Will Bitcoin reach $ 3,333,333.00 in 2034 ?

[maleva]

It's not going to happen!

[torrentheaven]

by checking Bitcoin balances that are unspendable in the Blockchain due to faulty custom transaction code.

What you mean faulty custom transaction code ?

[wachtwoord]

by checking Bitcoin balances that are unspendable in the Blockchain due to faulty custom transaction code.

What you mean faulty custom transaction code ?

You do a lot of customization with transactions in the blockchain. If you mess up (or do this on purpose) certain Bitcoins become unspendable.

The most obvious and simple way is Bitcoins send a non existing Bitcoin address (not following convention). But much more complex mistakes can be (and have been) made.

[vadoff]

He's assuming that bitcoins will be used worldwide almost as a replacement for each individual country's official currency.
I don't think that will ever happen. I think bitcoin will be an alternative or supplemental currency. So I think that 3 million figure should be at most ~$300k.

[Bobsurplus]

More realistic is max prediction value between 100,000 and 1,000,000. Obviously 10+ years

Not ten years, more like 2 years. If bitcoin keep rising at the current pace then we'll see a 50-100K BTC within the next two years.

[luckydoge]

There are a total of 21 million bitcoins, right?
If every bitcoin would cost 3 million, the total value would be 63.000.000.000.000.
There are 7.000.000.000 people on earth. Every person on earth would have to buy 9000$ worth of bitcoins.

I think his estimates are a bit unrealistic

[galegobr01]

If you look roughly seem unrealistic, as most will be worth one U.S. dollar in 2020? I believe when he does not come much more loudly.

[Vakain]

Not entirely sure.
That means the value must increase 100 times.
I wouldn't bet on it but I also wouldn't preclude it.

[bigbits]

More realistic is max prediction value between 100,000 and 1,000,000. Obviously 10+ years

Not ten years, more like 2 years. If bitcoin keep rising at the current pace then we'll see a 50-100K BTC within the next two years.

Why should it keep rising at the same rate? That's what I like about bitbench's article: He starts talking about **value**, while all others just look at the price charts and make their "opinions" on how it would continue. Here's what I think: It's impossible to predict the future development of a chart just by looking that past chart. It **is** possible though, to **think** about long term value. All credit goes to bitbench to have that discussion started for Bitcoin. Nobody has done that before. Everyone just seems to "know" how the price will develop just by looking at how it has developed so far. It's soooo ridiculous.

[zs]

I also don't think it's likely that Bitcoin will completely replace fiat currency - especially if it's assumed that BTC alone will replace fiat currency.

There is a big paradigm shift going on here. So only time will tell what adaptations and innovations people will make in the face of that. But BTC itself is only the first (and yes, so far biggest) element of that shift. It may be just as likely that a diversity of characteristics found in several cryptocurrencies makes for a robust cryptocurrency ecosystem that at least rivals if not replacing the system based on fiat money. Projecting from the current state, which may be only the initial inflection of a radical shift, is just guesswork, though. We'll have to wait and see.

[Mrpawick]

I think there are 3 options
1. it exceeds that number
2. it is replaced by a better cryptocurrency
3.it dies a slow painful death soon