But if everybody holds onto it, it's going to be a pretty crappy currency because nobody will spend or accept it.
The market is still young and many people are waiting for new buyers to come into the market. There are billions of people out there and only a small percentage use bitcoins.
Upper class Saudi Arabians still have the slave owner mentality. They get poor somalian/indian/filipino maids all the time and it is de facto slave ownership.
$50000 seems impossible to me. We aren't even sure if BTC price will ever reach $1000 again in the next five years. Maybe it will take some decades but I'm sure there's new technology that's better than BTC in the future and people will eventually lose their interest in Bitcoin.
Yes $50000 may be a bit of a stretch. I was thinking that $10,000 would be a decent high point