What does it take for Bitcoin to go 100X?

[oblivi]

People have to treat bitcoin as a store of value. So they don't have to buy overpriced houses/art to diversify their wealth away from bonds and wallstreet.

It will be a great store of value but not yet, right now still is seen as a speculative asset by most, because it's still being developed, we aren't even past 0.1 yet..

in the future once the price goes back to 1k+ and starts a steady uptrend, but a solid one without many periods of ups and downs in between, people will start putting their wealth on it (When I say people, i mean the average relatively wealthy guy that is clueless about BTC)

[tvbcof]

When people see pegged sidechains in practice and realize that owning BTC is a universal bet on the success of any one or collection of them, there very well may be a massive rush to get some money down on the table.  That could launch BTC to levels otherwise impossible absent big problems in USD-land.

The combination of these two factors could create a new cohort of the ultra-wealthy currenly consisting of corporate CEO's and hedge-fund managers.

[Omikifuse]

Some or many people willing to put several billions into bitcoin reserves.

But what would make people put billions into BTC

[Erdogan]

People have to treat bitcoin as a store of value. So they don't have to buy overpriced houses/art to diversify their wealth away from bonds and wallstreet.

Well said. The nonexistence of good money is why people buy houses they don't really need.

[randy8777]

Some or many people willing to put several billions into bitcoin reserves.

But what would make people put billions into BTC

the reason for people to put their money into bitcoin is to avoid governments and other institutions to have control over your money. that's reason enough. but it would need a stable price to attract people to use bitcoin as a store of value.

[gentlemand]

the reason for people to put their money into bitcoin is to avoid governments and other institutions to have control over your money. that's reason enough. but it would need a stable price to attract people to use bitcoin as a store of value.

Portability and concealability are also important factors for people ready to scarper from appallingly-run economies. It may become the nuclear option for many before it becomes a more generally accepted store of value.

[GreenStox]

the reason for people to put their money into bitcoin is to avoid governments and other institutions to have control over your money. that's reason enough. but it would need a stable price to attract people to use bitcoin as a store of value.

Portability and concealability are also important factors for people ready to scarper from appallingly-run economies. It may become the nuclear option for many before it becomes a more generally accepted store of value.

Well yes but the main appeal of it is mainly the big price.

I saw a big correlation with big price and alot of activity on this forum + the news reporting on bitcoin.

So in order for people to become very interested in bitcoin, it must reach 500$ again...

[mrhelpful]

Some or many people willing to put several billions into bitcoin reserves.

But what would make people put billions into BTC

the reason for people to put their money into bitcoin is to avoid governments and other institutions to have control over your money. that's reason enough. but it would need a stable price to attract people to use bitcoin as a store of value.

or just some traditional format to be passed, and bam we got new users.

and this can be the twins etf thing, since they got their exchange done.

[techgeek]

People have to treat bitcoin as a store of value. So they don't have to buy overpriced houses/art to diversify their wealth away from bonds and wallstreet.

Well said. The nonexistence of good money is why people buy houses they don't really need.

Its natural to have what most others cant have.

Its why a normal watch can sell for $300-5,000 right? Its basically lifestyle thing.. and being that person to say Im better then you in a short statement. Also its a cycle, since most cant get it opposite sex are more lingered to what they cant have as well.

[GreenStox]

People have to treat bitcoin as a store of value. So they don't have to buy overpriced houses/art to diversify their wealth away from bonds and wallstreet.

Well said. The nonexistence of good money is why people buy houses they don't really need.

Its natural to have what most others cant have.

Its why a normal watch can sell for $300-5,000 right? Its basically lifestyle thing.. and being that person to say Im better then you in a short statement. Also its a cycle, since most cant get it opposite sex are more lingered to what they cant have as well.

So you say that because price is inflating we buy things we dont need, well thats an understatement.

But for sure people are very motivated to spend if the money evaporates in their hands.

Bitcoin wont be a big economy because people rarely spend here!

[bitcoin carpenter]

Get a country like the Netherlands to buy up a large share of bit coins quietly, and then publicly announce they are cold storing 1 million bitcoin. ...

Boom 100x increase

[tvbcof]

Get a country like the Netherlands to buy up a large share of bit coins quietly, and then publicly announce they are cold storing 1 million bitcoin. ...

Boom 100x increase

I'm not holding my breath for any country to do any sort of official or quasi-official embrace, but geo-politically speaking...

If Russia made a credible statement of support for Bitcoin and support of those who wish to host critical infrastructure I personally would have significantly more confidence that the solution is sound against certain kinds of attacks.  If other's felt this way I could see it having a significant impact on the value, but it probably would not be a 100x event in and of itself.

Russia and China both are powerful enough to be autonomous.  The West probably has the means of putting sufficient pressure on China to have them crack down on Bitconi infrastructure support if it were of critical importance, and of course they have a lot of hashing power.  The same could probably not be said of Russia since we've already used most of our financial ammo in the recent sanctions bullshit and they have their own energy needs covered.  The Russians also might be interested in a little payback for these insults if the opportunity arose.  What the West could probably not do would be to keep the Chinese hashing gear from being put into box-cars and pop up in Russia a few days later.

I've long argued that Bitcoin is a threat to pretty much any country and that there is a strong possibility that it could be attacked by all more-or-less simultaneously and in a coordinated manner.  It occurs to me, however, that a country like Russia or China could clamp down on use of distributed crypto-currencies by their populace yet allow infrastructure support anyway if it were of strategic significance.  Or at the very least turn a blind eye to operators who keep the system hobbling along, and especially if there were enough kickbacks going on.  China actually seems to do this already to some extent.

[GreenStox]

Get a country like the Netherlands to buy up a large share of bit coins quietly, and then publicly announce they are cold storing 1 million bitcoin. ...

Boom 100x increase

I'm not holding my breath for any country to do any sort of official or quasi-official embrace, but geo-politically speaking...

If Russia made a credible statement of support for Bitcoin and support of those who wish to host critical infrastructure I personally would have significantly more confidence that the solution is sound against certain kinds of attacks.  If other's felt this way I could see it having a significant impact on the value, but it probably would not be a 100x event in and of itself.

Russia and China both are powerful enough to be autonomous.  The West probably has the means of putting sufficient pressure on China to have them crack down on Bitconi infrastructure support if it were of critical importance, and of course they have a lot of hashing power.  The same could probably not be said of Russia since we've already used most of our financial ammo in the recent sanctions bullshit and they have their own energy needs covered.  The Russians also might be interested in a little payback for these insults if the opportunity arose.  What the West could probably not do would be to keep the Chinese hashing gear from being put into box-cars and pop up in Russia a few days later.

I've long argued that Bitcoin is a threat to pretty much any country and that there is a strong possibility that it could be attacked by all more-or-less simultaneously and in a coordinated manner.  It occurs to me, however, that a country like Russia or China could clamp down on use of distributed crypto-currencies by their populace yet allow infrastructure support anyway if it were of strategic significance.  Or at the very least turn a blind eye to operators who keep the system hobbling along, and especially if there were enough kickbacks going on.  China actually seems to do this already to some extent.

Russia could support Bitcoin, but not now, since their ruble is plummeting.

So even if they would support it otherwise, now they wont because its a direct threat to their currency.

USA would not support it normally, but now they do since they are overconfident in their dollars.

Its an upside world

[azguard]

But if china Russia and USA  dont wont to support it what will happen. Does any won think about that?
And what will happen if 1/3 world countries goes bankruptcy and rest relay on btc will it go up this much or just 10-20 times.

[GreenStox]

But if china Russia and USA  dont wont to support it what will happen. Does any won think about that?
And what will happen if 1/3 world countries goes bankruptcy and rest relay on btc will it go up this much or just 10-20 times.

They have to eventually, if Argentina and Many S america and Africa countrys will acept it, then USA will have no choice.

I`m sure if 80% of the population supports it and 2 countries dont, it wont matter.

Plus atleast 75% of the population in both countries have to support it eventually, which will make their local politicians to change their minds.

[jehst]

Bitcoin taking over 1% of "The Global Money Supply" and 1% of "Brick and Mortar" sales are both absurd. At best, that would happen in 20+ years. Taking 1% of E-Commerce is more reasonable.

[bryant.coleman]

They have to eventually, if Argentina and Many S america and Africa countrys will acept it, then USA will have no choice.

The US trade volumes with South America and Africa is not very significant. The three main trade partners of the United States are China, Saudi Arabia, and the European Union. If the Saudis convey the message to the Americans that they will sell their crude only for BTC, then the US guys are royally f*cked. They'll have no choice, but to secure their crude with BTC. 

[criptix]

They have to eventually, if Argentina and Many S america and Africa countrys will acept it, then USA will have no choice.

The US trade volumes with South America and Africa is not very significant. The three main trade partners of the United States are China, Saudi Arabia, and the European Union. If the Saudis convey the message to the Americans that they will sell their crude only for BTC, then the US guys are royally f*cked. They'll have no choice, but to secure their crude with BTC. 

in this case the US will just start Operation "Freedom for Saudi-Arabia" and invade them.

[Miracal]

Probably about 100 million dollars spent on bitcoins each day.

Actually a country making it an official currency would probably push BTC to a new high.
There's a lot of things that could add to the process.

Bitcoin becoming a world reserve currency would definitely make it worth 100 times more

BItcoin becoming a world reserve currency is highly unlikely to happen. Even Japanese economy is bigger than US, then why isn't their currency the world reserve currency? Its because of adaptation with dollar. Consider it as a language. A lot of people speak japanese but more people use English globally. Therefore, English is the universal language. Therefore, same for dollar.

[mladen00]

They have to eventually, if Argentina and Many S america and Africa countrys will acept it, then USA will have no choice.

The US trade volumes with South America and Africa is not very significant. The three main trade partners of the United States are China, Saudi Arabia, and the European Union. If the Saudis convey the message to the Americans that they will sell their crude only for BTC, then the US guys are royally f*cked. They'll have no choice, but to secure their crude with BTC. 

If SA sell crude only in BTC, USA will bomb them (in the name of demokracy)