1 millon for a Bitcoin is this fiction or reality?

[wuvdoll]

I won't say that $1M/bitcoin will never happen, but if it ever does, it's going to be a very long time from now.  I think bitcoin still has a lot of potential to rise a lot over the next few years, but at a certain point, it becomes harder and harder to keep bidding up the price because there's only so much money in the world.  $1M/bitcoin would mean a market cap of $1M/bitcoin x ~20M bitcoins = $20T.  That's a little more than the GDP of the entire United States.  The only two ways I can reasonably see that happening (other than waiting hundreds of years) is 1) a large enough country actually adopts bitcoin as its official currency, which I don't think is going to happen, or 2) the USA goes through a period of extreme hyperinflation, which results in a much weaker dollar and thus a much higher bitcoin-USD exchange rate.

You are basing that like you said on United States alone which we both know is impossible since the adoption is going extremely viral worldwide and so many decisions by the top guys will definitely cause a huge spike more than we can imagine.

Even though I am sure Goldman sach has been trading bitcoin even though it is solo, but do you know what the announcement of making it official would be like for the community, and also create some awareness for a whole lot countries globally?

[1714872315]

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[Bustart]

This can possibly happen if full acceptance of the government will be given to bitcoin, if the country will have bitcoin as their main currency or even major currency of the world then bitcoin needs to sustain the growing demand and must have enough supply, and knowing the fact that bitcoin has only limited numbers in the circulation the only way it can provide for supplies is to increase the demand which can possibly a cause for 1 BTC = 1M

That is really possible but it happening soon or sooner than we expect is highly unlikely. Btc will probably take decades more before reaching that price. For now it is a fiction and acceptance of government and people is not enough to make it a reality. It also does not need to be the main currency to achieve that price. Instead it only needs to be as a substitute for credit cards and must have a constant stream of demand in order for the speculated price to be seen in reality.

I am an avid believer of bitcoin but based on what I have seen and observed, 1 million is more than twice rate compare to its current value. I didn't say that this could not be possibly happened in the future but as of now this is just only a fiction for it is not easy to earn 1 bitcoin so I guess it is not that fast to reach 1 million. Maybe it will takes more decades before to reach it.

[Bitmore]

People says 1 BTC will be cost 1 Million do you believe in that?

This is going exponential.  It just might make it to a million per bitcoin, and sooner than anyone thinks.

We are potentially at the beginning of the wave that will sweep our lives and culture like the internet.

Maybe we will lose it all.

Maybe it will just break even.

 ... And Maybe it will make anyone with just one bitcoin a multi millionaire. 

[sic57005]

In such reality bottle of Cola will be 100$. But anyway it is possible if BTC will be #1 currency and USD hugely dropped.

[Bitmore]

In such reality bottle of Cola will be 100$. But anyway it is possible if BTC will be #1 currency and USD hugely dropped.

Oh, I think hyperinflation is coming. 

The increase in dollar/BTC value will include some factor of hyperinflation.
The increase in value will also be in the preservation of value in a collapsing dollar.  (maybe same thing as above)
And the increase in dollar value of BTC in dollars will also be in the world wide attempt to preserve and protect wealth as would be done with the investment of gold.  The "petrodollar" is doomed.   The world reserve currency is no longer going to be the USD.

Probably some combination of all, and this is just another factor in the blast off we have seen this last 16 months in the price of BTC.

The cold hard truth is that those with the balls to HODL will probably be the one's calling the shots in 10 years.

[Elange]

Well the fact it hasn't happened yet shows that it's fiction. And realistically the likelihood if it ever happening is minute at best, that isn't to say however that it can't happen. It would just require everything to go pretty much perfectly in terms of bitcoin progression and adoption.

I'm pretty sure it WILL happen, though I doubt any of us would be alive by then.

[panju1]

Well the fact it hasn't happened yet shows that it's fiction. And realistically the likelihood if it ever happening is minute at best, that isn't to say however that it can't happen. It would just require everything to go pretty much perfectly in terms of bitcoin progression and adoption.

Absence of proof is not proof of absence. There are a lot of people who claim that Bitcoin will eventually be worthless. But they can nec3r be proven wrong because there is no timeframe which has been specified.

[junoreactor]

It is important to have a realistic target.
I would aim at 100,000 in the long term. Here is an article that explains how it could reach 100K:
https://www.cnbc.com/2017/05/31/bitcoin-price-forecast-hit-100000-in-10-years.html

How will bitcoin hit $100,000

Here's how he came up with his price target in 10 years.

Van-Petersen is assuming cryptocurrencies in general – not just bitcoin – will account for 10 percent of the average daily volumes (ADV) of fiat currency trade in 10 years. Foreign exchange ADV currently stands at just over $5 trillion, according to the Bank for International Settlements.

Ten percent of $5 trillion is $500 billion. This is the ADV that cryptocurrencies could have. Bitcoin will account for 35 percent of that market share, which would that $175 billion of the $500 billion figure, he said. This would mean that $175 billion worth of bitcoin would be traded every day

Also, Van-Petersen then implies that bitcoin's market capitalization would be ten times the average daily volume, giving a figure of $1.75 trillion for the market cap. The current figure is around $37.8 billion, according to data from industry website CoinDesk.

Bitcoin has a limited supply of 21 million which is expected to be reached by the year 2140. In 10 years, the analyst thinks that there will be 17 million bitcoin in circulation, up from the current 16.3 million figure.

If the potential 17 million of bitcoins in supply is divided by the $1.75 trillion market cap estimate, then each bitcoin would be worth just over $100,000.

Bitcoin 'not a fad'

Van-Petersen – who owns bitcoin – emphasizes that this is a rough calculation but that his growth predictions could be "conservative" given that in the year 2013 alone, bitcoin's price grew over 5,000 percent. The analyst said that cryptocurrencies will survive in the long run.

"This is not a fad, cryptocurrencies are here to stay," Van-Petersen told CNBC in a phone interview.

"There will emerge two to three main ones. Bitcoin will be one of those. And the reason is the first-mover advantage, the scale and the pioneering."

Bitcoin's bad reputation

The bitcoin industry has had its fair share of problems and reputational damage. The digital currency has often had an image of being used for illegal means such as buying drugs online. The collapse of Mt.Gox in 2014, once the world's largest bitcoin exchange, is still fresh in the minds of users. Some members of the exchange are still waiting for compensation.

More recent issues include some exchanges not allowing people to withdraw their money in fiat currency. On top of this, the view of bitcoin as a currency for criminals is still prevalent after the major WannaCry ransomware cyberattack saw hackers lock peoples' files and ask for bitcoin in exchange to unlock them.

Still, Van-Petersen says that the industry is still extremely young and big improvements will come. A few factors will boost bitcoin adoption including better wallets, easier methods to buy the digital currency, use of it for money transfers in areas like remittances, as well as citizens of countries with volatile economies and currencies buying it.

"Volumes are going up, volatility is going down. A lot of people talk about the volatility, but if you are in Zimbabwe or Venezuela, this volatility is nothing. This is the interesting thing to me. I think in the West, a lot of people view it is as speculative, but emerging markets will get it, their needs will be different," Van-Petersen added.

While Van-Petersen is offering one way to value bitcoin in the future, others say that there are other factors to take into consideration.

"It's one way of slicing the pie to try and predict future prices which always relies on a lot of assumptions," Charlie Hayter, CEO of industry website CryptoCompare, told CNBC by email.

"Equating volumes to price value is one method of attempting a valuation, but it doesn't take into account the fundamentals of the ecosystem."

The fundamentals of what bitcoin is capable of from a technical point of view and how regulation is molded around its use will determine its value too, Hayter added.

[Elange]

The Winklevoss twins (those originally behind the Facebook idea) also predict great future for Bitcoin, $100K value per coin.

[tiggytomb]

Possible but right now that is a long way off so it's just fiction right now, even $100,000 is a bit of a dream right now.  Let's ask this question again this time next year and it might seem a bit more attainable.

[junoreactor]

The Winklevoss twins (those originally behind the Facebook idea) also predict great future for Bitcoin, $100K value per coin.

Sounds great.
I can only tell from my experience, but I was recently working in the sportsbetting industry, and many governments in Europe regulate and control the gamblers more than ever before.
In Greece, some banks forbid a bank transfer to foreign banks. In Turkey, kind of the same. Banks now contact us for transfers as small as 300 Euros.
Result is: more and more bettors (and from perspective I could see it) use bitcoin. As sports betting is getting very big, betting in Bitcoin should be very normal in the future. The demand will grow for sure.

[Proton2233]

Why nobody thinks about the reverse side of the medal? Bitcoin can go up in price. Or we build a pyramid, and someday the price will fall to the bottom or by the growth of bitcoin prices, we see prices falling dollar. So I am skeptical about rising prices. I think that this is a deferred payment, and someday we will have to pay the full price.

[Sasuke102001]

I openly accept that BItcoin would have a very good value in the future but not something like a million. One bitcoin having the value of Bitcoin is pretty much hypothetical. It is not only with me but many would say it isn't gonna happen.

[junoreactor]

Why nobody thinks about the reverse side of the medal? Bitcoin can go up in price. Or we build a pyramid, and someday the price will fall to the bottom or by the growth of bitcoin prices, we see prices falling dollar. So I am skeptical about rising prices. I think that this is a deferred payment, and someday we will have to pay the full price.

Do you mean people speculate too much on Bitcoin?

[Harriti]

Possible but right now that is a long way off so it's just fiction right now, even $100,000 is a bit of a dream right now.  Let's ask this question again this time next year and it might seem a bit more attainable.

That is right! At now, the price of Bitcoin is still can not breakout and reach its target at $5,000 and $10,000 for this year. So why do we should predict a far future as 1 million for a Bitcoin? I do not think it is useful when Bitcoin still can not complete small target.

[mast3rm1nd]

the dollar must be completely worthless for that to happen. with the current value I don't see how that's possible

[richkellj]

Well the fact it hasn't happened yet shows that it's fiction. And realistically the likelihood if it ever happening is minute at best, that isn't to say however that it can't happen. It would just require everything to go pretty much perfectly in terms of bitcoin progression and adoption.

I believe almost $5000 within 7-8 years was a fiction back then in 2009/2010. No one could have believed the growth would be this rapid. We cannot really predict if it is possible or not, but anything is possible which pretty much would occur with a huge adoption than we have now, though may take a longer time. There will always be some little bit of jagged edges along the line, but it is normal and will survive.

[PurpleGentleman]

I don't actually think it can reach that level at any time because no one would be able to buy it if millionaires are not interested in it no one would want to buy it because no one has 1 million for 1 coin.

[Trela]

Well the fact it hasn't happened yet shows that it's fiction. And realistically the likelihood if it ever happening is minute at best, that isn't to say however that it can't happen. It would just require everything to go pretty much perfectly in terms of bitcoin progression and adoption.

I'm pretty sure it WILL happen, though I doubt any of us would be alive by then.

Haha, I think we can not have time to see the price of Bitcoin reaches to this target. 1 million dollars for 1 Bitcoin is possible, but important, Bitcoin needs to has a lot of time to develop and grow. Beside that, the government still have not any decision for Bitcoin, we need to wait their decision to see the next move of Bitcoin.

[Chachacoin17]

People says 1 BTC will be cost 1 Million do you believe in that?

I don't think it would reach that high. My prediction would only be at $50,000 for the next 20 years.But 1 million? That's too much. Bitcoin:s price will be extremely high when all bitcoin will be mined. By that Te the value gets too high because the demand is high and the supply is low. Better to start saving 1 bitcoin today. Be sure to take care of your health so you can still enjoy it. LOL.:p