What Will it Take For BTC to Reach $1000?

[cellard]

I think Bitcoin is just like any other currency. How does a currency rise or fall? It needs basic supply and demand, investments, and exchange. Bitcoin it self needs to be more and more globalized for people to use. The more people using it, means more people are going to be trading and exchanging with bitcoin.  

Agree, needs time, not a few years, lot of time. Some facts:

Mining will never stop, every 2 years computer processing technology gets twice faster and twice smaller.
With oil exhaustion we'll enter an age of New energy forms, some free, some cheaper, some more efficient.

Population continues its grow, more shit to the planet but more Bitcoin demand

Demand will go high only if the awareness level is high. People should start accepting the bitcoin and I believe the present users of bitcoin should educate those people who are still not aware about the bitcoin once people starts using it I think the value can go beyond $1000.

Exactly, a nice way about pursuing that would be making sure getting your business or work involved someway with btc. That way, every time you meet somebody new and express about work, you introduce them to btc.

People still don't trust Bitcoin enough to involve their businesses with it. It's only long term visionaries that get it and geeks that are ahead of the curve. The rest just cannot be saved and are destined to be left behind just like most people got left behind in the 90's when the internet started getting mainstream.

[dollarneed]

maybe if bitcoin is really important and so harder to find and get it,and so many countries has legalized it and more big company using it as payment it would be reach $1000 or more

[brendanjhwu]

maybe if bitcoin is really important and so harder to find and get it,and so many countries has legalized it and more big company using it as payment it would be reach $1000 or more

I think they are legal in every county, don't quote me though.

[ajareselde]

People still don't trust Bitcoin enough to involve their businesses with it. It's only long term visionaries that get it and geeks that are ahead of the curve. The rest just cannot be saved and are destined to be left behind just like most people got left behind in the 90's when the internet started getting mainstream.

People don't have to put their whole business at stake just to be a part of it, they just need a third party processor that would handle instant exchange at market price.
But it's true that those who dont adapt to the new age will be left behind, but also those who are first to make a move will also carry much higher risks (and potential profits)
As far as price is concerned, when people hear about bitcoin enough times in papers,news..etc. it will make them more comfortable to use it and invest, and that's when
the rush for xy k USD will begin.

cheers

[RiceRocca]

2014 to happen all over again I guess...
Last time it happened because of demand increasing dramatically and supply not being high enough, so if we wanted it to happen again, bitcoin would have to be in such high demand that we are not selling enough (which would be very rare) or we would have to "burn" bitcoins and make them more rare.

[Amph]

maybe if bitcoin is really important and so harder to find and get it,and so many countries has legalized it and more big company using it as payment it would be reach $1000 or more

I think they are legal in every county, don't quote me though.

no there are still country that are not accepting it, or they have a very heavy restriction

in thailand for example is illegal in vietnam too, and many others

still they can't track you so easily, so many are using it even in those nation

[Coinbanker]

consider it like 21 million shares of stock. bitcoin market is expanding into new territories each year.
Bitcoin is still bigger than before. 1000$ is possible within 2-3 years or sooner.

[arallmuus]

I think they are legal in every county, don't quote me though.

Cant help myself with such wrong post so here it is, a list where you can see about the legality of BTC in each country

https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country

Last time it happened because of demand increasing dramatically and supply not being high enough

The rally that happened in 2013 was actually had nothing to do with demands, I would say " Real Demands" . It is most likely manipulated by putting in some buy pressure and voila Panic buy happened that keep on driving the price up.

so if we wanted it to happen again, bitcoin would have to be in such high demand that we are not selling enough

Absolutely wrong, If there is such high demands (buy order) then I doubt a trader will be holding himself of not to dump on it. Unless the same manipulation happened again which bulk buy order that keep on getting on the sell wall to create another panic buy scenario for it. Even though it is like that, those who buy will eventually sell them at the top so it will be back to square one unless there is a "real demands" on it

or we would have to "burn" bitcoins and make them more rare.

Absolutely no point to do that for the time being because there are 25 more coins that is generated every 10 minutes now (plus or less)

[1986]

consider it like 21 million shares of stock. bitcoin market is expanding into new territories each year.
Bitcoin is still bigger than before. 1000$ is possible within 2-3 years or sooner.

I think comparing or looking at it as a stock is a good way. It's only logical that if the demand for bitcoin rises then so will the price. Personally I think bitcoin probably hasn't even reached a few percent of its true potential yet. Imagine if every online store accepted it or half the stores on your highstreet or mall. Maybe even a country adopts it due to an unstable economy. The value could go through the  roof so I think 1k is a very reasonable value and could be far exceeded.

[Searing]

consider it like 21 million shares of stock. bitcoin market is expanding into new territories each year.
Bitcoin is still bigger than before. 1000$ is possible within 2-3 years or sooner.

I think comparing or looking at it as a stock is a good way. It's only logical that if the demand for bitcoin rises then so will the price. Personally I think bitcoin probably hasn't even reached a few percent of its true potential yet. Imagine if every online store accepted it or half the stores on your highstreet or mall. Maybe even a country adopts it due to an unstable economy. The value could go through the  roof so I think 1k is a very reasonable value and could be far exceeded.

even more modest then that it could find a niche in just international money xfer from nations with corrupt banks/gov't etc and the low fees

hell that would be enough alone to have BTC do quite nicely imho

[Coinbanker]

GREXIT  , greece's debt default

[ajareselde]

consider it like 21 million shares of stock. bitcoin market is expanding into new territories each year.
Bitcoin is still bigger than before. 1000$ is possible within 2-3 years or sooner.

I think comparing or looking at it as a stock is a good way. It's only logical that if the demand for bitcoin rises then so will the price. Personally I think bitcoin probably hasn't even reached a few percent of its true potential yet. Imagine if every online store accepted it or half the stores on your highstreet or mall. Maybe even a country adopts it due to an unstable economy. The value could go through the  roof so I think 1k is a very reasonable value and could be far exceeded.

There's no need for "many online stores to accept it", you just need targeted audience to invest in it and ure done, the massive news flood would follow and every opportunity catcher would
invest in it aswel, pushing the price way beyond 1000$. Look at how we 1st came to ATH of 1250$, and now imagine if such news coverage happens again.. 1000$ is nothing, but still it can't be
reached by current game of cat and mouse. All people need is incentive, and both bears and bulls would be bitcoin cosuming predators.

cheers

[hazenyc]

What Will it Take For BTC to Reach $1000?

Let's discuss.

It will take a mining difficulty of around 210,000,000,000 or higher.

[Amph]

GREXIT  , greece's debt default

why people are giving so much importance to greece exiting the euro, they were never a strong country in term of economy, when they joined euro they were already a bit poor, the crisis just hit them hard because of that, and nothing will really change if they exit the euro, especially not bitcoin

they also said that they don't like bitcoin particularly, but more its technology, the blochchain

[dHe_zHiq]

What Will it Take For BTC to Reach $1000?

Let's discuss.

It will take a mining difficulty of around 210,000,000,000 or higher.

No need to get that far, if a lot of people who have to know about technology bitcoin and evenly in use throughout the world,
would have easily bitcoin reached the price that much

[deisik]

why people are giving so much importance to greece exiting the euro, they were never a strong country in term of economy, when they joined euro they were already a bit poor, the crisis just hit them hard because of that, and nothing will really change if they exit the euro, especially not bitcoin

they also said that they don't like bitcoin particularly, but more its technology, the blochchain

Because small effects that can lead to severe consequences (the butterfly effect). Greece can be just the first domino the fall of which will likely cause a chain reaction that could possibly lead to Europe complete disintegration with the Euro sinking into oblivion...

[Amph]

why people are giving so much importance to greece exiting the euro, they were never a strong country in term of economy, when they joined euro they were already a bit poor, the crisis just hit them hard because of that, and nothing will really change if they exit the euro, especially not bitcoin

they also said that they don't like bitcoin particularly, but more its technology, the blochchain

Because small effects that can lead to severe consequences (the butterfly effect). Greece can be just the first domino the fall of which will likely cause a chain reaction that could possibly lead to Europe complete disintegration with the Euro sinking into oblivion...

i know that i have wrote it in another thread, but it is only a possible theory, just pure speculation,

nothing really say that it will happen, what i really think is that if greece leave it will only fade away , and thye don't want to leave because it is a bit risky for them to not have their ass covered by the central bank

[desired_username]

GREXIT  , greece's debt default

they also said that they don't like bitcoin particularly, but more its technology, the blochchain

They? Did the whole country said that?

That's interesting because most Greeks do not even know what is bitcoin.

Their prime gangster said that he dislikes btc...

[Amph]

GREXIT  , greece's debt default

they also said that they don't like bitcoin particularly, but more its technology, the blochchain

They? Did the whole country said that?

That's interesting because most Greeks do not even know what is bitcoin.

Their prime gangster said that he dislikes btc...

well obviously no, it was one notorious from their country, or one politician, i don't remember now exactly, it is an old news

maybe Yanis Varoufakis but i'm not sure

[hazenyc]

What Will it Take For BTC to Reach $1000?

Let's discuss.

It will take a mining difficulty of around 210,000,000,000 or higher.

No need to get that far, if a lot of people who have to know about technology bitcoin and evenly in use throughout the world,
would have easily bitcoin reached the price that much

The more people that use dollars doesn't make it more expensive (although the demand for loans might raise interest rates).
Do not assume that if bitcoin gains widespread appeal its price will automatically go up. But there is a limited supply you say and demand is unbounded potentially. Ok fine, but the mechanism by which the price will increase will be due to the difficulty increasing, causing the cost of bitcoin mining to increase. With a block reward of 25, an average cost of electricity of 13.5 cents per kWh and an average mining hardware energy efficiency of 0.75 J/GH, you get a breakeven price of $1,000 when the mining difficulty is around 210 billion.