1 Million dollars per coin by year 2020. I am not kidding.

[drnick]

If everyone who had 1 Bitcoin became a millionaire then the world would have far to many millionaires and that status would not be as prestigious as today. Some people have thousands of Bitcoin so do the math, its pretty much impossible.

Anyone who has thousands of bitcoins right now, isn't going to hold onto every single one of them without selling some along the way, unless they were already rich and it wouldn't have made a difference or impact to them.

[Melbustus]

Similarly there are only 21 million bitcoins. But bitcoin banks could hold 210 million bitcoins off the block chain.

A bit on the chain is worth ten in the bank?

[bitcoinator]

Similarly there are only 21 million bitcoins. But bitcoin banks could hold 210 million bitcoins off the block chain.

A bit on the chain is worth ten in the bank?

If it works this way with USD, why wouldn't it work with BTC?

Edit: virtual BTC will debase the real ones same way as virtual USD debases paper bills, but they will probably have equal value ($100 bill has almost the same value as $100 bank deposit).

[TheRandomGuy]

The bubble will pop.

[bitcoinator]

The bubble will pop.

You mean traditional banks, bitcoin rally or both?

[Gordonium]

Tax heaven bank accounts hold 30 trillion dollars? But there are only 3 trillion dollars in existence.

You know that dollar isn't the only currency in the world?

[johnyj]

It will happen eventually, there will be so many millionaires, but what will they do for the good of society? They should take the role of creating job and improve the living environment of everyone

[dasein]

It will happen eventually, there will be so many millionaires, but what will they do for the good of society? They should take the role of creating job and improve the living environment of everyone

+1

[uMMcQxCWELNzkt]

If everyone who had 1 Bitcoin became a millionaire then the world would have far to many millionaires and that status would not be as prestigious as today. Some people have thousands of Bitcoin so do the math, its pretty much impossible.

Well there can even theoretically be only 21 million people with 1 Bitcoin and of course the real number will be much lower because many people have much more and  all the lost coins etc. 

And today there is approximately 10 million people today with net worth more than 1 Million excluding their apartment. So your argument basically makes no sense what so ever.

I did a quick search and apparently around ~12 million people in the world are millionaires. It just seems disproportionate to me to think that even 5 Million people with 1 Bitcoin could become millionaires. Obviously this discounts the possibility of Bitcoin becoming the new world currency. I should add that it is Friday and I have been drinking lots of beer so I might disagree with my posts tomorrow. 

[exstasie]

Tax heaven bank accounts hold 30 trillion dollars? But there are only 3 trillion dollars in existence.

You know that dollar isn't the only currency in the world?

By the way everyone talks on here, it seems like that USD is the only currency ...

[rocks]

Similarly there are only 21 million bitcoins. But bitcoin banks could hold 210 million bitcoins off the block chain.

A bit on the chain is worth ten in the bank?

If it works this way with USD, why wouldn't it work with BTC?

Edit: virtual BTC will debase the real ones same way as virtual USD debases paper bills, but they will probably have equal value ($100 bill has almost the same value as $100 bank deposit).

Oh, the bankers will try to fractionalize Bitcoin for sure.

The problem is in your example the banks would have 10-to-1 leverage, and at some point will have a squeeze that will turn into a run on the bank. Today this happens all the time, but the FED is able to print and backstop the banks at will, or run other special liquidity programs, which have the effect of preventing a run from ever happening, but slowing destroys the dollar. But with Bitcoin there will be no FED to provide liquidity. People will learn the hard way to not do business with leveraged banks (something that was common knowledge just 2-3 generations ago).

Any bank providing 10-to-1 leverage will get wiped out, and the end result will be that banks do not fractionalize Bitcoin.

[dasein]

If everyone who had 1 Bitcoin became a millionaire then the world would have far to many millionaires and that status would not be as prestigious as today. Some people have thousands of Bitcoin so do the math, its pretty much impossible.

Well there can even theoretically be only 21 million people with 1 Bitcoin and of course the real number will be much lower because many people have much more and  all the lost coins etc.  

And today there is approximately 10 million people today with net worth more than 1 Million excluding their apartment. So your argument basically makes no sense what so ever.

I did a quick search and apparently around ~12 million people in the world are millionaires. It just seems disproportionate to me to think that even 5 Million people with 1 Bitcoin could become millionaires. Obviously this discounts the possibility of Bitcoin becoming the new world currency. I should add that it is Friday and I have been drinking lots of beer so I might disagree with my posts tomorrow.  

Bitcoin is like a vacuum sucking the money wasted in the economy from a corrupt and inefficient monetary system and transferring those funds to the early adopters. It's not a zero-sum game, the number of millionaires in the world goes up. Bitcoin creates new wealth by virtue of its value as a monetary infrastructure for society.

[bitcoinator]

Tax heaven bank accounts hold 30 trillion dollars? But there are only 3 trillion dollars in existence.

You know that dollar isn't the only currency in the world?

So 30 trillion is not the sum of safe heaven usd accounts, but just an usd evaluation of deposits in all the currencies?

[BitchicksHusband]

This is why I think $100,000 is a very high top for bitcoin.  I expect something in the 5 digit range honestly.

[kjj]

Tax heaven bank accounts hold 30 trillion dollars? But there are only 3 trillion dollars in existence.

You know that dollar isn't the only currency in the world?

So 30 trillion is not the sum of safe heaven usd accounts, but just an usd evaluation of deposits in all the currencies?

A bank account is not a container that "holds" currency.  When you deposit a $100 bill at your local bank, they don't take that physical bill and put it "in" your account.

Most of the "dollars" in the world are in the form of US Treasury paper.  Paper dollars are only a tiny fraction of the dollars in the world.

[Bitsurprise]

1- What can you buy with a 1 million $ if it happens that's what matters .

2- Many will get out on the way up at 1K 2K ... etc .

3- If it spikes to 1 million $ you wont be able to get out , it is a temp spike then back down , exchanges down ... etc .

4- We are currently in a bubble as it is yes it may spike to few Ks but that's it a spike and @ $100 again is not out of the question .

[Come-from-Beyond]

What do you think?

It's so funny to think that we are living a time where anyone with couple of hundreds dollars can just choose to be millionaire in a couple of years.

EDIT: And I am talking 1 million in todays dollars.

Just tell me how much million dollars a cup of tea will cost that day.

[Elwar]

By 2020 we will be able to ride our flying cars to different countries to arbitrage localbitcoins very easily.

[ScrapOfCat]

By 2020 we will be able to ride our flying cars to different countries to arbitrage localbitcoins very easily.

That's more like it! 

By 2020 You'll be able to send bitcoin (and only bitcoin) to Magrathea 2.0 to purchase custom universes.

[Foxpup]

I think $1 million by 2020 is pessimistic.