[2017-05-24]Bitcoin Will Hit $1 Million in 5-10 Years, Says PayPal Director

[Kava]

If you want people to take you serious, then at least put some effort into making yourself not look like a clown. It's pointless to speculate about such insanely high prices while we haven't even been close to reaching the $10,000 level yet. If he would say that we would reach $10,000 within 10 years, I would strongly support his statement, but how can I do that with $1 million? Other than that, I do agree with his statement that people should allocate a certain percentage of their wealth to Bitcoin. People have been looking at the price reaching $1300, $1400, $1500, $1600, etc, and started thinking it was too late to invest - look where we stand right now, it's never too late!

I agree with you, $1 Million seems unrealistc, but $10k 5-10 years is quite possible.

But if we let us to indulge in fantasies for a while we can try to imagine what will happen if bitcoin will replace all the money in the world. There are roughly $75 trillion in the world right now. Since it is a very rough estimation say we have 20 million BTC.

75 trillion / 20 million = 3.75 million

So in that case 1 bitcoin will be worth of $3.75 million.

We'll be hitting $5-$10K a LOT sooner than that. Just you wait. Things are only just starting to warm up. HODL on tight, people.

$5K in next 6 weeks... willing to wager 1BTC that I am right.. anyone want to bet against me?

No, I don't want to bet against you because you are probably right. We are over $2,700 already and the rising continues. Maybe we'll see $5k even earlier than in 6 weeks. Some people say it's a bubble which is going to burst soon, but I don't think they are right.

Now the growth stopped and the fall began. Now not many will say that in the near future the price of bitcoin will rise high. It seems to me that panic began among the newcomers and skeptics.

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[richardsNY]

Now the growth stopped and the fall began. Now not many will say that in the near future the price of bitcoin will rise high. It seems to me that panic began among the newcomers and skeptics.

People are equally as volatile as the price is. If the price is rushing up, people get excited and believe that we'll never ever see sub $2000 prices again. But if the price happens to go down significantly, people miraculously lose all faith and start coming up with all kinds of doom scenarios. That's exactly why you should always follow your own research, and ignore that what others are saying. It was like that years ago, and it's still the case today....

[zapphirecoins]

I'm a gree with that. 

[ophyrim]

6-7 years ago, is there a someone who predicted the future price of bitcoin? I don't think. Some people may be sensed the potential and made some investment but even them they didn't predict the actual price of today. $1 million is a disputable predict but also be possible the growth of this crypto money industry looks logarithmic.

[cr1776]

6-7 years ago, is there a someone who predicted the future price of bitcoin? I don't think. Some people may be sensed the potential and made some investment but even them they didn't predict the actual price of today. $1 million is a disputable predict but also be possible the growth of this crypto money industry looks logarithmic.

One example from June 2011 (almost exactly 6 years ago), talking about thousands to 10s of thousands. There were others:
https://bitcointalk.org/index.php?topic=12156.0

[Wekkel]

Only a small number of people think exponential. Be one of them.

[BitDane]

Only a small number of people think exponential. Be one of them.

I agree it won't harm to think exponential but we must be realistic too.  Thinking won't harm but expectation do.  No matter how hard I think, I still cannot see Bitcoin reaching 1m in that span of time, even if we account the halving, it still does not give a valid support for 1m  Bitcoin for the next 10 years.

[Wekkel]

[...]it still does not give a valid support for 1m  Bitcoin for the next 10 years.

But what if your premises are wrong?

[1Referee]

[...]it still does not give a valid support for 1m  Bitcoin for the next 10 years.

But what if your premises are wrong?

In case he's wrong, it will likely not hurt considering he keeps holding at least a small portion of his total stash till that time. Being conservative, or an extreme fantasy filled bull, in some cases it doesn't matter whether you're right or wrong, the main point is that you keep holding your coins for the far long term.

[cr1776]

Only a small number of people think exponential. Be one of them.

You are right. Since 2009, 2010, 2011 thinking that way has paid off.  $1 million is quite high, but people said the same at $1,  $3, $10, $100, $1300, $2790 etc

[CryptoBry]

Well, nothing wrong with being too optimistic about Bitcoin as it is really going upwards in value. But the road to that 1 million is paved with bumps and checkpoints along the way. I would be so happy to one day wake up and realized that I already have a million worth of Bitcoin in my wallet...now am also hoping that my wallet provider can be alive ten years from now.

[BitDane]

Even with halving and global adoption, I do not think Bitcoin will reach $1m at the end of one decade.  It is quite exaggerated in my opinion because at this point bitcoin only reached $2800 at most.  I think $50,000 is way realistic than $1m and it is achievable in a decade from now.

[Zicadis]

$1 Million in 5-10 Years wow these are some serious numbers, how do we take him serious with his guesstimates!

To be honest I only see this as public motivation to get more investors to show an interest in cryptocurrencies and IMO he is doing a great job  in his capacity as CEO of Xapo of preaching the bitcoin gospel.

[Lieldoryn]

Based on what such conclusions? No one can predict the price of bitcoin a year from now, and then 5-10 years, and such a price. I think someone has invested a large sum of money in bitcoin and such predictions is trying to heat up the market.

[citizenh-ssd]

Based on what such conclusions? No one can predict the price of bitcoin a year from now, and then 5-10 years, and such a price. I think someone has invested a large sum of money in bitcoin and such predictions is trying to heat up the market.

Reality Is there any statement such people do this already can be accurately told who and how Bitcoin survived a good investment. And it seems to me that their long-term prospect of earning more revenue already wants in the near future, because such short terms would not be sounded.

[DZU1410]

$1 Million in 5-10 Years wow these are some serious numbers, how do we take him serious with his guesstimates!

To be honest I only see this as public motivation to get more investors to show an interest in cryptocurrencies and IMO he is doing a great job  in his capacity as CEO of Xapo of preaching the bitcoin gospel.

Such forecasts are very unrealistic. They are more likely to scare off investors than attract. Often behind the loud headlines is a dummy.
Despite the fact that I am a bitcoin optimist, I do not believe that the price can reach such a high level

[BitcoinUKmedia]

I realise why it's worth mining at a loss. I was only breaking even in jan 2014 with my home mining rig mining litecoin and exchanging to bitcoin. If I had only kept going. I was disappointed to only be making 2 bitcoin a week! on reflection that wasn't too bad.

[TravelMug]

I realise why it's worth mining at a loss. I was only breaking even in jan 2014 with my home mining rig mining litecoin and exchanging to bitcoin. If I had only kept going. I was disappointed to only be making 2 bitcoin a week! on reflection that wasn't too bad.

And by today current price, that 2 bitcoin a week would be huge. I guess you have save some don't you? 

Well I'm still optimistic that bitcoin price could go high in the near future but realistically, I doubt it can even reach 1 Million. But I would say that like $10,000 up is more of a ceiling price for bitcoin. I like his prediction though and I want that to happen, but for me its too far fetch to touch that price in the future.

[planfox]

I would be very happy if it happened. But, unfortunately, so much the price is unlikely to rise.
Although, the crypto currency is difficult to predict. I'm sure that for several years nobody thought that the price of bitcoin could reach 3000 dollars

[fisheater]

I wish this will be true, lmao, I'd be so happy if it happens. Regardless, the bitcoin is in an ascending phase, and it is just the beginning, so it's always good to hold on to it.