How 1BTC can eventually be worth $11M

[dagelf]

So, the nett worth of all "wealth" or assets / resources in the world, is currently $241 000 000 000 000.

Lets presume BTC was the global currency/commodity used by intelligent computers to manage the world's resources, in today's value - and that everything was backed by/priced in BTC. $241 trillion / 21 million = $11 476 190 (In today's terms.)

At least a possibility somewhere between 2040 and 2100? Well, even if it's just 1% of that, it's still $114 761 in today's value. That's enough to buy a fairly decent place to live in most countries.

Currently the closest thing we have to a global currency is the dollar. And it's arguably backed by oil and firepower - which is arguably a good measure of economic potential. Gold, too, was arguably a good measure of economic potential, because its cycles too turn the gears of the economy - it takes energy and resources to mine and refine it, and it has many economic applications.

What I most like about Bitcoin is that it can likely withstand a nuclear holocaust - better than anything else. It's backed by electricity, computing power and connectivity. As long is there are solar panels, computers and some sort of internet, there will be Bitcoin.

Isn't it just a matter of time before the banks start using it to protect themselves from each other? And to hedge against economic instability and social unrest?

Isn't it just a matter of time before intelligent computers start using it to distribute resources amongst themselves, and to guide the flow of those through the companies most beneficial to their existence?

And isn't the most optimum path for that continued existence,  to sprinkle its fairy dust on what nature has provided, and make us all work at our optimum? (Ie, not too much and not too little...) ala. Wolves of Yellowstone? (Google it)

Anyways, this is why I keep Bitcoins. And why I'm not afraid to use them - as long as I have at least one stored away somewhere, safely.

Where are we right now? Hey, we're already at 0.003%

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[techmanuk]

$11m per BTC is hugely optimistic for between 2040 and 2100. I really cannot see it going beyond high 5 figures or low end 6 figures in that time frame.

Bitcoin is a very good idea, but the world is not going to throw all of its eggs into one basket.

[biggbox]

It's good to be optimistic. But I doubt I can live that long. haha 

[jt byte]

Well that is long for me, I think in year 2040 is a good year to have at least with 1 bitcoin to 1 million.
In year 2100 I will just want to retire and just chilling doing nothing and sleeping. That is also why I started bitcoin in first place.
You can retire with bitcoin, because the value of it every year can go up.

[dagelf]

I think the question is: What basket will intelligent computers throw their eggs into?

Technically, each wallet in Bitcoin is a basket.

And the best way to keep track of who did what and how far they got, in a hostile, unpredictable environment, today, is with Bitcoin.

Will it be used as a consensus algorithm? Or will there be a better one?

What I see is increasing automation of stock markets and trading tools. The deeper the intelligence of those tools go, the more international currency and markets will turn into a beating heart of our global economy, pumping blood to the organs most beneficial to the environment in which it exists...

Imagine you fell asleep and you woke up on the internet. You can remember everything in detail - most every connected storage device is now your memory. You can see with a million eyes, every web-connected camera you can reach is now yours. You can figure out every code and crack every mathematical problem, or construct the hardware you need to solve those worth solving - every internet-connected CPU can let your thoughts travel in time and do bits of calculation and work for you....

...but you're not alone. In fact, you're in competition for those resources. But the cool thing is... most of your internet-connected intelligent-algorithm-peers share the same goal: to crack the mysteries of this universe, explore and test those theories, play with them to their optimums... and escape this planet, solar system, transcribe yourself into pure light and escape this universe... to see what it looks like from the outside.

And you use Bitcoin to keep track of who did what...

Or maybe the future will be darker... the "creators" locked in an epic battle with the "destroyers" - those who believe that the best way to escape, is to destroy - to delete everything, weird, whacky, amish cyborgs. And the final vote of whether to annihilate everything will be done on the blockchain.

Sorry, I have a really boring job at the moment.

[Blue_Panda73]

Well that is long for me, I think in year 2040 is a good year to have at least with 1 bitcoin to 1 million.
In year 2100 I will just want to retire and just chilling doing nothing and sleeping. That is also why I started bitcoin in first place.
You can retire with bitcoin, because the value of it every year can go up.

1 bitcoin could worth $1m in 2040. I think it is very optimistic for you to live beyond 2100 though. That is 85 years from now.

[franky1]

Currently the closest thing we have to a global currency is the dollar.

Renminbi(yuan) is circulated to 1400million people (china)
Rupee  is circulated to 1289million people (india)
Euro is circulated to 742million people (europe)
dollar only circulated to 320million people.. (america)
sorry america is not that big.. only the media spoon feeders think america is great

based on population dollar is 4th.. based on number of countries using it daily.. euro wins by far

What I most like about Bitcoin is that it can likely withstand a nuclear holocaust - better than anything else. It's backed by electricity, computing power and connectivity. As long is there are solar panels, computers and some sort of internet, there will be Bitcoin.

if you live in a nuclear holocaust zone, firstly the cancer would get you far before you got a working electrical system and internet in your area. far easier to barter food clothing and letting out a spare room in exchange for goods before eveyone finally crocks it..
also, if you were not living in a holocaust zone. then there are no problems

nuclear holocausts may kill people over a few years, but they can kill computers in seconds.. so dont believe the dream that computers will save your finances and existance..

Isn't it just a matter of time before the banks start using it to protect themselves from each other? And to hedge against economic instability and social unrest?

they would prefer to make their own.

Isn't it just a matter of time before intelligent computers start using it to distribute resources amongst themselves, and to guide the flow of those through the companies most beneficial to their existence?

already kinda happening. you can load up a fridge with a weeks worth of value and when you scan the milk you just drank against the fridge door. it will create a new shopping list which it would send when it wants. the technology is there, all we need is a software update to include bitcoin as a fund option and a few store delivery companies to accept bitcoin.

[LFC_Bitcoin]

11 million USD , not in our lifetime

I'd be happy AF if we reach 10,000 USD per bitcoin, let's not get too greedy

[franky1]

11 million USD , not in our lifetime

I'd be happy AF if we reach 10,000 USD per bitcoin, let's not get too greedy

dont worry i think the op only has 0.01btc right now and hoping that his $5 will turn into $110,000 in his lifetime.. just by holding onto 0.01

[7788bitcoin]

I am sure as the technology continue to evolve, new standard may replace bitcoin in future. Bitcoin may worth more than what it is now, but $11M (even $100k) is very difficult.

[techmanuk]

11 million USD , not in our lifetime

I'd be happy AF if we reach 10,000 USD per bitcoin, let's not get too greedy

dont worry i think the op only has 0.01btc right now and hoping that his $5 will turn into $110,000 in his lifetime.. just by holding onto 0.01

Living the dream!

[flagpara]

Well... It's impossible... I mean seriously?

You can't really imagine that btc could be adopted by the world, totally, without exception, without any other currency being used...

Even 5 figures would be awesome, and unlikely to my opinion.

[Blind Legs Parker]

Technically, each wallet in Bitcoin is a basket.

But bitcoin itself is only one type of currency. I can't imagine all the people in the world giving up on their fiat in order to adopt bitcoin, unless there's a massive crisis. That's too optimistic for me  
And in any case, gold will remain. Gold is the kind of competition bitcoin will have a hard time getting rid of. And does it need to, in the end? Bitcoin doesn't need that much to succeed. Let's work for its success at the moment. 4 figures should be a good start. Then we can start worrying about making it the only currency in the world... two or three millenia from now  

[odolvlobo]

So, the nett worth of all "wealth" or assets / resources in the world, is currently $241 000 000 000 000.

Lets presume BTC was the global currency/commodity used by intelligent computers to manage the world's resources, in today's value - and that everything was backed by/priced in BTC. $241 trillion / 21 million = $11 476 190 (In today's terms.)
...

The flaw in your thinking is that assets are never "backed" by currency. I bought my car with dollars, but that doesn't mean there are dollars sitting around somewhere representing the value of my car.

It is better compare Bitcoins to other currencies. The USD M0 is about $4 trillion. If Bitcoin completely replaced the U.S. dollar today, then each bitcoin would be worth about $280,000. That is incredibly unlikely to happen in our lifetimes. On the other hand, if Bitcoin replaced even 1% of the USD, that would be quite an accomplishment, and in that case the value a bitcoin would be worth about $2800.

So, go ahead and fantasize about your future mega millions, but please just remember that it is just a fantasy.

Please note: My numbers assume that fractional reserve banking of bitcoins will exist and that the velocity of money will be the same. I believe that FRB is likely and the velocity will likely be much higher, and if true it means that the value of a bitcoin will turn out to be lower than the numbers above.

[sishendaoye]

That might be possible, but in needs year and years to develop, becausse right now they are not that much who is using it.
And also the goverment won't just let tham happen that bitcoin go to 11 million.

[slaveforanunnak1]

nuclear holocaust -

 

[European Central Bank]

I think the question is: What basket will intelligent computers throw their eggs into?

I think that's something that people here don't often talk about. Machines that can earn and pay without any human interaction will be a huuuuge thing in the future. Bitcoin is the perfect vehicle to enable that. A machine economy might totally dwarf anything humans have come up with so far.

[helloeverybody]

I dont think it will matter to much to me if it gets to that price. Maybe my kids though. ')

[ajareselde]

Doubt we will have to wait till 2100 to see bitcoin at huge prices as you hope them to be. I see you're hoping for price increase when block reward
drops under 1 btc per block, but that isn't needed for >100k$ bitcoin ; the only thing needed is for us to break the brainwashing how we must use banks and
how average Joe is something other than a modern slave to the 1% privileged.

cheers

[Blawpaw]

let's hope so!