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

[batang_bitcoin]

Millennials will be the new young millionaires for this generation. Go back to the past and see how many people doesn't believe and it's a question when someone asks if bitcoin would hit $1,000. It may be possible for some and others won't believe, it's hard to say if the prediction would be accurate or not. But if by chance this comes to us

Do you think this would have a large impact on society?

Definitely.

Would this cause nocoiners to become the new low class?

Not really, there are no coiners who are rich enough.

Would prices of every day goods rise?

If bitcoin hits $1,000,000 then world's economy is likely to get affected but it doesn't mean everyday goods will rise.

Would Fiat currency even be worth anything?

Fiat will remain and its worth will be there.

Or would we just have a lot of new money in an otherwise unchanged society?

A lot of money from the well known wealthy people will be allocated to the holders. 

[bintangkejoraku]

of course there will be many people who own a luxury car and a very grand house. but I'm not sure bitcoin will reach $ 1 million by mid 2020.

[poplolnman]

Noo of course not , I've many times told you guys that during the process , you'll sell your Bitcoin not even when it's reach $200k , 10x from current price and I believe there would only few people who stick holding Bitcoin , which means there might only 5 -20 new millionaire , the rest of it regretting to sell Bitcoin too early , it's like a loop.

[vickybitcoin]

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.

Year 2020 is a long way to go..a lot could happened in just a minute in the crytocurrency world. But i only hope the best for the years to come. No one can actually say for sure what will happened in the future  but I have positive thoughts in the coming years for this industry.

[richan]

And what will cause Bitcoin to hit 1 million USD in just less than 3 years , taking into consideration the negativity from media , government and financial authorities about bitcoins, I don't think it can reach that price. But if it reaches , either sooner or later, then 1 satoshi can be worth 10 USD.

[Ararbermas]

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.

basically. But in my view only those experts will become millionaire if that times happen which is those who are expert doing technical analysis in specific ways. 'cause most new holders nowadays always panic sell when there's a temporary scenario because of being have no enough knowledge how to observe the pattern of growth rate in the graph so that they can build new Strategy or even to prevent panicking.  

[vit05]

We would have a much higher demand for watches costing $ 850k. We would have full media attention, and anyone without a fraction would call it madness. We would have several politicians trying to ban it. No one else would sell and in less than a week would already be worth 10 million.

[steveabrahams]

If bitcoin really hit $1m by 2020, i'm sure people will invest more on bitcoin and maybe bitcoin will become the next gold. It's seems impossible though, hit $1m by 2020, it means we have 2 more years to reach that which is impossible. The bitcoin price can't even hit 15k-20k again in this year.

[bitcoin31]

I don't think the price of the bitcoin become $1 million because that price is unreslistic because many peoplr will become billionaires easily and if you have only 1 bitcoin you are millionaire. We need to reach the price become very high like 50k dollars before that.

[miyaka26]

All in all, it is just a prediction, not the exact thing that will happen on 2020, original bet is $500,000 by 2020 then he changed it to $1M if he loses then he will eat something out of the national TV, well he will forget that bet obviously if bitcoin did not hit that price prediction, the progress of the price is not reasonable for that prediction, yes we know that it is unpredictable but we should realistically form a hypothesis.

[1Referee]

I don't think the price of the bitcoin become $1 million because that price is unreslistic because many peoplr will become billionaires easily and if you have only 1 bitcoin you are millionaire. We need to reach the price become very high like 50k dollars before that.

You have no vision. You don't understand how insanely small and non liquid this market is. At some point when the majority of the coins are stored offline for many many years (which is a process already taking place), just like how Gold is being stored for decades, the number of circulating coins might drop below 1 million. What happens if hundreds of billions in fresh capital tries to buy from a pool that contains less than 1 million coins?

Don't ever underestimate something this groundbreaking with a finite total coin supply. It's not like Gold where we don't even know how many non declared holdings there are. Bitcoin's open nature allows everyone to see and review everything whenever we want. People owning 1BTC will become very wealthy in the long run, which is exactly why you shouldn't sell any of your coins for fiat. It makes zero sense.

[carriebee]

If bitcoin really hit $1m by 2020, i'm sure people will invest more on bitcoin and maybe bitcoin will become the next gold. It's seems impossible though, hit $1m by 2020, it means we have 2 more years to reach that which is impossible. The bitcoin price can't even hit 15k-20k again in this year.

Many predictions on prices about bitcoin and when we say if it will hitted to 1m ofcourse many billionaires could experience this. Yes that's the problem it can't even go to $20k so many months to end this year. And we don't know what will happen this year 2018 and onwards.

[eann014]

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's happen then for sure a lot of millioners were born but I think the goods will stay on its price because bitcoin is not owned by the governments. Fiat will still have it's own value. Hopefully I am also holding some bitcoin when that's happen.

[qwertyup23]

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.

basically. But in my view only those experts will become millionaire if that times happen which is those who are expert doing technical analysis in specific ways. 'cause most new holders nowadays always panic sell when there's a temporary scenario because of being have no enough knowledge how to observe the pattern of growth rate in the graph so that they can build new Strategy or even to prevent panicking.  

Considering that bitcoin has indeed, reached the price of $1,000,000 by 2020, there will be an influx of individuals who will become millionaires ASSUMING that they stored and kept their bitcoins and aimed for this situation. Like what you mentioned, a lot of individuals panic-sell their cryptocurrencies whenever its price decreases (due to various reasons like government prohibition and bans, etc.). Instead of turning the scenario into an opportunity to gain more, they see it on a negative aspect wherein they sell their coins and create threads about the doomsday of bitcoin.

Again, inflation may occur depending on the scope of individuals it covered per country. Assuming that countries will continue the utilization of bitcoin and it is legally acceptable relatively, a sword of Damocles would hang in the value of fiat. Individuals would aim to acquire bitcoin- ultimately decreasing the value of fiat and gold (which dictates its value per country).
I doubt that this would happen since government intervention may occur before this happens. Banks would predict this kind of outcome and will respectively create contingencies to prevent this situation from happening.

[jostorres]

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.

His wisdom is on stake and either could be case as you have mentioned. May be he is doing all this just for the sake of attention or he knows something of inner world. Let us hope for best and if we keep supporting bitcoin, I think there are probably much chances for it to reach 1 million dollars. We need to anyways support bitcoin at peak so that we may make money ultimately by showing patience.

[okala]

The holders will become the controller and determination of both internationals and local politic.  Bitcoin price of $1,000,000 will create for the world a new wealthy people  from us and buying and holding it now should be the wise things to do.

[Wind_FURY]

And what will cause Bitcoin to hit 1 million USD in just less than 3 years ,

I believe the halving will cause Bitcoin to reach a 6 figure price at least. It is not $1 million, but it is still high.

It is a win-win because we can also watch John McAfee eat his own penis while we "new rich" people can rub coins on our titties at the same time. Hahaha.

taking into consideration the negativity from media , government and financial authorities about bitcoins, I don't think it can reach that price.

Yes the negativity and the FUD can make the people panic, affecting the price. But it does not do anything over the very long term price where Bitcoin is going.

To prove that, get a chart and zoom out to the maximum.

But if it reaches , either sooner or later, then 1 satoshi can be worth 10 USD.

Then all transactions must be on the Lightning Network.

[danim1130]

Well I think people had bitcoin in this year and if they sell all of their bitcoins in this year also they will regret it at that time and how much money could they had at the time bitcoin hit $1M. The value in that time is so good but we can't estimate the Fee's at the same time per transactions.

[St4yInTh3D4rk]

Well I think people had bitcoin in this year and if they sell all of their bitcoins in this year also they will regret it at that time and how much money could they had at the time bitcoin hit $1M. The value in that time is so good but we can't estimate the Fee's at the same time per transactions.

If that bitcoin value reaches $1M then the number of transactions will get increased which may imcrease the transactionfee also.But if the LN network implemented before that then there will be no problem even if number of transaction hyped because the transactioms will happen faster at that time.

[djpitagora]

let me put the question into context for all you dreamers: in order to mine 1 bitcoin in average in the world you need to spend about 5000$ in electricity. In China it's 4000$, Ukraine 1000$, ...

Do you think any kind of "thing" produced for 5000$ can be sold for 1 million $? Even in a short term bubble? Who is the idiot that will spend 1 million dollars instead of just 5000 for 1 btc?

You are welcome. You can stop daydreaming now