I'm reading everyone to a wo/man saying Bitcoin price is not real and there will be a correction following fork. May I remind you what happened after BCH fork? Was there a correction? Briefly, but what happened then?
To all the people quantifying the value of Bitcoin based on fiat, you don't seem to understand that Bitcoin has no 'real' or 'true' fiat price. There will come a time not in a very distant future when 10 sats = 1 unit of fiat.
A correction isn't the same thing as a crash. Corrections can be healthy and necessary for sustained growth. Especially during periods (like now) when there is exponential growth without consolidation periods, the corrections can be more significant. Establishing support lines on the way up help prevent price crashes or significant corrections.
It's very possible there will be a sell off after the next hard fork since many people only switched their money to bitcoin to receive the forked coin. It doesn't mean this will crash the price at all. Also, there was very different sentiment leading up to the Bitcoin cash fork. People were worried what would happen during the fork, once it was seen that bitcoin would remain THE bitcoin, it reestablished peoples confidence so they put their money back into bitcoin.
I would agree with you, after a fashion. I never likened correction to a crash but there is not going to be a very significant drop. The fork is not the only reason why people are gravitating towards not only Bitcoin but Crypto in general. There is a broader appeal. Bitcoin in particular was being dismissed in the past as a mere bubble likely to burst at any time. Consolidation of Bitcoin as an asset and subsequent gradual adoption into mainstream networks is the inexorable impetus behind this momentum. It's only going to keep gathering pace.
Barely 5% of world population is aware of bitcoin. According to Metcalfe's law, the value of a network is proportional to the square of the number of connected users of the system. This is particularly important for bitcoin because the supply line is finite whilst demand is ever growing.
There will come a time not in a very distant future when 10 sats = 1 unit of fiat.
How long do you think it will be? I'm thinking around 50 years.
You would be surprised. The reason people are so conservative in these estimates is because they keep quantifying Bitcoin relative to fiat currency and say it has gained x amount in USD/Euro/Pound. Don't look at the fiat number for value, look at % growth. 1000% in less than 1 year. $50000 per bitcoin could happen in 2018.
How long did it take for the internet to realise its potential? 30 years. Blockchain is the crown jewel of the internet. The biggest hurdle for Bitcoin is combatting the resistance to Blockchain and Fintech sector orchestrated by Governments, Banks and conventional establishments who have a vested interest in seeing Bitcoin fail and therefore utilize their mainstream network/media catchment to poison the well with their self-serving propaganda.
