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

[OrangeSeller]

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.

Apparently, those who are taking the advantage today and those who are really trying their best to at least hold up to a bitcoin. Generally, this is not something I think can ever happen in the mid 2020 as OP implied, but since he said IF, I guess the only thing that would happen is to see the space to have grown more than it is right now. No one could have thought that in a single year, bitcoin could actually attain more than x20 anyway, so anything is possible.

[neonshium]

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.

Nothing much except popping some bottles just to celebrate our success story so far. However, that would really be some pretty crazy moment to look forward to considering the number of the people here so far are also going to end up millionaires in the long run.

The impact on the society would only be based on those who are the early adopters and how they end up making use of their new found wealth, so one cannot say categorically if it would have a certain impact or not.

[redsun114]

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.

https://bitcointalk.org/index.php?topic=3947472.msg37682330#msg37682330

Apparently, that is one thing that would be crazy to see as some people may not actually end up believing their eyes and the crypto market by then would have gotten so huge and we the adopters who got in early will be having the best of the day in such scenario. Never worry bro, there is still enough of time before we even get there and the little you can start piling up now, can still amount to something pretty huge tomorrow, as long as you do not give up.

[darkangelosme]

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.

Wow! How i wish by that time i had also at least 2 bitcoin, i could be a instant millionaire also . And yes i think it will have a big impact to our society by this time, the less fortunate people like me could have a small to get financially independent.

[fabiorem]

Theres a dish called "dick", thats what McAfee will eat in 2021. He will prepare it on the television and will eat it.

For 1 million we need 20% adoption. We currently have less than 0.2%. This cant happen in three years, specially in a highly speculative market, where newbies burn everytime.

[gabmen]

Theres a dish called "dick", thats what McAfee will eat in 2021. He will prepare it on the television and will eat it.

For 1 million we need 20% adoption. We currently have less than 0.2%. This cant happen in three years, specially in a highly speculative market, where newbies burn everytime.

Lol he may be feasting on that dish quite sooner since he predicted it to be in 2020. A more recent statement of his even said it can happen sooner than 2020. Though I see it as you do dude. Newbies comes in big numbers and they affect bitcoin' price heavily once they start panicking.

[BitHodler]

Theres a dish called "dick", thats what McAfee will eat in 2021. He will prepare it on the television and will eat it.

He will just deny having said that, or just try to talk it down in the way he was trolling or trying to be funny. In an interview with Patrick from Valuetainment he claims that he didn't say that in 2018 we would reach $78,000.

It was someone else having said that according to McAfee, while in the same interview they show a clip where he actually made that $78,000 prediction. It's nothing more than a joker.

Everyone can watch it here https://youtube.com/watch?v=WBgFGwJA1D0

If you only want to see the part about the $78,000 prediction, then fast forward to 48:10.

BUSTED! 

[Denker]

Theres a dish called "dick", thats what McAfee will eat in 2021. He will prepare it on the television and will eat it.

For 1 million we need 20% adoption. We currently have less than 0.2%. This cant happen in three years, specially in a highly speculative market, where newbies burn everytime.

He said so often that he will not lose this bet!
So I believe what is going to happen is that he will buy himself 1 Bitcoin for $1million! He will probably buy it from a friend or so.
Technically that's not cheating as no rules were made if a private deal will count or not.

[Clark05]

It will not happen because if that happen  many people become millionairr or some of them become billionaires and become like a billgates. The highest price of the bitcoin is only $100,000 and maybe it will not happen because bitcoin is in danger because most of the altcoin are better to bitcoin.

[fabiorem]

He said so often that he will not lose this bet!
So I believe what is going to happen is that he will buy himself 1 Bitcoin for $1million! He will probably buy it from a friend or so.
Technically that's not cheating as no rules were made if a private deal will count or not.

I'm certain he will do that. It will last for a few seconds, he will take a printscreen and then show he didnt lose his bet.

[krauzzer02]

Theres a dish called "dick", thats what McAfee will eat in 2021. He will prepare it on the television and will eat it.

For 1 million we need 20% adoption. We currently have less than 0.2%. This cant happen in three years, specially in a highly speculative market, where newbies burn everytime.

Then another Interview will roll out to question the bet about the $1M by the year 2020 speculation then he will say that he did not say that figures of prediction he will not remember a thing about that, even with the 78k prediction by the end of the year he did deny that statement how much more the eating dish of D on the national TV, you are right at the last part they did burn commonly with the weak handed and newbie people wondering to get rich very quickly.

[rat03gopoh]

Anyway it is an exciting news that some people find fun and alarming for others. At that time many new crypto users will arrive and some workers will retire earlier than their jobs. Maybe.

[XCANA]

Well, how i wish Bitcoin value will reach such height soon so that i will be amount the millionaire in Dollars.  Although is may lead to serious inflation in the economy because they will be much in the hand of people in the society which will increase their purchasing power and as such may lead to demand pull inflation in the economy.

[coincruncher1982]

It doesn't make sense to me why bitcoin would be worth a million when it won't cost a million to mine it.

[HaXX0R1337]

Wow! How i wish by that time i had also at least 2 bitcoin, i could be a instant millionaire also . And yes i think it will have a big impact to our society by this time, the less fortunate people like me could have a small to get financially independent.

Good luck becoming an instant millionaire in a short period of time  , first let us see the price of bitcoin reaching the last all time high valuation and then we will think about realistic price valuations before thinking about million dollar valuation, i do not expect the price to reach those valuation in the next ten to twenty years.

[magneto]

Well, first of all I don't expect this to be a realistic scenario. It may happen, if given more time than just a mere 2 years since adoption would grow and fiat would depreciate over tho long run, but it seems unlikely that this will happen all in the span of 2 years.

However, if it would happen, to me there are one of two possibilities:

1) Fiat hyperinflation globally causing the price to grow naturally as bitcoin is independent from fiat, and also a decentralised asset
2) Huge bubble in bitcoin markets, with herds of FOMO buyers.

Again, I don't see this happening. But I think that if it does happen, the first possibility is more likely. However, it's important to note that $1 million by then would be worth a small percentage of what it is worth right now.

[wdnj]

Theres a dish called "dick", thats what McAfee will eat in 2021. He will prepare it on the television and will eat it. 

For 1 million we need 20% adoption. We currently have less than 0.2%. This cant happen in three years, specially in a highly speculative market, where newbies burn everytime. 

Then another Interview will roll out to question the bet about the $1M by the year 2020 speculation then he will say that he did not say that figures of prediction he will not remember a thing about that, even with the 78k prediction by the end of the year he did deny that statement how much more the eating dish of D on the national TV, you are right at the last part they did burn commonly with the weak handed and newbie people wondering to get rich very quickly.

That’s more than enough mate so much rise in 3 years can only be possible in one way that is if whole world adopt bitcoin and declare it as global currency and usage if cash become extent and then maybe a chance that price go so much higher and on that time people who are buying today if they will hold till then they will be the richest person of that time price will cross million but not so earlier it will take time.

[shesheboy]

Theres a dish called "dick", thats what McAfee will eat in 2021. He will prepare it on the television and will eat it. 

For 1 million we need 20% adoption. We currently have less than 0.2%. This cant happen in three years, specially in a highly speculative market, where newbies burn everytime. 

Then another Interview will roll out to question the bet about the $1M by the year 2020 speculation then he will say that he did not say that figures of prediction he will not remember a thing about that, even with the 78k prediction by the end of the year he did deny that statement how much more the eating dish of D on the national TV, you are right at the last part they did burn commonly with the weak handed and newbie people wondering to get rich very quickly.

That’s more than enough mate so much rise in 3 years can only be possible in one way that is if whole world adopt bitcoin and declare it as global currency and usage if cash become extent and then maybe a chance that price go so much higher and on that time people who are buying today if they will hold till then they will be the richest person of that time price will cross million but not so earlier it will take time.

Bitcoin is actually already a global currency because there are now lots of countries are accepting the use of it. We dont also need to wait for the cash to become extinct in order to see the value of bitcoin to climb up to 1million usd or more because that is totally impossible to happen . cash wont ever be existed because cash is our primary source of payment medium . we cannot buy a crypto without the help of cash or regular money .

and i dont also believe that bitcoin could rich upto 1 million dollar because that is already questionable and probably will cause to turn into a bubble.

[Aristus]

I don't think the extent is possible, not even the possibility that bitcoin will hit up to $1m. Look,  if bitcoin will hit that price even if the price will hit atleast $500000 this can not be healthy for the community of bitcoin because this will stop to the community to have an access for it and could be the start of the biggest fall of bitcoin and for the investors. But if bitcoin manage to stop the volatility and have a consistent upward, I think this will be great.

[n0ne]

1M seems a big thing to be reached, still we don't know what happens in the future when there is an increase in demand and decrease in supply as the production through the mining gets halved at certain time interval. To me 2020 is a big year that's been under hard expectation long back itself. With this I strongly say that, a massive growth will happen by 2020 and it won't take it to 1M