn't say more.  :)

Wow these are fascinating stats for a bitcoin enthusiast ..! but according to current marketing condition we never know can even sink down to 100$ :p

aw yiiiiiiiiiiiiiissssssssss

Well, it's not happening now so don't be so happy. ;)

One can dream ha-ha one can dream and hopefully still have enough bitcoins to be awww yisss :)

Always when price drops people starts to panic in here :)

IMO - 1 week and price is ~600-700

Its at 400 now.

^shit i remember when it was at $4

1 million per BTC is never going to happen but I believe 10k is possible within a few years. In my opinion the biggest problems Bitcoin faces are:

a) Governments across the globe will try to regulate it as a financial medium to the point that's its practically impossible to trade with. This is happening in China, and many countries may follow suit. On the upside, this could drive the price up in the long term though as so many people want to be removed from the current banking system and many already use Bitcoin as a means of doing so.

b) It is not widely accepted as a means of payment. This could be due to extremely volatile prices or the fact that there are no Major Bitcoin payment processing systems available yet.

c) There are not enough Bitcoins to go around everybody. Trading in BTC, mBTC, uBTC is too confusing to a lot of people.

d) Alternative crypto currencies. They all use Bitcoin code but the chances are that one day, one (or some) of them will improve on the original code to create something that negates all of the above reservations.

Bitcoin still has a LOT of mileage left but maybe it isn't the solution that many people want it to be. It's certainly the pioneer and mainstay at present but unless it can become widely accepted as a method of payment, it will be become a thing of the past - sooner rather than later.

Good point, BTC has high volatility compared to regulated currencies BUT as a money transfer option it's just better hands down. Nothing stops merchants from accepting bitcoins and exchanging them the same day for USD or on the spot. This will definitely put a new spin on things. The thing is Bitcoin is so new and people don't have anything else to compare it too. What is Bitcoin? Is it a currency, commodity, transfer option, stock... nobody really know and they just say cryptocurrency when asked.

I believe Bitcoin has many uses and one of them is money transfer. Bottom line, Paypal transaction fee (https://www.paypal.com/va/cgi-bin/webscr?cmd=_display-receiving-fees-outside) 3.4% + 35 cents, merchant account credit card processing (https://www.2checkout.com/pricing) 2.9%-5.5% + 30 cents, Bitcoin priceless :D (variable depending on amount and exchange but generally much cheaper)

hmm I think around 500$ not 400$ yeah it may sink to 400$ but not yet there..!

haha and how many bitcoins you have now..?

It's not at 400 and haven't been, which exchange site are you using? Atleast bitstamp is around 500~.

One thing we might forget though, is that while it should become increasingly hard to manipulate the value of a Bitcoin, that the national currencies that it is benchmarked against are capable of being manipulated by national governments still.

For example, if bitcoin went to $10,000 and took a large portion of the international settlement market, and was stable there for a while, then an incoming administration (Can't really imagine the incumbents doing it) in the US might make it fiscal policy to peg the dollar TO the bitcoin at a constant 100 uBTC (0.1mBTC) to the dollar.

In which case, we'd never see $1,000,000 per BTC while that policy was in place, BUT we might be very happy with what $10,000 would buy after a few years of that...

I think he just meant it hit the 4xx mark and he's not completely wrong it may hit the 400$ mark too .. :p we never know it might hit the 10k$ mark too. this is the volatile nature of bitcoin  .

Meh, it hasn't been very volatile lately has it? Been sinking with a few bucks per day for the last couple weeks, rose with like 90 one day.
I want to see some big explosions, make it more interesting you know. :)

I will buy 1 btc then.
If it reaches 1 million usd, I promise that I will give you 400 usd :)

send me a pm by then.

Best regards,

Good idea. Time to buy one. And forget about it for 10 years, see what happens. :)

It is like day dreaming. It will never happen.

Never say never so the answer is maybe, It all depends on how much the FED cartel devalues fiat.

Why can't you never say never? Huh.


You will never be Hitler, it is simply not possibly.
"never say never" is plain stupid. Some things are impossible, and will never happen.

Not according to Justin Bieber, this guy is apparently a big fan. However, what if he changes his last name to Hitler, wouldn't that make him Hitler?

You can become Hitler if you want too..! just change your name officially , and you'll be known as Hitler, But yeah I agree somethings are impossible, Like trying to explain  bitcoins to a d!(khead ..!

Hahaha, beat ya to it! :D
Good thinking though!

haha.. yeah you were a lil quicker then me :P  :P

Like we mentioned before, there is nothing impossible - just sometimes some specific things must happend in a same time ;)

But there is a more chance that you are right.

We will see at the end of bitcoin :) (perhaps we will be 6 feet under then)

bitcoin is on the verge of collapse! we might have to see 1$ first, before we ever see 1mil, if ever.

Exchange rate of 1 million means a market cap of 21 trillion. That means market cap even greater than that of the USD. Not impossible, but incredibly difficult.

Will 1 Bitcoin will Reach 1 million usd one day? One day it will be 2 million usd!

Rate of dollar expansion was going exponential in 2010/11, last reliable figures we have from then seem to support the extrapolation that it has probably blown through 21 trillion by now. However, recent figures are being obscured, yes this should worry you.

Lets first wonder about when we'll hit 1K again.  ;D

exactly what i was saying..! it is floating around 450$mark today..! and might go down further..! might even touch 300mark..! we need something very strong to get back to 1k$ mark..! waiting game begins now..!

Game of Thrones

Game of Coins :D

Anyone that believes this is an idiot.

There is 12,577,500 bitcoin in circulation right now.

So with roughly that much bitcoin multiplied to $1,000,000 USD would would make the total value of all the bitcoin $12,577,500,000,000.

Thats twelve trillion ,five hundred seventy seven billion ,five hundred million.

There was approximately $1.27 trillion in circulation as of March 26, 2014, of which $1.22 trillion was in Federal Reserve notes.

"source - http://www.federalreserve.gov/faqs/currency_12773.htm"

 

But in the future there will be more $ in circulation. :)


Anyway, I don't think that it will hit so much ^^

Anyone that doesn't spot a troll thread that's made only to create discussion is an idiot.

Anyone that calls a specific person or a general group of people who do a certain thing an idiot is an.... wait

Anyone that interrupts his own sentence is an …. nvm, you're right.

If only 21 million people need to store $1mm that's all it takes. Hodl

By the logic of the naysayers, "there isn't enough dollars for bitcoin to be $1M" ...

New York doesn't exist, can't exist, could never have been built...

Price per buildable square foot in Manhattan... $400 http://therealdeal.com/blog/2013/11/15/land-prices-get-stupid/

Area of Manhattan = 33.77 square miles.

Value of all the land in Manhattan = ~376 Trillion USD

That's just New York, there's LA, Chicago, Houston ....


Edit: Note that the $400 is quoted as the average pre-bubble price, they're saying prices are doubling... so say 750 Trillion if you like...

That is BS. Right now, the total value of all the real estate (incl. residential, industrial & agricultural) in the USA is <50 trillion USD.

Annnd, that's because it's not all "For sale"

Is every one of the 12M+ bitcoins "for sale" ? I think there's near a million in unretrievable coins that can be documented.

The point here is overall value of things that can be valued is greater than the printed USD in circulation. Just farmland exceeds this, http://usda01.library.cornell.edu/usda/current/AgriLandVa/AgriLandVa-08-02-2013.pdf page 16/17


So what if I dig up a basketball sized diamond or meteorite in my back yard, it's my patriotic duty to phone the central bank and tell them they "need" to print a few million more dollars?

Of course Bitcoin value could reach a million USD, granted the USD price goes down to one millionth of it's current price. :)

 ;D

why is it so hard to believe that bitcoin could equal 1million? if bitcoin was the main currency then the price of 1 would probally be about 1/2 million or million

problem is you can't send small satoshi amounts without incurring large expenses.  this is the plan of SatoshiCoin.  to be the 16 decimal places past BTCitcoin    ???

So if ever it reached 1 million dollar mark it will be a big problem to spend 1btc on something because of the sending limit problem of bitcoin. Much better to keep and sell 1 whole btc than losing thousands of dollars from each satoshi.

further divisions are possible but not yet written into the standard client

bitcoin reaching 1 million is a mathematical certainty

It will ... Have faith. But you should be alive to watch that happen. And only if America is no more there

didn't look at it that way.

If 12 million people need to store $1 million, then each bitcoin must be worth $1 million

Maybe 300 or 400 years later. I don't think bitcoin will last that much time.

This is funny thread because all those speculations are outstanding :)

Bitcoin = 1million $ ....

Wow ;) imagine ... :)

I'm not sure total USD in circulation is a good valuation point for Bitcoin. First there is an international aspect, BTC is not restricted to USA. Second the $1.27 trillion represents dollars in circulation. But one dollar can be exchanged twice, thrice or multiple times. A much better indicator I think is gross domestic product (or gross national product) because this represents the total market value of goods produced domestically (at a national level respectively) per year.

And for the optimists, since BTC is international why not take the foreign exchange market as a reference point. According to Bank for International Settlements, trading in foreign exchange markets averaged $5.3 trillion per day in April 2013. Again that's per day! Can you imagine what would happen if only a fraction of these transactions would be done in BTC?

Probably this year

Maybe it will,some day sometime but not in this millennium most likely. if it reaches $1k we will be satisfied enough.

A part of me really wants to say yes and another part wants to say I don't know.  Truth be told I'm leaning towards yes...  We shall see.

Whats there for gaining satisfaction if it hits 1K? It has already hit 1.2K. Let's aim for 10K.

BTW... exchange rates won't matter much now. If some of the UN member nations recognize BTC as an alternative to fiat, I'll be extremely satisfied.

So would I since this can now be said to be around 60% below the peak price and the support base for the next price rise
Just need some strong positive news

+1

It may ...but the bigger Q is what would be the value of 1 million USD then ?

If it does reach 1 million US Dollars it won't be when any of us are alive.

Hopefully our children's children get to see it one day.

I think the 1.2k apex was driven by a "gold rush" like event with BTC breaking in the front page of Google News. It then followed a bubble/land slide effect and has now stabilized at 4-5 hundred levels. Stability is good, it's very good in fact and Bitcoin has bravely held many hurdles (Mt Gox, China, Russia, etc). Yes, it will oscillate more then the dollar but consider it is still a new technology and the world has still to adapt to it. Traditional currencies oscillate also, consider USD exchange rates during Bernanke talks or Bureau of Economic Analysis announcements.

A stable $400 level is better than a highly inflated $1200. And although it might not seem like it now, BTC will rise again. It has nowhere else to go but up.

Happy Mining!

the big smart experts once said bitcoin would stabilize at about 800.00 about now . Seems they were off by a bit . the price is going to fall again . I have not looked today but I bet it is less than 450.00 . the only people that are happy now are those that bought thousands of $ worth when they were just pennies . Lucky people bought during the rise and got smart and sold off at above 800.00. Anyone buying after that was simply being foolish.
 I sold mine off for some other coin . can not even remember what as the whole thing got quite uninteresting and having many accounts to just simply buy and sell the silly coins was complicated.
Here is the simple test for anything any product to go big  -- Is it easy to purchase  and sell ? ... bitcoin is the hardest thing I have ever tried to buy and puts you at extraordinary risk of identity theft due to the info you must give to companies you have no idea who they are and can simply be opened by anyone wishing to steal and sell your info and your cash or bitcoins.  it will never ever ever be a mainstream currency . If you think it will then you live in a fantasy world inside your own mind .

It cant reach that high because multi billion dollar companies will still have transactions with real money no matter how high the price of BTC. It is very unlikely but i think BTC can be valued at 2000$ by 2016

A million dollar Bitcoin will become reality very soon

Maybe when people stop using cash

Been steadily occurring with credit cards and what not so who knows

I doubt that too. Market Cap of 21 trillion? Not possible with the current world population.

If dollar goes down then of course. And it can go way more than 100 000$ even without dollar dropping.

Definitely it will not , some other currency may dominate, there is a possibilities

Are you sure about that? What is your arguments ?

If bitcoin reaches a million I will eat my bitcoins

It will reach a million its only a matter time.

Think of it this way if you like....

21 million bitcoins shared between earth's population = about 0.003 bitcoins each. (In the near term say 0.002) so amount of bitcoins needed to be richer than 99% of the world is 0.3 BTC, now imagine bitcoin has become widely accepted and used, you are the 1% with 0.3 coin. The bottom of the 1% club begins at about $500,000 dollars today. Therefore when bitcoin is widely enough used, a whole one should be solidly worth one million.

No but I'm hoping for $10,000

50k will be enough for me

No it will never happen because the usd will disappear before that.

no.  not with transaction fees the way they are. nobody is gonna spend $100 to transmit $0.25 worth for a stick of gum.  something will have to change

maybe a cryptocurrency designed for smaller amounts?  or a transaction fee Bitcoin.  like for example WHY are there transaction fees in the first place.  ???

one day perhaps, in 20-30 years :)

For your calculations to make sense, Bitcoin should be the only measurement of net worth in the world.

When we say about the richest 1%, we take in to account all their assets, and not only the hard cash. Worth can be in real estate, equities, bullion.etc.

Actually fees have been reduced at new 0.9 version, before they were 0.0001 now it is only 0.00001 if I remember correctly.

That is just the relay fee indeed.  :)

What other fees is there? Nothing I think.

Though the info on wiki is out of date, it still answers your question "what is relay fee?" :)
FYR: https://en.bitcoin.it/wiki/Transaction_fees#Relaying

Let me quote part of the release note of 0.9.0.
https://bitcointalk.org/index.php?topic=522014.0

^^^^  Is there a way to know what will be the approx. size of a transaction? (in KBs). I have read a post here about someone who paid 0.90 BTC for relaying a transaction.

It depends on the number of inputs and outputs.
http://bitcoin.stackexchange.com/questions/1195/how-to-calculate-transaction-size-before-sending

Why can't the Blockchain.info add a tool to calculate the transaction fee?

yes it will son

only in your wildest dream :)

No idea.
The latest bitcoin-qt 0.9.0 already adds the coin control function, and you can choose the inputs and see the approximate tx size immediately.

So, I guess it is not really "can't" but blockchain.info decides not to add such tool for some reasons.

It certainly has the potential to, but then ask yourself, what will 1 USD be worth one day?

We may come to a point where we're no longer comparing it to the dollar, but something else....

Lots of factors at play :)

Nowadays the BTC is about 457 USD, from a wonderful 1000 USD in 2013, the situation that is happening around the world are causing that the price of the BTC is getting lower. Seems pretty hard that one day the BTC reach the 1 million USD.

Now we go down but next direction is up! We can't be at ath all time ;)

Yes, all we got to do is wait for that climb back up.

The only question is when.

It'd only reach near 1 million if bitcoin became mainstream.

If it can reach 1K, then it can reach 10K also, if not 1 million. Temporary dips can't be given as a justification for the low future price.

Nobody knows

If it became mainstream, and everyone owned at least 1 bitcoin, do you really think it'd be worth a million dollars?

You can't own that many

Oh yeah. That's right. Well, as there are only limited amounts of bitcoins as I just realized, and they're already owned by people, bitcoin will hardly become mainstream, then.

If 21 million people need to store $1 million, a Bitcoin must be worth $1 million

Actually less because some bitcoins have been destroyed.

The problem is that there are only 10,000,000 millionaires in the world right now.

But there is a lot other people too ;)

yep, we have potentional to reach the price

we just need to increase the demand, slowly but steadily :)

I don't think a bitcoin will ever reach that without some kind of hyperinflation and diverstity in the crypto currency sphere where there are other strong competitors but blockchain is the most viable technology for growth.This is what will gain adoption.I think it will drop back way further next year to shake out bagholders and then return to around the same price and either rinse and repeat or go up further before dumping again.You could see it go as low as $200 before it returns to its ATH somewhere late 2016 early 2017.I have built some AI neural data models that I intend turning into visual graphs to display clear patterns for trading bitcoin but its difficult with a market so volatile and unpredictable.

How many? There might be only a limited number. OK... let's say 15 million people with net-worth of 1 million or more. And what percentage of their wealth will be in BTC? In the near future, we can say a max. 10%.

So here is the calc.

15 m * 2 m USD (average net worth) * 10% ==> 3 trillion USD.

If those 1 million millionaires bought at least 1 million usd worth of bitcoin, believe me the price of bitcoin will be greater than 1 million usd each. Don't forget the word speculation.

Do you believe if you have 12 million bitcoins you can sell it for $450 each and get $5.4 billion? Do you believe if you have $12 billion you can buy 12 million bitcoins $1000 each? Do you believe if you have $120 Billion you can buy 12 million bitcoins $10k each? The big answer is no. Because once you keep buying the price will keep rising because of speculation and hoarding.

Why would they decide to convert 100% of their assets to Bitcoin? No one in their right minds would do that. At the most, we can expect 10%, or more realistically 1% to 2%.

I doubt it would, at least in this time

And in the other timeline bitcoin is distributed as much as dollar and dollar itself is struggling on 500BTC per $ ? :O

Only scenario this could happen is if the whole world shits on fiat currency and decides to use btc for eveything.

We are approaching 7.5 b people soon: http://www.worldometers.info/world-population/

In 20-30 years there will be so many more, if everyone has decided to use btc, then sure, why not. But a lot of shit can happen til then. Btc may die, people may find something better than cryptos. Another coin might surpass btc and everyone will jump on it.

It needs miracle, this is near impossible feat.

True indeed :) near to impossible is what I will suggest as a measure in this case ;)

I don't think that is necessary. Fiat and Crypto can co-exist. Crypto can be used mostly for online transactions, while fiat can be used for the retail expenses. Rather than as rival, the bankers will begin to see crypto as an accessory.

Hope i have a few when it hits 20k

I doubt it will... It's like usd worth 300 times

Same felling Ive got :P
I am pretty sure it will hit 20k or more I just wonder how much I will manage to get till this time :D

I was wondering can a price drop a little more while last panic sells :P
But ... :) good for Bitcoin - bad for us :P we cannot buy cheap coins anymore :P
~330 was a last bottom.
And now :) skyrocket is just in launch.

"When"? I like the attitude, but that's not even near yet, let's see what happens after it reaches 1k. Still hasn't hit 1,5 at all.

I cant see reason why bitcoin will not have marketcap 1 trillion USD ( 48000USD=1 BTC) in 2015.

And then 2016-17 10 thrillion USD ( 1BTC = 480000 USD)

There are some offshore banks wit capit. 30 thrillion's USD.

Sure. At least when the dollar crashes.

Exactly what I thought myself. Bitcoin could well be worth 1 million USD when the USD itself is worth a millionth of what it is today. :D

Or if inflation will be so huge :) that 1 bread will cost $10k :P

Germany 2.0 perhaps?
Doubt any western country will see that big of an inflation again though, the people handling the economics aren't that stupid.

Right now, the world GDP is around $75 trillion. In an optimal scenario we can expect Bitcoins to make up 1% of that by 2020. That means a market cap of $750 billion, up from $6.2 billion right now.

1% of world GDP in 6 years? The target sounds possible to me. ;D

Haha, that's very accurate. If BTC reaches 1 million USD it'll be because the other currencies are no longer used to trade with.

I'm sure when bitcoin reaches 1 million. Most would already sold their bitcoin when it reach 10k.  :)

Ha-ha that is so true although knowing Bitcoin some of them may get lucky and get it back at a lower price then sell and profit most of that way up anyways

I won't be selling at 10K - I'm waiting for at least 50K, yes, I know I might never see it, but it's all or nothing for me :)

I dont think 1 million will ever be realistical. Maybe 10s of thousands at the most.

I will not say it is theoretically impossible. But have to concede that in the next 10 or 20 years, it might be unrealistic. After some 20 years, who knows? Either the Bitcoin will die out completely, or it will start to replace the fiat!

I think it wont ever reach a million or whatever unless it becomes pretty much mainstream. Something else might have come along by then though,

If Bitcoin became available to spend on the highstreet and for stuff like everyday items and cars etc then a million would be possible, but not unless that happens.

Well I hope you are right as that would be pretty cool but I'm not sure it will happen.

It's not impossible. but I guess unlikely. Keep spreading the word and you never know.

When Bitcoin reaches that value the USD wont be needed for anything in the world anymore. :)

Maybe for toilet paper lol.

Not before the end of the year

lol I think youre being a bit optimistical there.

Only a bit? More like very optimistical.

possible  on this year 500-700$

It's already around $500. Hopefull it'll break over 1000 again before the end of the year,.

Hope not, the market wouldn't be really stable after that (keep in mind the lowest possible unit of Bitcoin is 0.00000001(ten millionth))

It would be exciting if it did happen, but I agree very unstable. Itd probably crash back down straight away.

Which is exactly the nature of the bitcoin, and that is also what makes it fun at the moment. Stability will be good in the future, but for now, the more explosions the better, imho. :D

just wish it'd hurry up & explode, it's been all downhill since I bought (and no I didn't buy at $1,200) :)

Alternatives such as Bitcoin are necessitated because the US Dollar is becoming worthless. Soon it will be worth even less than the paper on which it is printed. Obama and Bernanke are printing more and more bills, like a competition is going out there.

If Bitcoin can beat the other alternatives, it will become mainstream.... else.....

I doubt it'll become worthless, but they certainly have the means to do it.

It will really become worthless, if Obama stays in power for two more years. Right now the public debt is $17 trillion+ and the GDP is $15.7 trillion. That means that the debt is already more than the GDP. It can't stay like that for long.

Every country is in debt. It's not Obama's fault and it wont be him that runs the currency in to the ground or any other for that matter.

That's basically my point, when the dollar loses it's value, bitcoin price will increase relative to the decreasing USD, and will be stronger than ever. The usd will keep on falling in price as people turn to bitcoins, that will increas even more.

Nope. Not every country is in debt. Only the welfare states, which encourage bankers and unions are in debt. The others are doing just fine. The best example is China.

Yes. It is Obama's fault. How could you even justify his idiotic policies such as the Obamacare and the stimulus? 

So there wasnt massive debt before Obama?

What was idiotic about Obamacare?

Well most countries are in debt. Is China in zero debt?

I was just asking myself the same question, what's the problem with Obamacare? Seems to have been helping so many people.

A lot of Americans just don't seem to want free healthcare and/or like to blame Obama for everything.

It's the typical ignorance of americans isn't it. It's the same, no matter who they elect, the president is always blamed for one thing or another, doesn't matter what he does, some fat bastards are going to be unhappy anyways.

The problem is that the healthcare is not free. And the tax payers are paying a huge price for it. Compare the Romneycare to the Obamacare and you'll see how better it was.


Even better. Think.

Taxpayers will always pay for 'free' stuff, but I'd rather pay a little in taxes than for extortionate health insurance I might not ever need.

Well well, looks like we spotted a Republican. Who'll join me spitting at him?
"Oh noes, my tax dollars lets people live healthier lives, why are they stealing my money that I've obtained from being born in a privileged family. :("

Taxpayers pay for police and army too. Why do people seem to be ok with that but not healthcare?

Americans seem to think socialism is evil. It's better and cheaper when everyone puts in and society benefits.

I agree but you can never please everybody.

in china is work the best and perfect

They do indeed. It's some sort of brainwashing they go through when growing up, in schools and their homes, to love the Red White and Blue, and hate the communists. Meanwhile they're never afraid to complain about how bad things are that should be paid for by tax money in any civilized country.
Perhaps I should be more careful spewing hate over Americans, they're quite known for their violent responses.

As massive redneck Toby Keith said:

"An' you'll be sorry that you messed with the U.S. of A.
'Cos we'll put a boot in your ass, it's the American way."

The US is getting very socialist

If you take people's money, use a good chunk of it for the state, a lot of it for guns and bad investments and then you give back 10-30% to the people, how is that good for the people??

Don't believe someone that throw you in jail if you don't give him your money; the politicians create wars with the help of the fiat system and always promise free stuff, peace and public schools but deliver wars, debt (the collateral is your children's and unborn future revenue) and coccuption

Thread will the price reachs 1,000,000USD https://bitcointalk.org/index.php?topic=537916.0

With the current inflation levels, 1 million $ might not be worth much by the time Bitcoin reaches that price.

Hahahahahahahah. The US is getting very socialist The US is getting very socialist.
Come back when you have free healthcare.

yes!but when that day comes,I think I am too old to tell my grandson the story of his grandfather

Yeah it`ll happen, but by then I`m in the ground and my grandson or someone who has my bitcoin will enjoy it not me.


Time is actually a factor to enjoy something we have only on hand..

For some reason I imagined JoJo's bizarre adventure and the titanic and Dio coming back from the dead with his coffin to attack the world with Bitcoins

Think I'm watching to much anime XD

No way.
21.000.000 x 1mil $ = ? $
too much money.
but 100.000 $ ... eh, maybe.

Or in decades, when $ will inflate 1000%.

Not necessarily.
Can you tell your different driving habits on rented car vs driving your own car?
Can you tell difference on public bathroom usage vs your owns?
What about electricity usage of hotel room vs usage of your own house, specially A/C unit?
There are lots waste of resources on free/ low fee healthcare system. And we are ending up paying more than we have to. For low income person, this may not be noticeable. But for middle class and rich, it hurts a lot. Plus, overall quality of healthcare will degraded. *Unless* we, American, change our mindset, and the way of our lives. But I don't see it happening any time soon.

1 Bitcoin will Reach 1 million usd on 2098AD

Healthcare cannot be free; if the state pays it it uses the taxes that it takes to the people to pay it : if the state takes 100 to pay for healthcare it will give back 50-70 to pay for healthcare and the costs are going to go up so it will end up costing way more

Turkey has paid off its debt.
http://www.hurriyetdailynews.com/turkey-to-pay-off-its-imf-debt-in-may.aspx?pageID=238&nID=40420&NewsCatID=344
This was back in '13.

I highly doubt that will happen anytime soon, I am not saying it won't happen ever but at least not in these years.

I think it's best to focus on the more short terms of what a Bitcoin will be worth so we can get a good idea of where the market is going.  this doesn't really do anybody any good discussing the the chances of hitting 1 million dollars.  Who know's what the dollar will be worth at that time if this were to happen.  Many things to consider and I don't think it's gonna do much good right now randomly guessing.

Before I go to sleep I want to say that I though till now that Bitcoin will never hit $1mil.

But suddenly I changed my mind!!

And I predict - Bitcoin will hit $1mil in 20104 :)

You mean 2140 right?

That's when the last Bitcoin is generated, and when our great grand children will be zillionaires :-)

and we'll all be rotting in our graves  :(

haha I LOLed at this one... but it's true!  ::)

Countries with socialized medicine/healthcare tend to 1)Have better healthcare   and  2)Have relatively more efficient healthcare as there are not so many legal expenses and paper pushing by insurance companies

it might do sometime in the future but for now it's better to focus on the closer and more realistic goals like $1000

sure , rich ppl got many many other things to do related to buying Bitcoins.

Hope no! It would bring the world's economy to an end.

Na it would just mean we have transitioned from a cash based society to a card based one and then onto a digital one with cash elements :)

One million for one bitcoin? You are crazy. For last 3000 years people crazy about gold. Still its price is very low. If bitcoin reaches $1000 i am happy man.

I would also like to see it hit 1K again but guess we all need to wait patiently for a trigger or someone needs to make it lol.

Digital money is already very present but we are still using fiat currencies and outdated systems

The question is will we reach 1,000,000$ or not within 20years : https://bitcointalk.org/index.php?topic=537916.100

Gold isn't technologically advanced as Bitcoin.  :D

Gold has a few advantages that Bitcoin doesn't have though such as an history of store of value and medium of exchange in human history ;)

Yeah it would and by that time, a meal would cost 100k USD

A market cap of 1,400billions would set the price of btc to 100,000USD

The hyperinflation could do the rest of the job

(https://bitcointalk.org/index.php?topic=537916.100)

Could do!!  A lot needs to improve first, but its possible.  By then the units will have changed anyway.

With hyperinflation, it would be easy to reach 1 mil USD lol.

http://en.wikipedia.org/wiki/Hyperinflation_in_Zimbabwe
"apart from a trip to another country, the black market was the only option for almost all goods, and bread might cost Z$10 billion." :D

Right but I think bitcoin has the potential to reach a price into the 5digits in 2014 USD within 2years