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

[Samarkand]

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

Electricity is not the only cost in mining a Bitcoin. If it were that easy everyone would
just mine their own BTC.

You forgot that the difficulty of mining BTC increases all the time. E.g. years ago you
could successfully mine a block using your own CPU. These days you won´t mine a single block
if you don´t have a data center full of the newest ASICs.

Even if you have a data center full of ASICs (that also cost money) you will run them 24/7 and
not mine a block for days, because the mining market is so competitive.

In a year the average cost of mining a single Bitcoin will probably be 8000 $ or more, because
of the rising difficulty.

[BartS]

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.

The truth is that it is very easy to be an armchair general and say that you are going to hold your bitcoins no matter what, but the truth is it is going to be very difficult to hold your coins, each time the price goes up the temptation to sell will be enormous, while many complain about how the early adopters got a huge advantage and got a huge amount of coins the truth is very few of them are still holding all the coins that they held at the beginning they have probably sold the majority or even all their coins already, and anyone still holding his coins is probably doing for reasons other than money.

[Aveatrex]

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.

I think if Bitcoin some day hit $1m it won't stand long in that level as every holder would like to cash out his earnings (As any millionaire would do) and thus the price would decrease almost in time.As usual,media would start talking about it's huge pump (and potentially spread fud as we are used to),at that stage fiat currency would see a big decrease in value too.
But meh,I don't think countries will let Bitcoin go that far,if you know what I mean

[Zicadis]

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.

Well this is likely to bring in a whole range of different problems, banks would freeze some accounts based on account activity

and knowing crypto supporters are spread out everywhere around the world this wouldn't affect prices of goods and services as people won't be spending their funds immediately and if they/we do most likely this would be for things like real estates, new cars or possibly reinvestment...so not much of a direct impact on society.

[gabmen]

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.

Well this is likely to bring in a whole range of different problems, banks would freeze some accounts based on account activity

and knowing crypto supporters are spread out everywhere around the world this wouldn't affect prices of goods and services as people won't be spending their funds immediately and if they/we do most likely this would be for things like real estates, new cars or possibly reinvestment...so not much of a direct impact on society.

Well i don't think anyone holding a significant amount of bitcoins would dare deal with banks anymore if indeed the price goes up to mcafee levels. Though i'm not quite convinced yet how the guy's that confident about btc in such a short amount of time. Of course a lot of people, icluding me, would be extremely happy if that happens and the guy won't need to eat his own manhood, but i don't see how it'll work

[Wind_FURY]

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.

Well this is likely to bring in a whole range of different problems, banks would freeze some accounts based on account activity

and knowing crypto supporters are spread out everywhere around the world this wouldn't affect prices of goods and services as people won't be spending their funds immediately and if they/we do most likely this would be for things like real estates, new cars or possibly reinvestment...so not much of a direct impact on society.

Well i don't think anyone holding a significant amount of bitcoins would dare deal with banks anymore if indeed the price goes up to mcafee levels. Though i'm not quite convinced yet how the guy's that confident about btc in such a short amount of time. Of course a lot of people, icluding me, would be extremely happy if that happens and the guy won't need to eat his own manhood, but i don't see how it'll work

Which one, Bitcoin reaching $1,000,000 per coin or John McAfee eating his own penis? I believe he can hire a contortionist. It would be much cheaper than spending billions to pump Bitcoin to the moon. Hahaha.

[wuvdoll]

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.

We sure may not know what could happen but at the same time, anything is possible. $1m may end up possible in the long run, but I am not sure yet if it is something that is possible to achieve by mid-2020. I would be amazed though to see this come into reality. The fact that we are in a bear trend now, does not mean we cannot eventually switch back into a bull trend in the long term, but however it is, I guess we will just have to see.

[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

Electricity is not the only cost in mining a Bitcoin. If it were that easy everyone would
just mine their own BTC.

You forgot that the difficulty of mining BTC increases all the time. E.g. years ago you
could successfully mine a block using your own CPU. These days you won´t mine a single block
if you don´t have a data center full of the newest ASICs.

Even if you have a data center full of ASICs (that also cost money) you will run them 24/7 and
not mine a block for days, because the mining market is so competitive.

In a year the average cost of mining a single Bitcoin will probably be 8000 $ or more, because
of the rising difficulty.

I have 2 words for you: mining pool

Even it it costs 8k to mine 1 BTC my point stands. It's never going to be worth much more simply because you have a choice: mine or buy. It's stupid to buy at 1 million when you can mine at 8k.

[EdenHazard]

I know Jhon McAfee, someone who love cryptocurrency and he has invited many people jump in to cryptocurrency world, and he always awaken the cryptocurrency user to always hold when the market price of cryptocurrency decreased, especially bitcoin. By the way I am follower Jhon McAfee on twitter.

But I have a bit of a distrust when he have predicted bitcoin prices will touch $1M, something that will be difficult to happen within two years. Regulation is a thing that should be noticed by someone who have investment in cryptocurrency. There is many country which does not have the same gaze of using bitcoin or cryptocurrency as a whole.

But by relying on miracles I am sure many will be millionaires or even billionaires if $ 1M is able to achieve by bitcoin.

[Nazmul012]

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.

want to say, although whatever you have written it may so ridiculous for some people who dont have proper idea about cryto
 but it can be happen 2020, if it will happen tomorrow then i am not gonna surprise.
 cause already a lot of new millionaires, billionaires and even trillionaires are exist due to the incredibility of bitcoin
 and so its verily possible to Would this cause nocoiners to become the new low class and Every thing would  be change and so on.
dont want to add more, just lets see what will hapeen

[bocyaj]

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 bitcoin hit $1m by mid-2020,lot of new millionaires, billionaires and maybe even trillionaires will be born.If that happen,it change the entire society.The people have their savings will became the richest person.The people who don't know about crypto currency will badly affect.If they reduce to lower class from upper class,there is no surprise in that.

[romero121]

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 bitcoin hit $1m by mid-2020,lot of new millionaires, billionaires and maybe even trillionaires will be born.If that happen,it change the entire society.The people have their savings will became the richest person.The people who don't know about crypto currency will badly affect.If they reduce to lower class from upper class,there is no surprise in that.

Agreed, based upon the holding each and every user will get turned as billionaires and so on. With the growing market this is achievable, and in particular the halving by the year 2020 will support for a massive growth. Else, if there is no growth, we might be just speculating in a positive manner expecting good growth which might push the price forward to some level.

[Pattberry]

Well i don't think anyone holding a significant amount of bitcoins would dare deal with banks anymore if indeed the price goes up to mcafee levels. Though i'm not quite convinced yet how the guy's that confident about btc in such a short amount of time. Of course a lot of people, icluding me, would be extremely happy if that happens and the guy won't need to eat his own manhood, but i don't see how it'll work

Which one, Bitcoin reaching $1,000,000 per coin or John McAfee eating his own penis? I believe he can hire a contortionist. It would be much cheaper than spending billions to pump Bitcoin to the moon. Hahaha.

That is a good one  John McAfee will be hiring someone to do something because it is not going to happen anytime soon, the chances are highly unlikely and i give a zero chances to reach anywhere near those valuations in the next ten years, argument case let us suppose that the price will reach those values, it will never change anyone else other than the early investors.

[eaLiTy]

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

Since you wanted to be a smart ass, lets get a clarification on the valuation of paper money, how much does it cost to print paper currency and do you usually convert that to know the intrinsic value of a product and why does everyone brings that up as if the price of bitcoin should be around the price of the coins mined, the valuation depends upon the number of coins in the market and the demand and it is not dependent on the amount of energy used to mine a coin.
Looking at the market now it is highly unlikely to see those valuations but anything is possible with the price.

[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

Since you wanted to be a smart ass, lets get a clarification on the valuation of paper money, how much does it cost to print paper currency and do you usually convert that to know the intrinsic value of a product and why does everyone brings that up as if the price of bitcoin should be around the price of the coins mined, the valuation depends upon the number of coins in the market and the demand and it is not dependent on the amount of energy used to mine a coin.
Looking at the market now it is highly unlikely to see those valuations but anything is possible with the price.

there is a big difference between paper money and bitcoin. You can't print paper money but you can mine BTC. Dollar bills don't have a production cost only the goverment can make them so it's a moot point.

Not trying to be a smart ass but please enlighten me: why would I but a BTC with a price 10, 100, 1000 times higher then it would cost me to produce one? It's basic market economy. Unless there is a crazy reason that will compel people but buy BTC at a way faster rate then you can produce it, the price has no way to rise....

[BTCappu]

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.

We sure may not know what could happen but at the same time, anything is possible. $1m may end up possible in the long run, but I am not sure yet if it is something that is possible to achieve by mid-2020. I would be amazed though to see this come into reality. The fact that we are in a bear trend now, does not mean we cannot eventually switch back into a bull trend in the long term, but however it is, I guess we will just have to see.

Dollar one million is a huge amount, it is a million not a thousand and for reaching one million, bitcoin at least needs support from one third of the world and it is not going to happen by the mid of 2020. It is good to expect big from bitcoin but at the same time, not cool to get unrealistic and fantasize things that don’t give you anything practical except for few moments of happiness. In short, no vote from my side.

[carriebee]

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

Since you wanted to be a smart ass, lets get a clarification on the valuation of paper money, how much does it cost to print paper currency and do you usually convert that to know the intrinsic value of a product and why does everyone brings that up as if the price of bitcoin should be around the price of the coins mined, the valuation depends upon the number of coins in the market and the demand and it is not dependent on the amount of energy used to mine a coin.
Looking at the market now it is highly unlikely to see those valuations but anything is possible with the price.

Yes anything is possible with the price but if this could happen many users will truly be surprise and happy with their investment. Bitcoin price is so surprising so were love to make it happen in these market of volatile prices.

[BartS]

I think if Bitcoin some day hit $1m it won't stand long in that level as every holder would like to cash out his earnings (As any millionaire would do) and thus the price would decrease almost in time.As usual,media would start talking about it's huge pump (and potentially spread fud as we are used to),at that stage fiat currency would see a big decrease in value too.
But meh,I don't think countries will let Bitcoin go that far,if you know what I mean

It is very unlikely we are going to reach the price of one million anytime soon, if the price reached 40k or 50k people will begin to cash out, so bitcoin will not have a chance to even get close to that price, now that does not mean that the price will not be reached at some point in the distant future but people need to stop dreaming those prices will be reached soon and even if it did that will be a sing that something is terribly wrong with the economy and I will have more things to worry than the price of bitcoin.

[GoldenLad]

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.

Do not over estimate the price of bitcoin, $1millon in 2020 id sort if too much. And surely investors whom are holding bitcoin then if it will ever hit that price will be rich but yet that price is too much cause 2020 is just an additional 2 years from now. You shouldn't take whatever McAfee has to say very serious. He is good at speculating.

[dewi91]

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.

yes I agree that will never to happen especially in 2 years later. how can bitcoin hit $ 1m in 2020 whereas to hit 20k again is so hard to bitcoin. the price of bitcoin is not always increase and we should expect with possible value, so we can make the target to sell our bitcoin.