"If you moved just 1% of the cash balances from off shore tax haven bank accounts, which currently hold estimated 30 trillion dollars of value, if you move just 1% of that into bitcoin you are looking at 2.8 million dollars per bitcoin"
That was a quote from trace mayer from (
http://www.youtube.com/watch?v=TZwmgeeFB-E&t=7m15s)
Is this right? Can anyone point out a flaw in this reasoning? That 1% figure makes 2.8 million dollars per bitcoin sound oddly conservative and saying 2.8 million dollars per btc is conservative makes me feel like i sound like I'm out of my mind. What do you guys think?
But that will never happen in that way. Bitcoin is a terrible tax haven because it's not cash, it's not anonymous, everyone can trace it whether it be Mallory or Gordon.
I would say it will definitely get over $10,000-100,000. It might get into the highs of $500,000-700,000 or even reach $1,000,000 but if it does it will not be because of people trying to avoid taxes and even if it is that wouldn't stop the IRS from confiscating.
Having said that if they do that and the tax cheats get their coins confiscated then the price will only rise much more for people who file their taxes. Criminals who hoard coins and who get arrested cannot spend their coins and so the price goes up again.