BTC to 5000$ soon

[Hyena]

We have seen the surge in the gold's market cap lately. This is just the beginning, the first cracks in the current financial paradigm. The problem with gold is that it is physical and thus poses a psychological problem to mainstream investors when it becomes scarce due to extreme demand. The investors will see that they could physically only acquire a miserable and pathetic looking amount of gold (as it has become "too expensive") so they will run into silver. But silver too, has the same intrinsic problem.

So far, bitcoin's deception has lied in the fact that we are presented the idea that one bitcoin is divisible up to 8 decimal places which gives the false image of a bitcoin being a floating point number. In reality block rewards are represented by unsigned integers. Thus instead of 1 bitcoin one has 100 000 000 satoshis. To break the psychological barrier of 1 bitcoin costing too much we should just switch to satoshis. The latter will be plausible when BTC rises in value.

The market cap of gold is $7,252,708,420,909.
The market cap of bitcoin is $ 6,549,170,380 (0.082% of gold's).

I can say that gold is already psychologically too expensive for an average Joe on the street. Imagine when it grows 5x as it has done previously during financial collapses. Owning a gram of gold doesn't make you feel good about it, it feels sad as it is just a tiny speck. So, naturally, other stores of value will gain popularity. If bitcoin was only 1% of gold's market cap, it would already cost more than 5000$ per BTC. If 1 bitcoin costed 5k, then 1 satoshi would be 0.00005$. The world's least valuable currency Iranian Rial trades at 0.00004$ . So after 5k $ bitcoins it would be nothing new to this world to have satoshis for the main units to represent the value of your bitcoins. The world has already seen such a situation in Iran.

Daily recommended minimum amount of money for food per person is 10.72 $. With 5000$ BTC, a daily meal would then cost 214400 satoshis. Let's be honest, 200 000 is not that big of a number any more to be uncomfortable to use in daily basis. This is also the reason why poor countries could adopt bitcoin more easily. They are already used to making transactions of such order of magnitude in their currency units.

[1714839174]

1714839174

[randy8777]

it will take years and years before we see the market cap of bitcoin being just 1% of the total gold market cap. if we somehow manage to realize this, then it can be considered a great achievement for sure! we only don't know what will happen in the future. we don't know if bitcoin gets replaced by something better after 10 to 20 years. everything is possible.

[leowonderful]

Bitcoin will probably never get to 5000 imo. We're not even close to 1% at all, and if that were to happen, people would dump the price down to oblivion. There will always be a guy who dumps his bitcoin and kills the price. Of course I could be completely wrong and end up with a few thousand dollars in a few years. Only time can tell.

[maku]

The problem with Opening post is that it is pure speculation, not really backed by real life events and paradigms. So what if gold market cap is xxx and bitcoin is xx?
These two commodities are not related in direct way whatsoever and while I (as probably everyone here on bitcointalk) agree that bitcoin price is underwhelming atm.
There is NO real evidence that we will reach $5000 anytime soon, and certainly not before 2020. (I wish I was wrong on this...)

[Hyena]

The problem with Opening post is that it is pure speculation, not really backed by real life events and paradigms. So what if gold market cap is xxx and bitcoin is xx?
These two commodities are not related in direct way whatsoever and while I (as probably everyone here on bitcointalk) agree that bitcoin price is underwhelming atm.
There is NO real evidence that we will reach $5000 anytime soon, and certainly not before 2020. (I wish I was wrong on this...)

You must be kidding me. Seriously? That's your reply?

"There is NO real evidence that we will reach $5000 anytime soon"  

"not really backed by real life events and paradigms"

You have to learn what the speculation subforum is in its essence, young padawan.

[BTCLovingDude]

OMG that is hurtful, ;(
the article is actually old since $1 = 35,000 rial which makes 1 rial equal to 0.000028$

[Hyena]

OMG that is hurtful, ;(
the article is actually old since $1 = 35,000 rial which makes 1 rial equal to 0.000028$

What does it really matter? It only matters that 0.00004$ currency is nothing new on the face of Earth. No one ever said that it has to be a current situation, come on. You're hurtful.

[jacee]

The definition of "soon" based on your post here looks like it will take a lot more years. Bitcoin has barely passed $500 so I don't think that $5000 is near to what the markwt looks like as of today. Maybe after 10 or more years.

[LMGTFY]

The problem with Opening post is that it is pure speculation, not really backed by real life events and paradigms. So what if gold market cap is xxx and bitcoin is xx?
These two commodities are not related in direct way whatsoever and while I (as probably everyone here on bitcointalk) agree that bitcoin price is underwhelming atm.
There is NO real evidence that we will reach $5000 anytime soon, and certainly not before 2020. (I wish I was wrong on this...)

You must be kidding me. Seriously? That's your reply?

"There is NO real evidence that we will reach $5000 anytime soon"  

"not really backed by real life events and paradigms"

You have to learn what the speculation subforum is in its essence, young padawan.

To be fair, many newbies seem to erroneously believe that a sub-forum on Bitcointalk called "speculation" would be for discussing speculating with BTC. Fortunately most of them soon realise that "speculation" has further definitions beyond the narrow world of finance.

[--Encrypted--]

around what time is this "soon" you're talking about? I highly doubt that the price can get anywhere near $5000 this year... it's likely to be unsustainable. maybe next year if all went reaaally well for bitcoin this year.

by the way didn't you also speculated that the price will get to $20k?

[Foxpup]

What's with all the pessimism? I reckon we'll see US$5k in less than 2 years.

[Dekker3D]

We might not even able to reach $2k mark especially now that altcoins have real potential unlike before so people have choices now if btc price gets too high they might just jump over to another coin.

[BTCLovingDude]

OMG that is hurtful, ;(
the article is actually old since $1 = 35,000 rial which makes 1 rial equal to 0.000028$

What does it really matter? It only matters that 0.00004$ currency is nothing new on the face of Earth. No one ever said that it has to be a current situation, come on. You're hurtful.

it is hurtful for me since i live here 

[jacktheking]

Somewhat agree with what you say. And I actually hope that Bitcoin will stay at 5000 USD per coin. I do not wish to see Bitcoin over priced at 10 000 USD per coin. It need to be somewhat low - to attract new investors - and yet somewhat high - to stay strong.

[Casmatesid]

I did not realize that the bitcoin market cap is just 0.082% of the gold, I think it should be higher than gold in the future.

[Hyena]

around what time is this "soon" you're talking about? I highly doubt that the price can get anywhere near $5000 this year... it's likely to be unsustainable. maybe next year if all went reaaally well for bitcoin this year.

by the way didn't you also speculated that the price will get to $20k?

Yes, $20k still holds but that's the bubble territory. 5k is more like a longer term prices everyone gets used to similarly to how we are currently used to 300-500 range.

it is hurtful for me since i live here 

Ok sorry, I initially misunderstood your message in that case.

[thejaytiesto]

Goldbugs are start to catch up lately. I remember reading recently one of those guys that does podcasts on gold converted to Bitcoin and started holding some, and he used to hate on it. Slowly people will realize that you are stupid to not own Bitcoin specially if you are into Gold already.

[Hyena]

Goldbugs are start to catch up lately. I remember reading recently one of those guys that does podcasts on gold converted to Bitcoin and started holding some, and he used to hate on it. Slowly people will realize that you are stupid to not own Bitcoin specially if you are into Gold already.

Also, let's be honest, it's just so much easier to buy and store bitcoins than physical gold. Sooner or later it will reflect in the price of BTC.

[treeguard]

yeah, the price is soon going to rise a lot though i doubt a little bit that it will go so high up, but we will definitely have a rise

[Amph]

not now too early, i still see a minimum or new bottom below 1k, for this year or at least before the next bubble with a spike above 1k but not that max to reach 5k

don't make the mistake that bitcoin will grow only because right now it's very small, i'm not pessimist but there is not only one outcome for bitcoin, there are two, and the other is not a good one