Bitcoin Must Hit $213,000 to Replace US Money Supply!

[Thadeous]

According to Cointelegraph:

UBS: Bitcoin Must Hit $213,000 to Replace US Money Supply

Zurich-based investment bank and financial services company Union Bank of Switzerland (UBS) has said that the Bitcoin (BTC) price must hit nearly $213,000 to replace U.S. money supply, Bloomberg reported August 2.

According to Bloomberg, a new report by UBS suggests that BTC cannot currently be considered money or a viable asset as its versatility is stymied by the capacity constraints of the BTC network.

Read more here: https://cointelegraph.com/news/ubs-bitcoin-must-hit-213-000-to-replace-us-money-supply

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[dothebeats]

If the goal of bitcoin is to replace fiat, that is. However, it has been discussed multiple times that bitcoin wouldn't be ultimately replacing any fiat in existence due to its deflationary nature. Aside from that, no central authority could ever handle bitcoin due to its decentralized network; if one nation is to assume control of bitcoin, this nation would ultimately break the integrity of all coins in existence, resulting into the fall of bitcoin. Assuming that bitcoin reaches $213,000 as reported by UBS, it only comes on par with the total money supply of the US, but will not be able to replace it.

[millgates]

I dont think so, bitcoin will not replace any currency. Bitcoin will only become an alternative currency for online transaction. Although bitcoin is getting popular but its only popular among rich people, geeks, smart people, open minded people and speculative investors, so not among ordinary people, they afraid about loss money in bitcoin so they leave it.

[Thadeous]

My guess is that the word "replace" was used in comparison context.
If Bitcoin hits $213K, its CAP will reach about $3.6T, which makes Bitcoin comparable to other world fiat currencies, like USD, EUR or CNY.
And probably some day one of existing coins will join the world currencies.

[KingScorpio]

According to Cointelegraph:

UBS: Bitcoin Must Hit $213,000 to Replace US Money Supply

Zurich-based investment bank and financial services company Union Bank of Switzerland (UBS) has said that the Bitcoin (BTC) price must hit nearly $213,000 to replace U.S. money supply, Bloomberg reported August 2.

According to Bloomberg, a new report by UBS suggests that BTC cannot currently be considered money or a viable asset as its versatility is stymied by the capacity constraints of the BTC network.

Read more here: https://cointelegraph.com/news/china-university-it-research-institute-partners-to-form-blockchain-research-center

it still wont have social acceptance, it doenst even has a lot beyond the bitcoin sect.

[KingScorpio]

My guess is that the word "replace" was used in comparison context.
If Bitcoin hits $213K, its CAP will reach about $3.6T, which makes Bitcoin comparable to other world fiat currencies, like USD, EUR or CNY.
And probably some day one of existing coins will join the world currencies.

stupid banksters are just calculating stupid fantasies, no way bitcoin can replace the entire fiat system. most it can become is a media hoax. i doubt it will be used daily a lot.

[Kprawn]

According to Cointelegraph:

UBS: Bitcoin Must Hit $213,000 to Replace US Money Supply

Zurich-based investment bank and financial services company Union Bank of Switzerland (UBS) has said that the Bitcoin (BTC) price must hit nearly $213,000 to replace U.S. money supply, Bloomberg reported August 2.

According to Bloomberg, a new report by UBS suggests that BTC cannot currently be considered money or a viable asset as its versatility is stymied by the capacity constraints of the BTC network.

Read more here: https://cointelegraph.com/news/china-university-it-research-institute-partners-to-form-blockchain-research-center

I think you quoted the wrong article.   This is the article you should have quoted :

https://www.bloomberg.com/news/articles/2018-08-02/bitcoin-needs-to-hit-213-000-to-replace-money-supply-ubs-says

Also, look at what needs to be replaced for it to need to be worth $213,000 per bitcoin... I quote :

" For Bitcoin to replace U.S. money supply -- paper bills, coins, travelers’ checks and the like -- its price could need to hit nearly

 $213,000, or its network’s processing capabilities would need to dramatically improve, a new report by UBS found."

[esetop01tryba]

This is strong news and very interesting but I think that bitcoin serovno not remove Fiat money from the world, and in fact it is unsafe !

[12tribes]

The idea of algorithmically finding what the bitcoin should be to replace the dollar is not in the interest of fiat and world users. The provide of bitxoin alone is not and cannot be the sole and single reason to what must be before the dollar disappears. Matter of factly, the bitcoin even above the stated price will not remove the dollar. The high price of bit coin may not be realistic as that money equivalent in dollars will make many stupendously rich and create a reverse effect on the economy.

[mk4]

How is bitcoin reaching a certain price "replacing" the US dollar? The only way for bitcoin to replace the US dollar is if significantly more people are using BTC compared to USD or if the United States government declares BTC as the United States' official currency(which we know is extremely unlikely). BTC can be $5 million dollars each and still not replace USD. Or am I missing something here?

[Thadeous]

I think you quoted the wrong article.   This is the article you should have quoted :

https://www.bloomberg.com/news/articles/2018-08-02/bitcoin-needs-to-hit-213-000-to-replace-money-supply-ubs-says

Also, look at what needs to be replaced for it to need to be worth $213,000 per bitcoin... I quote :

" For Bitcoin to replace U.S. money supply -- paper bills, coins, travelers’ checks and the like -- its price could need to hit nearly

 $213,000, or its network’s processing capabilities would need to dramatically improve, a new report by UBS found."

Heh, thank you! Just updated original post.

[GeorgiyBilyk]

there will be a very good price if it costs so much! many investors are waiting for the upkeep of bitcoins above 100,000! if you look at the graphs, you can see how bitcoin always grows up, just as there are corrections! already many analysts talk about the price above 100,000! we have only to wait, and then take your profit!

[ralle14]

Those guys from the UBS are thinking too much about Bitcoin. If Bitcoin hits $200k just to break even with USD that's just one thing there's more that needs to be done before Bitcoin starts replacing any fiat. I agree with mjglqw I too don't think the government would allow this to happen. The price of Bitcoin can be anywhere high or low if it's not going to be used or accepted by the majority then it's not going to replace anything.

[Thadeous]

Those guys from the UBS are thinking too much about Bitcoin. If Bitcoin hits $200k just to break even with USD that's just one thing there's more that needs to be done before Bitcoin starts replacing any fiat. I agree with mjglqw I too don't think the government would allow this to happen. The price of Bitcoin can be anywhere high or low if it's not going to be used or accepted by the majority then it's not going to replace anything.

Well, speculations are not prohibited, and as we experienced a number of times, work pretty well on unstable crypto markets.
We need to keep in mind that Bitcoin is more a digital asset than a currency, so it's same as if someone says that shares or derivatives will replace fiat one day.

[Jansaa]

I can not, Bitcoin can not replace the USD!
Bitcoin and altcoin need more time to become money!

[Ortintin1]

I can wait for this to happen. Besides Thats like a 3000% increase frm now

[djcounter]

In my opinion, Bitcoin will never ever hit this price. Bitcoin is not a replacement. it's a complement.

[cellard]

Why would we want Bitcoin to replace the US fiat currency? All this would do is keep it under extreme regulation, constatn government interference and third parties trying to devalue it for their own business needs.

The point of Bitcoin is that they cannot do any of the above. How are they going to "extremely regulate bitcoin"? and what constant government interference are you talking about?

Again, why people seem to be mistaking exchanges like Coinbase and other things that aren't bitcoin as something that is part of Bitcoin?

As long as you can send money from A to B without asking anyone about it, Bitcoin is working regardless of what your favorite jurisdiction had to say about the fact. As long as this is the case, Bitcoin is undervalued compared to your favorite fiat currency.

[Sandus_Cryptolover]

It will take some much time and lot of regulations for bitcoin to hit $213,000 let alone reply fiat currency. It wouldn't be an easy task at all. But then I've come to understand that in Cryproworld, anything is possible.

According to Cointelegraph:

UBS: Bitcoin Must Hit $213,000 to Replace US Money Supply

Zurich-based investment bank and financial services company Union Bank of Switzerland (UBS) has said that the Bitcoin (BTC) price must hit nearly $213,000 to replace U.S. money supply, Bloomberg reported August 2.

According to Bloomberg, a new report by UBS suggests that BTC cannot currently be considered money or a viable asset as its versatility is stymied by the capacity constraints of the BTC network.

Read more here: https://cointelegraph.com/news/ubs-bitcoin-must-hit-213-000-to-replace-us-money-supply

[Taki]

there will be a very good price if it costs so much! many investors are waiting for the upkeep of bitcoins above 100,000! if you look at the graphs, you can see how bitcoin always grows up, just as there are corrections! already many analysts talk about the price above 100,000! we have only to wait, and then take your profit!

No matter how much bitcoin will cost it already can be counted as world changing invention. Add to that I guess replacement of fiat wasn't the target of Satoshi Nakamoto, the main idea of bitcoin is to give people an alternative way of monetary system, without the influence from the side of bank and government.