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Author Topic: Bitcoin Price Might Exceed $1 Million, More Millionaires in World Than Bitcoins  (Read 892 times)
rickadone
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August 27, 2017, 08:30:03 PM
 #21

this is a possibility in the future, we all know that even though bitcoin's value is volatile if you look at the trend, the graph is showing you a positive outcome, through the years, more and more millionaires will come out, because of bitcoin, not only that, I also believe, even billionaires will come out. I also think that it will really exceed $1 million, since there is not enough bitcoin for everyone, and bitcoin is now becoming a valuable asset, people will try to get there hand on bitcoin just like before. I think that like before there was a gold rush, and people wanted to be rich in an instant back then, however bitcoin is gold 2.0, and bitcoin, will not give you a high value at first, but in the long term, bitcoin can give you a fortune, like now, people who have a lot bitcoin, those have had invested on bitcoin, before it has reached the 1k mark, are now benefiting from bitcoin, since it grew more than 3000% from its start. I also think that bitcoin, will surpass all other cryptocurrencies that may come out, knowing that bitcoin will be more dominant in the coming years, we need to take care of our wallets and need to gain more bitcoins.
Let me get it straight. You are saying that one bitcoin will be worth 1,000,000 dollars in future. I think this time the price has been a little bit over exaggerated. I am a big fan of digital gold but I am not foolish enough to daydream. I am sure this is not gonna happen in my life time however may be after a century it would be this worthy but then again, I think there will be no fiat at that time.

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August 27, 2017, 08:55:53 PM
 #22

Not for a very very very long time just out of sheer logistics. 1 million per coin would literally eat up way too much of the worlds investment, which is just not going to happen. I mean I would be rich as king midus if that were the case, but we have to be realistic. Just because there are more millionaires than the amount of bitcoin doesnt mean they are all willing to pay a million dollars for one.

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August 30, 2017, 11:00:30 AM
 #23

While sources differ on the number of millionaires in the world, Credit Suisse estimates the number at about 35 million. This figure accounts for all “financial and nonfinancial wealth,” including assets, collectibles, and homes.

This is a remarkable number when compared to the total number of Bitcoins that will ever exist. While there are roughly 35 million millionaires in the world, there will only ever be a maximum of 21 million Bitcoins. That’s right--there will never be enough Bitcoins in existence for every millionaire in the world to own even a single one.

Why is Bitcoin valuable?
While you let that thought sink in, let’s consider what gives Bitcoin its value. Granted that there are numerous features we could cite, including a global network, an immutable Blockchain and a means to transfer wealth from one person to another without ever involving a middleman.
These are all fine features, to be sure. But what really makes Bitcoin valuable are two properties: scarcity and authenticity.

Digital scarcity
Bitcoin has value for the same reason gold has value: people want it and there isn’t enough to go around. New gold can’t merely be created; one has to find a gold mine and go through the difficult, capital-intensive and expensive process of mining and refining the gold. Because neither governments nor factories can create more of it, gold is scarce. This scarcity imparts value.

Many unusual items have been used as currencies or stores of value in earlier societies. One of the more famous is wampum, a necklace made from a certain kind of seashell that was rare in the Americas. A currency doesn’t necessarily have to be inherently useful in order to function, but it absolutely must be scarce.

This requirement for scarcity is the reason counterfeiting has such severe penalties. In fact, in earlier times, counterfeiting was punishable by death. Counterfeiters undermined confidence in a currency by making it less scarce. Doing so, at scale, could wreck an entire economy.

Authenticity
Gold has another feature that’s extremely important for any store of value or currency: authenticity. For millennia, gold has been used as both a currency and as a store of value. It has been prized throughout its history because of its scarcity. Gold has been used in money, in jewelry, in crowns and in palaces. Gold is universally associated with wealth.
Since Bitcoin lacks the thousands of years of history, culture and tradition that impart so much value and mystique to gold, it's easy to write the currency off as inauthentic.

But in a world that's rapidly moving from analog to digital, even a "new" technology like Bitcoin can be authentic. When it comes to digital money, Bitcoin certainly fits the bill. Of the thousands of different tokens that label themselves “digital currency,” Bitcoin is the very first. That grants it an important claim to the property of authenticity.

There are many great altcoins, but none of them were first. None of them can reasonably claim to be the best. None have a higher market capitalization. Bitcoin is the first, has the largest network effect, is the most universally recognized and is authentic.

Asset or currency?
As Bitcoin inches toward mainstream adoption, economists and finance experts debate whether it’s an asset or a currency. In terms of valuing Bitcoin, that argument couldn’t be more irrelevant. It doesn’t matter how people use Bitcoin; what matters is why people choose to own it.

Bitcoin’s future
The future of Bitcoin is almost certainly a bright one. Various analysts and traders have tried to guess the value of Bitcoin in the future, with some saying it might even reach $15,000 in the near term.

But forget about the near term. If Bitcoin is digital gold, then its long term value is what really matters. Bitcoin is rare. Bitcoin is scarce. The vast majority of people don’t own even a fraction of one.

What’s Bitcoin’s long-term potential? Bitcoin could easily become so valuable that even millionaires can’t afford an entire coin.

Interesting discussion. I was about to post a similair post. The biggest group of uneducated investors in mankind get's a shot to determine the price of a crypto. It's an interesting world we live in.  I found this great website: https://www.coincheckup.com Since I use this site I make so much less basic investment mistakes.  See:  https://www.coincheckup.com/coins/Bitcoin#analysis For a complete Bitcoin Analysis
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August 30, 2017, 11:08:38 AM
 #24

Are you sure you want to bitcoin was worth $ 1 million? If this happens it could mean that the dollar has lost its value and all who have the $ will lose your money. For a million dollars you can only buy a bus ticket. All should be balance and stability. When this rule is violated we can expect disasters.

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August 30, 2017, 11:13:31 AM
 #25

It is possible but it may take some time to get to that point. As of this moment bitcoin is totally unpredictable imagine having lot of bitcoin users become an instant millionaire just like winning a lotto.

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August 30, 2017, 12:01:11 PM
 #26

While sources differ on the number of millionaires in the world, Credit Suisse estimates the number at about 35 million. This figure accounts for all “financial and nonfinancial wealth,” including assets, collectibles, and homes.

This is a remarkable number when compared to the total number of Bitcoins that will ever exist. While there are roughly 35 million millionaires in the world, there will only ever be a maximum of 21 million Bitcoins. That’s right--there will never be enough Bitcoins in existence for every millionaire in the world to own even a single one.


I fail to see the correlation between the two. Number of people who became millionaires through cryptos are quite small.  Not every millionaire would want to have BTC especially once the volatility goes down.

   
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August 30, 2017, 01:24:09 PM
 #27

I think it is hard for bitcoin to exceed $1 due to many reasons. First of all, bitcoin is not the greatest currency in the world, there are still many cryptos out there which is better and greater than bitcoin. Second, fiat will still exist. As long as fiat is still there, bitcoin can not reach $100000 Wink

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August 30, 2017, 01:28:11 PM
 #28

I think it is hard for bitcoin to exceed $1 due to many reasons. First of all, bitcoin is not the greatest currency in the world, there are still many cryptos out there which is better and greater than bitcoin. Second, fiat will still exist. As long as fiat is still there, bitcoin can not reach $100000 Wink
you believe in the magic of bitcoin? If so then you need to believe that bitcoin can do anything. Including realizing something that seems impossible to be a reality. It's a miracle that no one else can do. Bitcoin is different, bitcoin has magic in every corner.

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August 30, 2017, 01:34:43 PM
 #29

I think it is hard for bitcoin to exceed $1 due to many reasons. First of all, bitcoin is not the greatest currency in the world, there are still many cryptos out there which is better and greater than bitcoin. Second, fiat will still exist. As long as fiat is still there, bitcoin can not reach $100000 Wink
you believe in the magic of bitcoin? If so then you need to believe that bitcoin can do anything. Including realizing something that seems impossible to be a reality. It's a miracle that no one else can do. Bitcoin is different, bitcoin has magic in every corner.

Bitcoin has a touch of magic. But it is hard to believe this prediction of $1 million per coin due to multiple reasons. If that happens, then Bitcoin will be having a market cap of $20 trillion, which is ten times more than the current US Dollar valuation.


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September 13, 2017, 03:25:42 PM
 #30

21 million * 1 million = 21 trillion. enough day dream lol

so you just multiplied two numbers and then concluded that it is impossible. well done my friend. well done.
i am not saying 1 million is possible though, but just saying it because some number (which is market cap) becomes big is not a reason for why not.

It is a reason for why it's very unlikely in the near future though...


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September 13, 2017, 03:30:31 PM
 #31

I think it is hard for bitcoin to exceed $1 due to many reasons. First of all, bitcoin is not the greatest currency in the world, there are still many cryptos out there which is better and greater than bitcoin. Second, fiat will still exist. As long as fiat is still there, bitcoin can not reach $100000 Wink
you believe in the magic of bitcoin? If so then you need to believe that bitcoin can do anything. Including realizing something that seems impossible to be a reality. It's a miracle that no one else can do. Bitcoin is different, bitcoin has magic in every corner.

Bitcoin has a touch of magic. But it is hard to believe this prediction of $1 million per coin due to multiple reasons. If that happens, then Bitcoin will be having a market cap of $20 trillion, which is ten times more than the current US Dollar valuation.
Its too much to consider on those price ranges.Even on reaching out 100k is still debatable or even on 50k price.How much more on 1M.? Its too exaggerated to consider thinking off that it would surpass the marketcap of US dollar.Its an impossible thing to happen.Its not really bad to have some high hopes on bitcoin but we should really be realistic though.

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September 18, 2017, 05:46:09 PM
 #32

when bitcoin reach 1Million USD..
All of us are dead or too old to type on keyboard

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September 18, 2017, 05:55:19 PM
 #33

As long as fiat is still there, bitcoin can not reach $100000 Wink

I don't think that there is any such concrete rule. IMO, both fiat currency and Bitcoin can co-exist. Just like VISA/PAYPAL co-existing with hard cash right now. Both of them have their own spheres of usage, with little overlap.

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