What Will it Take For BTC to Reach $1000?

[Acidyo]

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 would deff have to agree with this, the only reason its down right now is because the bears want it down to scoop more. With Greece being in the news with money issue, Bitcoin will fill that void and many others over the next few years. Short term thinking isn't healthy here, long term 10 year plan is what will be exciting and eventful.

[Argwai96]

Could we say part of the fall out of btc biggest turned down was MTGOX at some point things started to get all negative from there, well even with that we now have major companies that accept bitcoin has a form of payment.

[arallmuus]

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.

Your first and second argument are actually countering each another . First argument is that you are denying that demands will actually helps BTC to reach a higher price while on the second argument you are saying that the BTC difficulty will be the parameter for the increasing price

Now, how will the difficulty increase? By having alot more miners which means that the demands for BTC is increasing otherwise we will never have more miners . So demands are the key for this, also I would say that your post is quite impressive to have count the breakeven price for it at the 210 billion difficulty but i'd say it rather baseless and unlogical.

You forgot to put a rational thought in your argument because at the current rate of ~$240, I dont see any reason for the number of miners to keep on increasing and pump up the difficulty into such high number while they are already losing their chance to breakeven if the current diff is double of the current one

[hazenyc]

You forgot to put a rational though in your argument because at the current rate of ~$240, I dont see any reason for the number of miners to keep on increasing and pump up the difficulty into such high number while they are already losing their chance to breakeven if the current diff is double of the current one

right now for $240 to be profitable at today's difficulty, a miner needs to have an efficiency of .77 J/GH if they pay 13.5 cents per kWh. You can buy an Antminer S5 and run it at .5 J/GH so you would be profitable and keep adding hashpower.

[photon_coin]

actually it has been picking up and i don't see any specific reason..... i.e. nothing big happened, strange the difficulty is not going up quickly, probably too high

[Searing]

the unlikely quick and stupid bubble method?

that would be like happened with Cyprus ..real or perceived..or not  as really being the case... that crisis it was said a lot of folk moved money out of there fast on bank lock down
to BTC  or at least the common press theme at the time..thus the price took off ..hey it was a bubble but still

so something like Greece or some note would have to happen imho .it would be short term bubble but it could hit 1k say in 1/2 year with such Greece drama

other wise the slow plod to acceptance continues.....but the flash in the pan above is still possible in my view..

[arallmuus]

You forgot to put a rational thought in your argument because at the current rate of ~$240, I dont see any reason for the number of miners to keep on increasing and pump up the difficulty into such high number while they are already losing their chance to breakeven if the current diff is double of the current one

right now for $240 to be profitable at today's difficulty, a miner needs to have an efficiency of .77 J/GH if they pay 13.5 cents per kWh. You can buy an Antminer S5 and run it at .5 J/GH so you would be profitable and keep adding hashpower.

As for the bolded part in your post, Thats what my point about my previous post is.  I should have make it clearer I guess.

If people keep on increasing hash power, there will be a peak point that it wont be profittable anymore at the current $240 ~. Therefore your argument is invalid about the 210 billion difficulty. I have stated in my previous post ( the bolded part ) that with the current difficulty x2  people will be having no chance to break even at the current rate and somewhat reaching 210 billion is impossible

What makes you think people will keep on increasing their hashrate till 210 billion anyway ? Anyway miners isnt the controller of the BTC price. Even without miners dumping, we have seen the price is pretty much unstable and volatille. Take it in your notes that traders are the one that control the price not solely miners

[hazenyc]

You forgot to put a rational thought in your argument because at the current rate of ~$240, I dont see any reason for the number of miners to keep on increasing and pump up the difficulty into such high number while they are already losing their chance to breakeven if the current diff is double of the current one

right now for $240 to be profitable at today's difficulty, a miner needs to have an efficiency of .77 J/GH if they pay 13.5 cents per kWh. You can buy an Antminer S5 and run it at .5 J/GH so you would be profitable and keep adding hashpower.

As for the bolded part in your post, Thats what my point about my previous post is.  I should have make it clearer I guess.

If people keep on increasing hash power, there will be a peak point that it wont be profittable anymore at the current $240 ~. Therefore your argument is invalid about the 210 billion difficulty. I have stated in my previous post ( the bolded part ) that with the current difficulty x2  people will be having no chance to break even at the current rate and somewhat reaching 210 billion is impossible

What makes you think people will keep on increasing their hashrate till 210 billion anyway ? Anyway miners isnt the controller of the BTC price. Even without miners dumping, we have seen the price is pretty much unstable and volatille. Take it in your notes that traders are the one that control the price not solely miners

i'm not making an argument, I am making a calculation. IF we hold electricity cost and energy efficiency constant, the mining network would have to grow big enough to increase the difficulty to 210 billion IN ORDER for mining only to be worth it if the price is $1,000.

How's that? It's a hypothetical but it is revealing.

[scarsbergholden]

I wish this would happen by the end of this year, last year everyone was waiting for something to happen in mid November we where all happy to wait and experience a spike to 1k usd giving the fact bitcoin is stronger then before.

[hazenyc]

Could we say part of the fall out of btc biggest turned down was MTGOX at some point things started to get all negative from there, well even with that we now have major companies that accept bitcoin has a form of payment.

Bitcoin should have NEVER been over $1,000 during that period of late 2013. In fact Mt. Gox was partly responsible for manipulating the price up so high by using automated trading bots which would use its customer's account's money to bid up the price of bitcoin to stupid high levels. Then, when it ran out of money to use to buy bitcoins Mt. Gox imploded taking all its customers funds with it and subsequently the price of bitcoin fell back to where it should have been.

The Willy Report: https://willyreport.wordpress.com/ goes through what happened.

[Wexlike]

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.

Well that doesn't make any sense. The dollar is in fact rising the more people use and want it. The more inflation people experience, the more they try to buy dollars, and hopefully bitcoins too in the near future. Just look at the forex valuation of dollar compared to any other currency of the world. I think only the swiss franc is more popular, but you can't get it in high quantities.

[arallmuus]

You forgot to put a rational thought in your argument because at the current rate of ~$240, I dont see any reason for the number of miners to keep on increasing and pump up the difficulty into such high number while they are already losing their chance to breakeven if the current diff is double of the current one

right now for $240 to be profitable at today's difficulty, a miner needs to have an efficiency of .77 J/GH if they pay 13.5 cents per kWh. You can buy an Antminer S5 and run it at .5 J/GH so you would be profitable and keep adding hashpower.

As for the bolded part in your post, Thats what my point about my previous post is.  I should have make it clearer I guess.

If people keep on increasing hash power, there will be a peak point that it wont be profittable anymore at the current $240 ~. Therefore your argument is invalid about the 210 billion difficulty. I have stated in my previous post ( the bolded part ) that with the current difficulty x2  people will be having no chance to break even at the current rate and somewhat reaching 210 billion is impossible

What makes you think people will keep on increasing their hashrate till 210 billion anyway ? Anyway miners isnt the controller of the BTC price. Even without miners dumping, we have seen the price is pretty much unstable and volatille. Take it in your notes that traders are the one that control the price not solely miners

i'm not making an argument, I am making a calculation. IF we hold electricity cost and energy efficiency constant, the mining network would have to grow big enough to increase the difficulty to 210 billion IN ORDER for mining only to be worth it if the price is $1,000.

How's that? It's a hypothetical but it is revealing.

Theoretically your calculation is correct but as I have stated there isnt any rational thought in it. Firstly it is due to that no one will be keep increasing hashrate if it isnt anymore profittable for him to mine as I have stated previously that even 2x of the current hashrate will no be inevitable anymore to mine.

Secondly it is that you are pointing it all towards miners as you have left out the most important things that it is not the miners that control the price but it is traders that control it.

Furthermore , Id like to add that BTC is dead once we reach that 210billion difficulty while we are still hanging at the current rate. The reason would be that , miners is needed to keep on finding blocks for confirmation therefore Id love to see who will be keeping their miners only for the sole reason of confirmations while on the other hand he is losing each time his miners is turned on


Therefore the argument about this 210 billion to reach $1000 is pretty much an invalid argument because it is irrational but somewhat true if you are seeing it from the math sides only 

[n2004al]

What Will it Take For BTC to Reach $1000?

Let's discuss.

I can tell that, for sure, the spread if it in every single part of the world and the known and use of it from every person in the world without doubt will increase the value of bitcoin. The spread and the increase of number of merchants that accept bitcoin will, without doubt, will increase the value of bitcoin. But how and with which speed it will be this increase in time and when that increase will reach the 1000 us dollar that can be known only by no one. All this, according to me.

[mouneshwar123]

Awareness to people about bitcoin will bring more traffic to Bitcoin Ecosystem and create a Demand, which eventually will raise the price of BitcoinBTC

[LuckyYOU]

For it to reach $1000 the bticoin community needs to grow.

More people using bitcoins means more demand thus we'll be needing more supplies

[CryptoBjorn]

Will I am trying to spread the word of Bitcoin. But they some people they like it and want to do it but there is the most people who is just not interested.

But yeah I am just hoping that in 5 years Bitcoin will reacht more than 1000 USD.

[Sanekavg13]

Since Bitcoints steadily becoming more expensive every year. What you need to just relax and wait

[HeroCat]

For BTC 1000 USD value can be real thing, if demand will grow and BTC users base will also grow. It can happen in next year - 2017 or so. Mostly also, because many people can loose their time and profit in altcoins exchanges and the switch back to Bitcoin buy/sale.     

[23dzmaz]

I think it will takes a long time to reach $1000 for the price of bitcoin. Because after the halving, the price of bitcoin is stable right now. It might increase again in the end of the year, but it will not reach $1000.

[RobinHoodster]

For btc to reach that high we need alot more people buying into bitcoin and not just earning it we need fiat to be dumped directly into bitcoin.
Next to that we also need more mass adoption and more shops using it it all depends on the amount of people invested in this.