Bitcoin Forum

The traditional banking system is about to end and there is no doubt about it. One after the other the banks are daying on their own doing. The failure of the banking system can arise a new Chaios in the financial market and it's happening from the start of 2023. The recent incidents attracted many analysts to propose a new solution to the financial crisis and their ending solution for each problem is Bitcoin I think this can help us in many ways. Finally, with Bitcoin the worst-interest banking system will come to end, USD was considered the universal currency which is the root of all the problems currently we are facing. Let's learn first the basic point of how BTC is the best solution.

How Bitcoin is the Best solution

• First, the replacement of the USD when any country will propose its own currency can start a big conflict between major nations and the consequences of that battle are not going to be good. Bitcoin is a totally decentralized asset under nobody's control so it can prevent the above crisis.
• We have already seen how USD destroyed the Small nation's economies as their first mistake was using the USD as their reserves now US government recently announced printing $2T again and for a long time US government is printing money for no reason blindly and they are ignoring the future consequences for the solution of current problems. Bitcoin BTC has a fixed and limited supply so it can prevent the devaluation of the assets.

Considering just these two basic points we can say that it's the golden time for the Bticin to shine in this Bull run and become a true store of value and global currency. Bitcoin can rise upto the $1M valuation in 3 Months this is the theory presented by the BalaJii  (https://twitter.com/balajis/status/1636429773865095168?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet) and I think it's not that easy but still it's possible till the end of this Bull Run with huge developments at least BTC can set it as a base goal for next Halving.

But How

BalaJii .. this guy has explained many points but in my view, for the coming days, Bull run his theory somehow justifies some base points. such as;

• Bitcoin market was under pressure for a long time due to CPI and Intrest reports even the whole stock market was under pressure due to the last few moth economic developments. But now if the US government stops increasing interest rates in the next months the risk investment markets especially Bitcoin will attract investors for future opportunities.
• As US government decided to print $2T and also update it on the Balance sheet which is indicating Quantitative easing in the coming month where a major part of this easing will be going to be part of the Crypto market and China has already announced Hong Kong official Trading Hub for the crypto market from the month of June
• banks Actually lost the confidence of the customers/users as after a few months back developments I am not sure that my saving is safe in banks and even its continuously devaluating so I will definitely prefer the alternatives and Crypto is the best option is not just a thing to say in reality now people are clear where they need to store their assets

Concluding the reports, analysis, and current economic situation I think now Bitcoin value dream of a trader to $1M has became a living reality its not far from us but still, there is time, but I am not sure how much. Balaji Thread is good but his timestamp seems weird as I don't think in just 90 days these developments are possible.

Note: This topic idea is after reading the twitter Thread (https://twitter.com/balajis/status/1636429773865095168?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet) and all the points discussed are based on my personal views so i might be wrong.

I've read the tweets too and I'm not sure what to make of them. Even if we were to find ourselves in a new banking crisis, it's hard to tell if a hyper-inflation will occur. It didn't happen during the last banking crisis either.

But let's say it happens and the price of 1 bitcoin goes up to $1M because the dollar isn't worth anything anymore. What would you be able to buy with that $1M if the dollar isn't worth anything anymore anyway? It could happen that you get less for this $1M than today for 27k$ (I take the current bitcoin price as a basis). Therefore it is questionable whether this scenario would be really good.

Still, these tweets are interesting and I'm curious to see if it's really going to happen or if it's all just scaremongering.  ;)

In as much as I am happy with the recent market pump, which many believe is a result of the recent US downfall and its bankruptcy, I'm still not going to support the fact that all the banking system should collapse in order for Bitcoin to gain glory. 

Let's not forget the fact that if the US banks continue to fall and fears continue to increase in the lives of the people, we might likely experience a similar case to the 2008 US financial crisis, which is definitely going to reduce the dollar value, which in turn might also have a negative impact on the crypto market. The banking system should just pick up on failed policies now that it's not yet too late to admit their mistake and make possible amends, which in turn might revive most users' trust, even if it's not all of it.

All this incident has, to some extent, made people realize that they shouldn't feel too comfortable allowing any entity to be in charge of their funds' security, no matter who is in charge. The best way is for all of us to take responsibility for our own financial security. To some point, we all still need the banking sector.
 

I don't think Bitcoin is fit for the USD replacement.  One major reason is that only few people holds most of the coins.  This will bring economic chaos if these few people decided to play with the economy.  In a national view monopoly is a bad thing.


I like BTC but I like it as an alternative, this way it can give us the freedom to choose and at the same time BTC whales can't f*ck the global economy.


I think 1m BTC in within 3 months is a dream.  I agree, it is time for Bitcoin to shine but global adoption is not enough to push the price of Bitcoin to the speculated amount.  We have seen how ATH increase % decrease within the Bitcoin cycles, and it has been discussed in the earlier thread the next ATH price of Bitcoin and many calculate that Bitcoin's next ATH price would be around 2.5x increase of its previous ATH.


This theory is nothing if the adoption won't proliferate rationally on the speculated price increase of BTC.  After all Bitcoin price increase is dependent on the demand in the market.[/list]

Bitcoiners sound a lot like marxists. Marxism teaches that capitalism is unsustainable and there will be one final economic crisis that will end capitalism and make room for communism. 170 years after the prediction was made, the world had economic crisis many times, and still no sing that capitalism will be replaced.

Now, Satoshi is not Karl Marx, he didn't make any prophesies or told that banking system must be replaced with Bitcoin, and yet Bitcoin fans proclaim exactly that. Every time something bad happens with the economy they expect Bitcoin to replace fiat and banks. And every time there isn't even a significant increase in adoption.

In 2021 global inflation started increasing and Bitcoin was rising and there was a narrative that Bitcoin will become a hedge against inflation adopted by institutions. And then Bitcoin crashed and institutions forgot about it. Something similar is happening now. A lot of hype that drives the price up, whales are buying to dump when the market will lose momentum.

If you buy now and sell a the top, you will make a lot of money. If you will keep buying and wait for $1M, you will be sitting on a huge unrealized loss when Bitcoin will inevitably crash.

Some exaggeration though, I don't think that "banking system is about to end" - yeah they fall but there are the governments to bail them out. They are already institutions, part of the pillar of good government so I highly doubt that they are going to be obsolete. It's that the world is not looking for very, perhaps it was due to the leadership or we are still suffering from the effects of Covid as the economy continue to worsen and that's why there are banks that are closing down. The thing though right now is that we have an alternative like in Bitcoin can we can really used right now as they are a hedge. Maybe we could be the winner at the end. But we will have to wait for the bull run to happen next year as how far the price will go with all the negative things that is happening around the globe, specially the failure of the banks. $100k or $1 million? it's anyone guess.

Like in every sh*t comparison threads, bitcoin is not made to replace any kind of money/currency and banking system. Even satoshi doesn't have any views like that, but instead it is made for as an alternative. And $1m is like a every bitcoiner dream, who doesn't want like that? Right? Every people who have at least quarter of bitcoin will be considered as maybe rich, or financial stablr. But please it won't happen.

bitcoin has fundamental economics of value><premium window of ~$17k><118k limits for the market to trade between so far this year

and the market is speculating around the $25k area within those limits

to even stretch out the premium(top) would require a 9x of hashpower competition to make any country where its too expensive to mine. to want to buy at such height/amount

its common sense economics
if everyone can mine acquire by other means for under $118k why would anyone buy for $1m
however if it costs more then $1m to mine at the most expensive costs of mining regions then some would be willing to pay upto $1m to buy bitcoin without having to mine if the market was to go up

there is and was fundamental reasons why ATH always tops out and give up at certain numbers in the past.

the economic window of 2021 was 10k to 75k which is why the markets topped out at $70k

bitcoin to reach $1m in 90 days.. no chance, sorry..
some time in the future yes. but not this soon

Banks have died numerous times before and are still here.
Sometimes is really ironic that people who laugh at the bitcoin obituary say the same thing over and over again for banks and the USD.

The first thing you have to realize is that your perspective might be biased, that's the first hard step, then you have to look in history and see that way worse happened before this bank crash! Common, there was 2008 just a while ago! The dot com bubble, the Asian crisis, the great depression? War? Common ww1/ww2 Vietnam and Korea are on a different scale than Ukraine and we're still here. Always people like to over exaggerate their own situation and think what they experience is unique and a turning point in history, when, it's really not!


As I was saying, capitalism and the $ are probably the only things that have "died" more times than BTC, and that by an order of magnitude.

What I find really amusing in this scenario is the fact that everything will crash, and everyone will be poor but miraculously they will have a few tens of trillions at hand to prop bitcoin and the other shitcoins to a 50 trillion economy. Yeha, 1 million dolalr is possible rin this bull run but ony if it will buy you about the same as 100k right now!


Limited supply franky, 900 coins a day, that will lead to more trying to mine, an s19 will go again at 10k or 20k per piece, s9 will be profitable again, there are at least 150-200 exahas of extra old gear and currently not profitable that will be turned on, at those revenues per miners every fab will pump out chips as they did before, it's not as easy as you want to make it evey single time like there is a clear price floor and that's it.

It's comforting to see information like this, a few days ago I was chatting with a friend who started trading in the stock market and he laughed at me and told me I was just scamming :)
Bitcoin really is still a lot of people don't know about it so waiting for the banks to have serious problems it will still be saved from the government or measures that I find quite "DEEP".
And the comfort here of people who know it see a lot of opportunity going on and outsiders just want to keep their achievements, but in hindsight, the banks themselves are turning themselves into a game. joke about the world financial system, the issue of self-interest will dominate the majority. And Bitcoin is the thorn in those guys' eyes, it's okay because we're still going up.

We are not sure if $1 M could be within this bull run it might take a couple or two of bitcoin halving before we can even consider this price. Maybe in this bull run, 6 digit is within reach. And then we will be in the bear state after 2024/25.

Perhaps the best gauge is that when we reach a point that "almost all" bitcoin has been mined or at least 99% or it.

And then hard 1% might be the factor that it will be scarce, so very high demand with almost no supply then likely the price is going to go up, but not in the last bull run.

As you said, it is really exaggerated, it was just heard that there is a problem in the banking system and there was a shutdown of 3 banks in the US related to cryptocurrency, others are thinking that the banks will disappear.

     Although this has been an opportunity for an increasing percentage of people to trust bitcoin. And I think it also helped, but I also don't agree that the banking system will disappear or stop because cryptocurrency also needs it in other aspects or things.

Which is why if the hyperinflation scenario gets to happen at some point on the future we need to think in terms other than fiat to determine if the value of bitcoin is going up at all.

However it is not difficult to imagine that during that scenario bitcoin will reevaluate itself, as at the time people will try to find a place in which they can protect themselves from the effects of that hyperinflation, and bitcoin is a good candidate for this as not only is not controlled by the government but its supply is limited as well.

your idea of pumping out new asics to change the value-premium window to atleast eclipse a possibility of allowing a market to speculate to $1m .. will take longer then 90 day to flourish
again its common sense

and the other asics that are currently on altcoins.. well if every asic moved back to bitcoin. it still wont make the window align to allow the spot market to speculate to $1m

Well, that is a very good thing to also think about. However, if hyperinflation will be happening then at least if you have Bitcoin then I would say you have something to lean on in difficult times. Or you can get away from USA (assuming you are based in there) and come to my country where you can still enjoy your millions - just a suggestion anyway. We can see that in the history of Bitcoin there is not big "correlation" with it and the banking system. We have to remember that it was born in response to the 2008 crisis which was then also centered on the banking and financial system of USA. Now, on a lesser extent we are experiencing the same so we see BTC and other coins rising on the market with some predicting that it can go to the moon and even to Mars in case there can be hyperinflation to engulf the country. So this is for us a good news but bad news for many affected by the banking turmoil. Let's see what will be near-term as it is hard to tell the future especially with cryptocurrency one day is so bullish the next day it is withering in the sun. 

That's right, The idea of a decentralized currency may seem complicated. For Bitcoin to be the best way to make transactions - no favoritism and no variable rates as a result of the many banks dominating the market. this is another way we look at the financial future. honest and This is also one of the main reasons why I believe BTC is the best cryptocurrency For now the day after tomorrow and for the foreseeable future. " BTC IsThe King ".

I disagree.
There will definitely be a lot of collapses in the banking systems specially in the West considering how the Western economy is slowly falling apart, but it is not going to be the end of corrupt banking system. The world simply has no replacement for it yet and bitcoin is not the replacement, it is just an additional option that will allow its users to decrease their exposure to the collapsing economy.

Bitcoin will definitely start rising from now on and we can see $1 million sooner than everyone was expecting but I still don't think it can happen in just 3 months.

Keep in mind that we have dedollarisation going on in the world which will dump the USD value hence helping the bitcoin price shoot up to the moon.

I disagree. The downtrend in bitcoin market was partly because of market manipulation and weak hands dumping and partly because of the recession (not inflation and CPI and definitely not because of stock market).

Meh. The interest rate's effect is no longer there. In other words if they increase it more than this, it won't change a thing except worsening recession in United States. The effects on bitcoin should be significantly decreased too.

This. But bitcoin is the best option not crypto.

As much as it seems good to hear but at the same time it's very hard to achieve.
Even if bitcoin reaches 1M price in 3 months there would be some serious financial crisis for that to happen.
So we should not at what stake bitcoin is reaching that price. To be honest, it's not a good thing for the world to suffer a financial crisis.
Lots of peoples' lives depend on this and many have to go through a lot. Fiat money cannot be replaced at this point of time because there is no sustainable currency to take it's place.
This will bring an overall collapse which we really can't afford right now. So I don't think bitcoin will reach 1M at least in this year.

Didn't this guy learn anything from Mr 'I will eat my dick on national TV'? A million in three months is just looking forward to making a fool of himself. The bad thing is not that he has a million that he can throw away without even batting an eyelid, the bad thing is the desire to make a fool of himself.

I agree, it would be impossible for bitcoin to reach $1M without any crisis happening in the economic situation in the world. Remember that bitcoin is a volatile system that you can't guarantee that it would reach to $1M in just months. It took years before reaching its current value ($27k) it might be possible but it sounds good to be true that it will increase the worth of bitcoin in just few months. And the fact that financial crisis is no joke for you to celebrate just to increase the value of bitcoin. Imagine gaining some profit for the hunger and death also increase? It shouldn't be rush let's remember the people in our community that will suffer from the process. This may bring the downfall of the economics that many people can be affected.

A very big crisis might even harm bitcoin instead of benefiting it. Think about it... The world still runs on FIAT whether you like it or not. We do our groceries with our cc's, not with crypto. If a few big banks go down in the US and EU, then people will run to the banks and withdraw their money because they need to have cash to spend for their daily purchases, their rent, their bills... If the banks can't function, cash will be the king. The same they will rush to the banks, they will rush to bitcoin too... to convert their coins to cash. It bitcoin adoption was big, maybe they wouldn't do that but we are not there yet. Right now only some small banks are going down. That's why btc is going up because the threat isn't that serious, yet.

The way I am looking at it, this crisis will bring many benefits to cryptocurrencies. People lose faith in banks, and what comes is inevitable, but pricing with BTC in the future, I think the price will go up, but how much I don't want to think too much.
Ten years ago who thought it would hit $50,000, and ten years from now those who are seeing the price of $1m will be.

1.I think that the pressure upon the crypto markets will continue, as well as the pressure among all financial markets.
2.We already knew that the Federal Reserve(not the US government) will continue with the money printing and the interest hikes are temporary. Nothing new here.
3.I don't think that ALL banks had lost the confidence of the customers. There are some "rotten apples" in the USA and Europe, but I think that the vast majority of the people still trusts the banks.
Anyway, I think that your topic belongs to the Speculations forum. I don't believe that Bitcoin will hit a million dollars.

Don't be under the illusion that the collapse of the bank will be an opportunity for bitcoin to rise and replace the bank. Remember that the government is still the one running everything, they have more than enough capacity to save those banks, but they let it happen, and they have a reason for it. Similar to the 2008 crisis, there were also many bank failures, but after that, the world economy still boomed and developed more.

Your views are strong and I respect them, But for the capitalism shift I think now the time is not the same as in the previous economic crisis, Now the consequences are in front f us for considering the USD as a global currency and now China is speedily dominating the market and in my views, US has no comparison with China on Global market in coming years and then China will force other countries to divert their consideration with USD (then Yaun/Digital Yuan). I don't think after past experiences with USD other countries will allow this to happen again. In that case, the high possibilities are to propose a new global asset which can be Bitcoin.

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Agreed, But what do you think why the whales holding all the Bitcoins to take profit once when governments will regulate it a huge hype will bring massive pumps and there these whales will use us as the exit liquidity and that's it for one-time its important to happen but after that, it will be difficult for anyone to manipulate the market because there will be less volatility due to the involvement of the World Economies.

personally, I also know all the points mentioned by you and for some points, I have good answers, I also don't know why I am supporting Bitcoin as a Global asset there are two major problems in the economy of each country that Intrest & Transparency and Bitcoin can fix it simply.

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First of all, it was not a shit comparison thread here I was putting my views on the Bitcoin adoption and solution to economic problem theories circulating. Bro here the Main point is not to discuss $1M I know the title is purely based on the price but the content is about exploring the future possibilities in the economy and with those possibilities how the $1M dream for USD goes to become reality.

All the things you mentioned are the Bi products wake to reality, So what if satoshi had not views like that when the Cell phone was invented it wasn't meant to be a device for gaming for photography streaming the first and basic intention was communication with the time we progressed as we wanted and here we are a perfect device to control 70% of daily activities from security to funds management from entertainment to News & Update and communication.

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That the Human nature. Also its the rule of nature creation is possible after the destruction.
The traditional term banking system will definitely end up in the coming years as there is no more need for banks, Digital wallets will replace Banks.

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Agreed Boss, also found some interesting figures... Dammm whenever i use to read your replies particularly i use to think what if i have started the topic after getting some tips from this guy hahaha.. From next time i will consider it if you allow..

Yes, that's right. Perhaps at some point bitcoin will only be traded for gold or something similar and no longer for fiat money, should such a scenario really occur.  :)

I agree with you there too. In such a scenario, bitcoin could really be one of the few solutions for. In any case, its limitation and decentralization speak for bitcoin and it would therefore be ideal to ensure values.  :)

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Thank you for your suggestion. But no, I'm not from the USA, but that wouldn't matter anyway, since such hyperinflation would certainly have global repercussions. Either way, I prefer to rely on bitcoin. You are absolutely right about that. That would be the best thing to do in an incident like this. I am curious to see whether the current banking crisis will continue to spread and whether it will get worse. In any case, so far it has had the positive effect that people may realize how useful bitcoin is. That's why I'm currently following the price of bitcoin every day and I'm always surprised at how quickly the prices go up or down.  :)

To tally agree with your points about the failure of Banks being in good benefits of Crypto and Blockchain. But I did not think that BTC can be of 1mil dollar in just 90 days ( if that's what you are trying to say if I take it wrong then please correct me). No doubt corruption and mismanagement is the only factor that causes the failure of these banks first it was Silver Gate Bank (https://bitcointalk.org/index.php?topic=5442000.msg61848141#msg61848141), then Silicon Valley (https://bitcointalk.org/index.php?topic=5444561.msg61898468#msg61898468) (SVB) and now its First Republic Bank stock halted for volatility (http://First Republic Bank stock halted for volatility).

And things are just not finished here, as you mentioned the increasing interest rate is of no good to banks as well as to borrowers of course. In the long run, many other regional banks are also near to collapsing well I hope banks do not collapse at that speed because it will bring chaos, no doubt it will be in good favor of BTC and Blockchain but well maybe the risk is worth to take but I hope people could bear it.

Acco rding to a post shared by Hydrogen, more than 186US banks could collapse. (https://bitcointalk.org/index.php?topic=5445436.msg61937630#msg61937630) This gives me goosebumps on what will happen to the US economy I am not a US citizen but I am worried about what effect will it make on our country's economy as our national reserves are in US dollars.

You do realize Bitcoin si the perfect example of capitalism and a capitalist tool, right?
The ones that have capital (money) are the ones able to buy BTC , if you're poor and you have no capital you're not going to be able to buy any BTC so you're going to stay poor. Bitcoin is again against redistribution since you can't force people to give up ownership, so another thing against any kind of socialist or communist movement.
Your keys your bitcoins, not the government, not the country not anybody else, perfect capitalism!


That the Human nature. Also its the rule of nature creation is possible after the destruction.
The traditional term banking system will definitely end up in the coming years as there is no more need for banks, Digital wallets will replace Banks.

Digital wallets?
So you mean Binance will replace Bank of America and Coinbase Deutsche Bank?
Because if you think of personal wallets, the numbers are simply not there.
Here is a topic about the distribution of bitcoins, it was started by me in 2019 (https://bitcointalk.org/index.php?topic=5184268.msg52624405#msg52624405), almost 4 years ago:


March 19, 2023

22268703 addresses with more than one mbit, in the most unrealistic scenario 0.27% of the world population BTC.
16,007,276 addresses with more than 100$, 0.19% of the population.

So in 4 years, you have 7 million more addresses (which doesn'tt need to be users) with 1 mbit and  9 million with more than 100$ worth of it.
This takes into account he price was 1/3 at that date and more than two million bitcoin have been mined from that date, coins that had to go somewhere.

To date, we have just replaced banks with some other banks, nothing on the scale of using completely ditching centralized services, and if you don't stop using CEX it's still the same thing, someone who is in charge of your money and can stop you from ever accessing them.

Do not confuse price increases with decentralization!

Let's hope that Biden and the gang keep on dumping $tons of money into Ukraine. This will cause more inflation, along with the bailouts, so that the USD becomes more unstable with the rise in inflation that more money brings. People will place more money into Bitcoin, Businesses will use more bitcoin in their businesses, and the price of Bitcoin will naturally rise.

Now don't get put off if I use the Bible a little here. Revelation 18:17 says...
Read the rest of it here https://biblehub.com/niv/revelation/18.htm.

My point is that when the USD starts to slide for real, it might not take that long at all. 'One hour' is figurative for a very short time. It could be as fast as 3 months, as said by somebody in a different post, above.

Internet technicians are very aware of Bitcoin. They won't allow the Net to fail if they can at all help it. So, Bitcoin could easily become the trading power of the people everywhere. Companies like Bitpay, and the Bitcoin gift card companies, will be in top positions for people to use their bitcoins as money with merchants who refuse to go the direct route with Bitcoin.

8)

I saw that tweet, have to say that is a wild time frame as well. Apparently he has been correct on a lot of things, only time will tell....

Whales are good with rinse-and-repeat tactics.  Do you believe whales will not reaccumulate once they dump their holdings when the price of BTC surges?  They will reaccumulate at a lower price increasing their holdings and position.  This had been observed several times on the market.  When huge holder dump, they always reaccumulate taking advantage of the domino effect of the FUD it causes which makes weak holders panic.

And may be this time he will not.  $1m is too huge for the market to achieve in just a small time frame.  I do not doubt about Bitcoin's potential to reach $1m but I believe will not happen this coming bull trend.  Bitcoin market needs huge amount of money to be able to reach $1m, it needs 3700% growth which is somehow impossible to achieve.  Even with the hyperinflation of dollar, we are not sure whether investors will inject their money on Bitcoin since there are lots of options where investors can put their money to take profit or protect its valuation.


It is indeed the opportunity for bitcoin to rise but replacing bank is out of the context.  I agree that the government is still the one who has the authority.  They can shut down any Bitcoin company in their jurisdiction and even prohibit Bitcoin transactions.  They are the authority after all.  But as long as the government allow Bitcoin, we are free to choose to make ourselves to be our own bank with Bitcoin.

my view
based on the non-market fundamentals.. it showed a 30% realistic rise in 2021-2022-2023
of the potential tops a market could reach(not to say they did. but what they could have.. based on economics outside the markets)

lets use that
2021   $75k   
2022   $95k   
2023   $121k   
2024   $154k   pre halvening
2024   $307k   post halvening
2025   $390k
2026   $496k
2027   $629k
2028   $799k   pre halvening
2028   $1.60m post halvening

thats what i see as a FAIR forecast of where the market tops could reach using rational projections rather then hyped up best case extreme dreamy projections

With what's happening to the banking system right now, Bitcoin's raison d'etre is emphasized more than ever. The banking system and the banking laws are now becoming a larger joke. What's funnier is that the banking regulators are the ones imposing crazy policies instead of protecting the public and keeping things in order.

There are billions of debts that will be written down as zero. There's the law that would be used to bypass the power of shareholders. You name it. The banking system has bottomless crazy ideas up its sleeve.

But $1M per Bitcoin is exaggerated.

The banking system is much more resilient than it seems at first glance due to the fact that periodic failures occur in it. The world economy, like any cryptocurrency, periodically experiences ups and downs, and this is reflected in the financial system and the normal operation of banks. But falling does not mean failure. The global economy has been hit hard in recent years by the coronavirus pandemic and other problems such as wars and more frequent cataclysms. But the fall of the economy and the deterioration of the financial sector eventually leads to a new impetus for their growth. So it has always been and so it will continue to be.
The cryptocurrency market is also developing in approximately the same scenario. Therefore, the price of bitcoin at one million dollars, even in the long term, we have not yet seen. Yes, we can not say whether such a miracle is possible in principle.

I have previously also said that these are normal pumps coming out of influence and all this bet scenario but in reality we need to realise that how much investment it would take for $1M price to reach within this time frame? It is impossible according to me and he has made this statement to gain personal profits only.

Even if traditional banks are collapsing there is no chance that governments will shift there financial system to decentralized Bitcoin since that will bring an end to there financial control. Governments will prefer to work with traditional banking system no matter how worse things get.



We need to think rationally regarding price of bitcoin. There is no way we can predict what future price of bitcoin will be, it may be 1M or more. But we need to be patient about that rise.

Exactly. USD's downfall isn't Bitcoin's Rise. Bitcoin's Rise in valuation is what would make it valuable, not the depreciation of assets around it, more so ones that it is pegged to. Just imagine the utter chaos and pandemonium USD crashing in value would ensue amongst the general public. Bitcoin wouldn't be spared from this effect too coz it's either whales buy out most of the circulating supply because every single one of us is pressured to sell by the outside market's situation, in that case it would rise in value but at the expense of every small investor's welfare, or we all jumpship from bitcoin because the selling pressure is immense even the whales are forced to liquidate their assets to get by.

I agree with most part of your thoughts and analysis but I am afraid that the government and the institutions controlling the financial markets won't agree that bitcoin will be the replacement of the dollar and the next global currency. The reason is that they want to control the economy and therefore they will try to save the banking sector by printing 2T dollars.

This whole system will fall apart one day on its own but I don't think this will happen in 2023 or any time in the next 5 years or so. Yes, I do agree that the excessive money printing effect will go into the bitcoin investment and bitcoin will reach new highs but $1M does not seems a realistic value at the moment.

I thought fiat would fail and the time of Bitcoin would come, but I don't think so anymore. While banks fail occasionally and some of the top currencies experienced unexpectedly high rates of inflation last year, fiat and banks are still here to stay, I believe. It is also worth noting that while Bitcoin can be used without a centralized service, many still rely on exchanges or custodial wallets, and those can fall as well. Moreover, banks aren't doing so badly, at least not everywhere. For example, banks in my country reported top deposits over the last year, and they are flourishing. Cryptos are also quite popular, but people don't see one as an alternative to another.
As for Bitcoin vs USD, I think that due to other complicated political engagements and relative stability of the latter, most countries will stick to it. Bitcoin is too volatile and isn't objectively highly desirable by other countries, which are both problems. Not to mention how the IMF feels about Bitcoin and the kind of pressure it can put on countries that try to adopt it more.

Some people can get overexcited and can be pushing some impossible ideas...however we should not be complaining if in case around 3 months we can see BTC dramatically rise up to $1 million. The only way for this to happen if we can the collapse of the whole USA economy and not just banking which can mean that hyperinflation is suffered by the millions of people. In other words, we need a staggering disaster to happen to make that $1M a big reality. In my own view, predictions like this is not actually helping the cause of Bitcoin...we are just becoming the source of jokes.

There is no other way for bitcoin to reach that price so fast, since it is impossible the demand could explode to such degree without a major economic event destroying the faith of the people on the ability of the governments to control the economy.

And while some may want to see that scenario I wonder if they actually realize how damaging this could be, as even if the price of bitcoin went that high it will do so by creating worldwide turmoil, and it would not surprise me if extreme social movements, drastic economic reforms and even wars took place during that period of time and the subsequent years.

Even if the economy of the US or the world collapses, there is no evidence that it will have a positive impact on bitcoin and take bitcoin to $1 million. Don't forget last year, the economy only suffered from inflation, bitcoin was also hit hard, and if the economy crashed or the whole bank collapsed, it would cause a massive crisis, and bitcoin is also hard to avoid the impact. I suspect that the collapse of the banks does not impact bitcoin much, what is happening is more like someone is taking advantage of the news to manipulate investor sentiment rather than actual demand.

Those who are thinking that are stupid because if that happens, we will lose more than we gain from investing in bitcoin. If bitcoin is really good, then let people come and use it rather than pray for the bank to go bust for bitcoin to benefit. This is no different than the dirty competition the government is doing with bitcoin, they try to stop it, while we pray for them to collapse. After all, the government and we are equally evil.

I think this was just to increase the hype so that retailers could jump in the bitcoin investments at levels like 28K or 27K and the whales can later dump the market on this. I never believe in these fake bets whose purpose is not what it seems.

Even if the world economy and banking sector fail in these three months (which is highly unlikely as US is saving the banks with excessive dollar printing), the cryptocurrency market would not gain all this money because it is still not regulated.

Yes, bitcoin BTC will reach a million dollars or more but this would not happen in 3 months, not even in 3 three years. I will take time and we may see these prices after a decade or so.

I don't know how old you are, but do you happen to remember 2008-9 by any chance?  Because if you do, you'd also have to recall all of the cries from financial and other media that the banking system was on the verge of collapse--and back then it really did look as though the entire economy was in danger of imploding.

But now?  There might be banks failing, but from what I see it's nothing like it was just over a decade ago (although I don't think we've yet seen the consequences of all the cheap money that's been available for so long).  So I think your premise is a flawed assumption.

I'm not even sure if bitcoin is in any kind of trending market, either bearish or bullish.  There was a big pop up to where we are now, but who's to say that it won't drop back down to $15k or lower?  I do think there's a possibility of seeing bitcoin at $1 million, but I'm not sure if that's going to be in my lifetime or not.  Note: I said the same thing about 1 BTC=$10k, and boy was I wrong about that!

I don't know if or when bitcoin will reach 1 million, but banks collapsing like this can be a plus point for bitcoin or crypto currency. After the collapse of the bank sector of the United States of America, now one after another collapse is seen in the bank sectors of Europe, the banks of Switzerland and Germany are one of them. And through this it is going to prove again that how safe the bank sectors are to keep our money. Be that as it may, Bitcoin can be another option that is going to be proven again.

Senior as you mentioned I would like to mention that I was just 5 or 6 years old in the timeline which you are pointing at.

Senior in response to your first query I would like to mention that my experience, analysis, or observation whatever you want to call is based on just 2019 to the current journey in which you can also skip 2019 because I was a newbie and still I am on the way of learning my journey started with my Fathers Work and from there the first time I heard the term Bitcoin and was about investing a large amount of money in Bitcoin (2017) which was supposed to be done my father's friend as I am not from a rich family but my father was working with a colleague who was from a very rich family even that you can say in that time he was controlling the maximum Freelancing and Remote Jobs in Pakistan and He invested around $970K In Bitcoin. From that point, my father educated me about bitcoin and the crypto market.

But as you know middle-class family problems my father didn't invest any amount in bitcoin even after watching his friend invest such a  
huge amount with such courage due to our financial limitations my father just held his payments received from providing the Freelancing services. I am quite determined about the future in risk investment markets, particularly Bitcoin.

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Moving on to the next part I do agree with your comment BTC=$10k a great fall indicates a great rise (Not like LUNA Mtgox and FTX) but what I think here is the new generation is standing with the crypto market which is not shocking at all as we all need transparency and all the features whatever we need this new generation to try to find it in the Crypto market. I also agree with $1M  valuation of Bitcoin that it's not that easy but cycle after cycle it's not impossible.

The banking system is very stable. It rests on the authority and strength of state power, and the state will take all measures to ensure that this system continues to function. Therefore, individual banks can go bankrupt, not the banking system. The fact that some banks fail happens periodically, but there is no threat to the existence of the banking system.
The world economic system is now weakened by the long-term coronavirus pandemic, various cataclysms and wars. Therefore, it is not surprising that certain difficulties appear.
How all this will affect bitcoin and the cryptocurrency market is hard to say. When the coronavirus appeared, they also predicted an increase in the price of bitcoin. But that did not happen. We need to observe the situation and make our own analysis.
But I don't think that in the coming years we will be able to see the price of one million dollars of bitcoin.

Also, governments won't allow such thing to happen. Banks are simply contributing huge percentage to a country's economy and a total collapse might result to a huge problem as well. Banks will be there given that fiat is the dominant currency being used tto most of the transactions and purchases and is more likely to continue even in the future despite of the emergence of digital decentralized currencies. FOMO I guess for those who easily believed on such unrealistic assumptions. There are indeed problems at the present but banks and government sectors, won't simply allow such devastation on their end. It would be a total chaos if ever so I won't even bother thinking of such instance.