What would happen if Bitcoin did hit $1m by mid-2020?

[Mister_Success]

Obviously if this happens, a lot of new millionaires, billionaires and maybe even trillionaires will be born. Do you think this would have a large impact on society? Would this cause nocoiners to become the new low class? Would prices of every day goods rise? Would Fiat currency even be worth anything? Or would we just have a lot of new money in an otherwise unchanged society?

(Hopefully) obviously, this post is purely hypothetical and in reference to John McAfee's prediction.

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[Tankdestroyer]

If Bitcoin did hit 1M$ by mid 2020 like what Mcafee predicted, I think there will be new millionaires and billionaires but I think it won't impact society that much because by that time US dollars might be inflated, and it's value might be less than it is now so it won't have that much effect on society(but it is a given that goods' price by that time is higher than it is now). It also wouldn't cause nocoiners to become the new low class(because I think btc would never replace fiat but it can be used as an alternative way to pay).

[fourpiece]

Only one thing I know ,all those hodlers will be millionaire instantly. I wish I have some amount on that day when bitcoin hit that price.

[BitHodler]

I'm not yet sure to what extent, but I have always believed that the current large crypto holders will eventually become part of the wealthy elite. We already have quite some crypto billionaires already.

Think about Roger Ver, Jihan Wu, Vitalik Butterin, Coinbase CEO, Binance CEO, Mark Karpeles (obviously through theft), Winklevoss twins, Ripple gang, and the list goes on. It's an interesting group of people for sure.

I'm sure there are even some publicly unknown crypto billionaires in the background. I'm happy that we have pushed it this far. I remember the days as yesterday where Bitcoin's market cap was less than $1 billion.

[pitiflin]

I'm not yet sure to what extent, but I have always believed that the current large crypto holders will eventually become part of the wealthy elite. We already have quite some crypto billionaires already.

Think about Roger Ver, Jihan Wu, Vitalik Butterin, Coinbase CEO, Binance CEO, Mark Karpeles (obviously through theft), Winklevoss twins, Ripple gang, and the list goes on. It's an interesting group of people for sure.

I'm sure there are even some publicly unknown crypto billionaires in the background. I'm happy that we have pushed it this far. I remember the days as yesterday where Bitcoin's market cap was less than $1 billion.

I almost cried reading this. Nostalgic memories..... Have heard of teenagers becoming millionaires and even billionaires, because they bought bitcoin at the early stages.
But for bitcoin to hit a million dollars in less than two years is just way too much to ask. It is almost impossible for it to happen but it would be a welcome change if that ever happens.

[Slow death]

If Bitcoin did hit 1M$ by mid 2020 like what Mcafee predicted...

Mcafee credibility is being questioned

John McAfee-Endorsed ICO Apologizes For Plagiarizing Content From Blockchain Taxi Platform

then we should not take his prediction seriously.

OP is impossible to reach this price in a short space of time, not even  reach the $ 30,000 and we are already dreaming of more than $ 30,000? I think we'd better be realistic.

[cellard]

If Bitcoin did hit 1M$ by mid 2020 like what Mcafee predicted...

Mcafee credibility is being questioned

John McAfee-Endorsed ICO Apologizes For Plagiarizing Content From Blockchain Taxi Platform

then we should not take his prediction seriously.

OP is impossible to reach this price in a short space of time, not even  reach the $ 30,000 and we are already dreaming of more than $ 30,000? I think we'd better be realistic.

It's hard but not impossible. Remember that Bitcoin grows exponentially, and exponential movements are often not considered as realistic in Bitcoin terms...

Not a long time ago, $20,000 predictions were considered "insane". Traders like Tone Vays were predicting $7500 as best case scenario.

The fact that McAfee is a shady figure doesn't mean his model is incorrect. You can check his model in a graph here:

https://bircoin.top/

So we are on a good track, going up and down the curve, as long as we are near it, McAffee's prediction isn't far fetched.

If we keep going down the divergence may be to good to get there on time, unless we see a massive pump.

[BlackPanda]

Obviously if this happens, a lot of new millionaires, billionaires and maybe even trillionaires will be born. Do you think this would have a large impact on society? Would this cause nocoiners to become the new low class? Would prices of every day goods rise? Would Fiat currency even be worth anything? Or would we just have a lot of new money in an otherwise unchanged society?

(Hopefully) obviously, this post is purely hypothetical and in reference to John McAfee's prediction.

That is a very difficult thing to achieve, but look at that is always a lot of miracles about crypto. Looking at the current conditions then a very high price increase will make the owners of Bitcoin will become rich. They will have more wealth than anyone who does not know Bitcoin. Directly then the state of the world economy will be greatly influenced and it will make the conditions become very changeable. It could be that crypto takes over most of the world's finances. Fiat will still exist, but the impact will not be too big. The power of the world economy could change very quickly if it all happened.

[Don Pedro Dinero]

If Bitcoin did hit 1M$ by mid 2020 like what Mcafee predicted...

Mcafee credibility is being questioned

John McAfee-Endorsed ICO Apologizes For Plagiarizing Content From Blockchain Taxi Platform

then we should not take his prediction seriously.

OP is impossible to reach this price in a short space of time, not even  reach the $ 30,000 and we are already dreaming of more than $ 30,000? I think we'd better be realistic.

I actually saw him recently on a Youtube video saying that his prediction was short again and that it could hit $5 million by 2020. It was basing it on the increase in the number of users. But he never said anything about his dick again.

Either McAfee is nuts or if he is right, and bitcoin reaches at least $1 million, he will be known and remembered as a visionary.

[oseikuf44]

Bitcoin reaching 1million USD will make current users of bitcoins whose main trading strategy is to hold become millionaires and this will bring new entrants into the field of cryptocurrency. But I think it is not possible since we have only 2 years to reach 2020 and considering the current price trading even less than 10,000 usd.

[Denker]

Obviously if this happens, a lot of new millionaires, billionaires and maybe even trillionaires will be born. Do you think this would have a large impact on society? Would this cause nocoiners to become the new low class? Would prices of every day goods rise? Would Fiat currency even be worth anything? Or would we just have a lot of new money in an otherwise unchanged society?

(Hopefully) obviously, this post is purely hypothetical and in reference to John McAfee's prediction.

$1m per coin in just 2 years would mean there are a lot of problems in the world economy and that a million wouldn't be worth much imo.
1 million in 15-20 years would be some kind of natural growth where I assume it would be worth something. But such a value in 24 months would be a catastrophe. So I'm talking about very strong inflation here. Therefore Bitcoiners wouldn't be the new super rich class.

[liamnorthcoins]

Obviously if this happens, a lot of new millionaires, billionaires and maybe even trillionaires will be born. Do you think this would have a large impact on society? Would this cause nocoiners to become the new low class? Would prices of every day goods rise? Would Fiat currency even be worth anything? Or would we just have a lot of new money in an otherwise unchanged society?

(Hopefully) obviously, this post is purely hypothetical and in reference to John McAfee's prediction.

This are all speculations right now, but if this will really happened in year 2020, everything will increase too.. the profit as will as the price, Im thinking that this has both positive and negative implications because by then the price will b3 too much for a wanna be investors. A common person might not be able to afford unlike now even if it is high but it can still be possible for middle class individuals to invest.

[Theb]

Obviously if this happens, a lot of new millionaires, billionaires and maybe even trillionaires will be born. Do you think this would have a large impact on society? Would this cause nocoiners to become the new low class? Would prices of every day goods rise? Would Fiat currency even be worth anything? Or would we just have a lot of new money in an otherwise unchanged society?

(Hopefully) obviously, this post is purely hypothetical and in reference to John McAfee's prediction.

$1m per coin in just 2 years would mean there are a lot of problems in the world economy and that a million wouldn't be worth much imo.
1 million in 15-20 years would be some kind of natural growth where I assume it would be worth something. But such a value in 24 months would be a catastrophe. So I'm talking about very strong inflation here. Therefore Bitcoiners wouldn't be the new super rich class.

I agree hyperinflation can happen globally. Even if you are holding .30BTC you can now be considered a millionaire by some countries. If a lot of cryptocurrency holders become millionaires in just 3 years the value of fiat would diminish as Bitcoin hitting a million dollars or even near it will make easy money for this holders and would basically devalue fiat right away. But realistically speaking what would trigger BTC to go up that high? The only situation I am thinking of possibly is all of the fiat currency has faced devaluation which I think isn't possible as the value of their money is a reflection of their economy and as of right now I don't see any major threat on the global economy.

[Samarkand]

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$1m per coin in just 2 years would mean there are a lot of problems in the world economy and that a million wouldn't be worth much imo.
1 million in 15-20 years would be some kind of natural growth where I assume it would be worth something. But such a value in 24 months would be a catastrophe. So I'm talking about very strong inflation here. Therefore Bitcoiners wouldn't be the new super rich class.

Interesting post!

However, we really have no idea how Bitcoin will react to a serious financial crisis in the real world.
It was founded after the financial crisis of 2008 and therefore has not been around during a real
recession.

Many people believe that the next financial crisis will be much worse than the last one, because the problems of the financial
crisis of 2008 were never really solved and central banks around the world intervened to an unimaginable extent.

[jossiel]

Taking the prediction of McAfee seriously?

That's given that millionaires and billionaires will come out and will take over the media and will tell on how it is great to become that wealthy through bitcoin.

If that prediction will happen then bitcoin will be like a way to distribute the wealth of the elites to the people who owns it.

[Fuhre]

what will happen is the pleasure of everyone or the user seeing the price reach its peak, but I do not think that will happen, dude. look, the recent decline. do you think it's potentially good for 2020 later? certainly not, is not it! according to me in the year 2020 the price will be normal and only increased slightly, but at least it will be better. too early to discuss the price will reach $ 1 million during such situations.

[Lucius]

For start I think it's completely unrealistic that something like that happens in next 2 years, and even if BTC reach that price for how long it will stay there since nobody will hold, but just try to sell it as soon as possible. Imagine miners find block and earn 12,5 million $ for that, that will be insane...

Most of crypto community would be very happy with a one 0 less in year 2020, so 100 000$ per BTC would be great price, and because of that I more belive in Tim Draper prediction when he say 250 000$ by the 2022.

Too fast growth can only harm BTC, but most people just want to profit from cryptocurrency - If you ask users simple question : "Do you want to BTC hit 1 million $ and stay there few days, but after that game is over?" I believe that the majority will said yes, so only looking in price is wrong way of thinking.

[aso118]

For start I think it's completely unrealistic that something like that happens in next 2 years, and even if BTC reach that price for how long it will stay there since nobody will hold, but just try to sell it as soon as possible. Imagine miners find block and earn 12,5 million $ for that, that will be insane...

In that scenario, the hashing power required to find a block will be enormous. Mining has become industrialized now and if the price increases further, the extent of industrialization would increase too. It would only be a mining pool that finds the block reward, and the $12.5Mn would be split between all the members of the pool. So the individual contributors to the pool would probably receive an amount which is not very different from what they do today.

[BartS]

Obviously if this happens, a lot of new millionaires, billionaires and maybe even trillionaires will be born. Do you think this would have a large impact on society? Would this cause nocoiners to become the new low class? Would prices of every day goods rise? Would Fiat currency even be worth anything? Or would we just have a lot of new money in an otherwise unchanged society?

(Hopefully) obviously, this post is purely hypothetical and in reference to John McAfee's prediction.

In my opinion there are only two ways in which this could happen, in the first the scenario we will be in the biggest bubble of all time where money from many different industries is diverted to bitcoin and other cryptocurrencies, at that point you should expect a big crash that will probably destroy the economy of the world, the second scenario is that the economy first enters in a crisis, then governments begin to print currency as fast as they can and then bitcoin begins to gain value very rapidly since now there is more money chasing after it, in this case the economy also crashes but now bitcoin is not the cause.

[BUK2016]

Obviously if this happens, a lot of new millionaires, billionaires and maybe even trillionaires will be born. Do you think this would have a large impact on society? Would this cause nocoiners to become the new low class? Would prices of every day goods rise? Would Fiat currency even be worth anything? Or would we just have a lot of new money in an otherwise unchanged society?

(Hopefully) obviously, this post is purely hypothetical and in reference to John McAfee's prediction.

If that happen it will really bring out so many millionaire and Billionaires all from crypto currency and if that happen, so many people will regret for not buying Bitcoin or investing in crypto currency before the skyrocketed of the value of Bitcoin.