Bobby lee predicts Bitcoin price to reach $1 Million in a Decade

[Harrydose]

https://i.imgur.com/PQepsPk.png

Bitcoin market cap is $160 billion whereas gold standing unbending at $ 8 trillion marketcap, in spite of a huge separation in the worth level, Lee feels that by 2028 the game would totally switch and BTC will supplant gold in each perspective.

He says

“I predict the flippening will happen within 9 years and $ BTC will shoot up past USD $500,000 “


Lee feels that the constrained market supply and a fixed number will be the key patron having a noteworthy influence to support up BTC value in 10 years. He guarantees that the BTC cost will be significantly increased in only 10 years. Not at all like gold which can be drawn through mines, the unequivocal number of BTC will make it more rare and significant than gold.

Source: TheCoinRepublic

[mk4]

I mean, most of us here are bullish on bitcoin long term, but seriously, price predictions are getting really really old. It's a shame that these "crypto news sites" are giving them too much publicity.

This will just be added to the ever growing list of failed price predictions.

[buwaytress]

Wish he wouldn't have said flippening. That word has been the death of ETH haha. People should know better than to make projections fit the model and price they want to see. I'm loving my Bitcoin, and I'd love it if it became $1 million, but you know what people haven't also projected with all these dollar valuations?

How much purchasing power will $1M have in a decade? If all these fiat problems come true, could it be that dollar also will be a fraction of today's purchasing power?

Anyway, I'm getting confused by the Lees in these space. Need a bearish Lee to get the market truly flowing.

[PointHope]

I mean, most of us here are bullish on bitcoin long term, but seriously, price predictions are getting really really old. It's a same that these "crypto news sites" are giving them too much publicity.

This will just be added to the ever growing list of failed price predictions.

This prediction might actually be rather conservative after you consider the math, social demographics, and the many unique characteristics of bitcoin.

And of course we are currently witnessing outa control fiat bankster criminals leveraging 250+ trillions of unsecured phony money..

Put all those factors together and 500,000 or 1,000,000 might seem cheap. Especially given the no third party trust/permission aspects.

Especially as more people begin to realize that the Federal Reserve and World Bank are nothing less than government sanctioned robbery/slavery/murder by military decree...

[BrewMaster]

the way that the rise to $1 million is going to happen is going to be different from what we have seen so far. i believe we will see another similar roller coaster trend like all the previous times such as 2017, 2013, .... while price reaches above $100k and possibly more with a smaller retracement that time and then the "shoot ups" are going to be a lot bigger and it will happen in a much shorter period of time because by then (which would probably be in 5 years) people have realized the true nature of bitcoin seeing past all the FUD that they have been hearing for more than 10 years.

[1Referee]

He guarantees that the BTC cost will be significantly increased in only 10 years.

That's false information from Bobby's side as there are no guarantees in any market. I too strongly believe that the price will be waaaaaay higher in 2029/2030 but can I guarantee that? No. No one can.

I rather see him be outspoken about how he contributes to Bitcoin's utility than to call x/y/z price levels to be reached in the future. The more value he adds to Bitcoin's utility the more likely it becomes that the price will go up as there is more value to extract.

This is exactly why I like how the developers don't mess around with speculation but purely focus on making Bitcoin better in every possible way. 2020/2021 will be great years for Bitcoin fundamentally as there are plenty of improvements in the pipeline. My personal favorite is Schnorr as it provides on-chain efficiency gains.

[mk4]

This prediction might actually be rather conservative after you consider the math, social demographics, and the many unique characteristics of bitcoin.

And of course we are currently witnessing outa control fiat bankster criminals leveraging 250+ trillions of unsecured phony money..

Put all those factors together and 500,000 or 1,000,000 might seem cheap. Especially given the no third party trust/permission aspects.

Especially as more people begin to realize that the Federal Reserve and World Bank are nothing less than government sanctioned robbery/slavery/murder by military decree...

Regardless how probable or improbable it is, making predictions is just a complete waste of time. There's simply just too much factors to take into account that it's really almost impossible to pick a number, especially in such a long timespan that there's so much things that can cause bitcoin to reach or not reach that certain price.

[franky1]

this needs some clarification as many many many many people are wrongly calculating bitcoins market cap

so lets take gold
"
Size of the Gold Market

How big is the gold market? It should be easy to answer this question, right? After all, the gold market is a market for gold. And we know that gold inventory, understood as the total above-ground stock of physical gold is estimated to be around 190,000 tons. That’s about 6.1 billion ounces. At today’s dollar price (a little above $1,200 per ounce, as of November 11, 2018), that comes to about $7.3 trillion, a pretty large number.

However, we are interested in gold as part of the financial market, i.e. private investment and official gold reserves. Hence, although jewelry – which makes up almost 50 percent of that total gold stock – also serves as a store of wealth in many cultures, we subtract it from our calculations. We neither include gold in technological applications. Therefore, after these corrections, we can say that the gold market capitalization is about $2.5-3.0 trillion. It’s an enormous number, which surpasses the size of all European sovereign debt markets."

bitcoins market cap should not be taking the price of 1 coin from an exchange and multiplying it by the total coins in circulation(gold above ground). but the coins that are vaulted up in MARKETS (1.2m coins)

have a nice day

[Red-Apple]

Lee feels that the constrained market supply and a fixed number will be the key patron having a noteworthy influence to support up BTC value in 10 years.

that is not going to be the "reason" that will only be the "fuel" for that rise. the real reason is the increase in adoption and the fact that so far in the past decade we only had a very small percentage of adoption which some estimate to be around only 1 or 2 percent.
then with increasing adoption the limited supply helps speed up the rise.

He guarantees that the BTC cost will be significantly increased in only 10 years.

did you mean "price" because cost here doesn't make any sense.

Not at all like gold which can be drawn through mines, the unequivocal number of BTC will make it more rare and significant than gold.

what makes bitcoin significant is that it can be used as a currency globally without any restrictions or censorship.

[The Sceptical Chymist]

It's a same that these "crypto news sites" are giving them too much publicity.

That's why these people keep making outlandish predictions--to keep their names in the public eye.  Now, this guy may very well believe bitcoin is going to be worth $1 million in ten years, but the only reason he opened his mouth to the media was for his own benefit.

What is this constant comparison between bitcoin and gold, anyway?  It seems like a logical fallacy when it's presented in an argument as to why bitcoin should be worth so much more than it is.  They're two completely different things and there's no logical reason why bitcoin's market cap ought to be equivalent to gold's.  No reason at all.  Bitcoin is only ten years old, after all, and gold is an element, a metal, a physical thing with uses that go well beyond investment.  That isn't really the case with bitcoin.

did you mean "price" because cost here doesn't make any sense.

I'm sure he did and that it was just the language barrier getting in the way, like how a lot of members around here don't know the difference between "lender" and "borrower".  I've learned to just shrug off such linguistic follies.

[Wexnident]

Bro. Predictions are over saturated already. Literally everyone has made their predictions and some may have even coincided with others, but it isn't really that important enough for a majority to take notice of it. People just predict these kind of things so that they could be put in the peoples eye.

Lee feels that the constrained market supply and a fixed number will be the key patron having a noteworthy influence to support up BTC value in 10 years. He guarantees that the BTC cost will be significantly increased in only 10 years. Not at all like gold which can be drawn through mines, the unequivocal number of BTC will make it more rare and significant than gold.

This doesn't really take a genius to know this not gonna lie. Influence and the concept of demand and supply are the things that possibly move the market and the factors that affect its volatility.

[mk4]

It's a same that these "crypto news sites" are giving them too much publicity.

That's why these people keep making outlandish predictions--to keep their names in the public eye.  Now, this guy may very well believe bitcoin is going to be worth $1 million in ten years, but the only reason he opened his mouth to the media was for his own benefit.

Oh definitely. Especially right now that he's just recently released his very shady Ballet Crypto wallet. He's going to need all that publicity from the backlash he received on Twitter for his factory-printed-private-keys wallet that he claims to be "secure" for some reason.

[Capt00]

I mean, most of us here are bullish on bitcoin long term, but seriously, price predictions are getting really really old. It's a shame that these "crypto news sites" are giving them too much publicity.

This will just be added to the ever growing list of failed price predictions.

Price predictions really are getting old to the point that it is not believable anymore. We all want the price to go up or same with the cliche that it will skyrocket to the moon which would be good but I think these types of predictions are already getting out of hand, yes it maybe true that will be in perhaps reach $20k - $50k soon but $500k within 9 years is way too much. A piece of advise, don't trust fully on other people's prediction because you might only be disappointed.

[mk4]

Price predictions really are getting old to the point that it is not believable anymore.

Well, I'm very sure that crypto Nostradamuses like Bobby Lee are purposely making their predictions very high as to grab more attention from the masses.

Person A makes a prediction that bitcoin will be $1,000,000 in a certain mid-long term timespan.
Person B makes a prediction that bitcoin will be $30,000 in a certain mid-long term timespan.

It's very very likely that the prediction of person A will get most if not all the likes, shares, and publicity in general on social media.

[dothebeats]

Another bold prediction without any solid form of basis or the likes. Also a ‘safe’ prediction since it’s 10 years in the making (though a million is still hard to achieve for bitcoin, let’s be honest). Lots of things would have to come by before we get to that magical number and lots of money needs to flow into the economy first before we see the first million—or even just the first hundred thousand—for 1 bitcoin. Although again inflation could come into play and make a million seem like it’s nothing for most people and bitcoin to totally lose its value. Til then, we don’t know, and anyone can still make their pretty astronomical guesses and draw it on the sand.

[Theb]

He claims that the BTC price will be tripled in just a decade.

So which is it? Triple in value or BTC will be a million dollar a piece? Here's the problem with influencial people predicting the price of Bitcoin they will always have these safe words that if they go wrong they will go back to what have they said or just completely deny what they have said before. Don't get me wrong he has some key points that I also agree with regards to the restrictive supply of BTC but I don't see that as a big factor for pushing the prices fir each BTC to at least a million dollars even if its a long term target. I would really need to be optimistic for this one for me to believe but this would just let my guard down for the reality  we are currently seeing.

[PointHope]

This prediction might actually be rather conservative after you consider the math, social demographics, and the many unique characteristics of bitcoin.

And of course we are currently witnessing outa control fiat bankster criminals leveraging 250+ trillions of unsecured phony money..

Put all those factors together and 500,000 or 1,000,000 might seem cheap. Especially given the no third party trust/permission aspects.

Especially as more people begin to realize that the Federal Reserve and World Bank are nothing less than government sanctioned robbery/slavery/murder by military decree...

Regardless how probable or improbable it is, making predictions is just a complete waste of time. There's simply just too much factors to take into account that it's really almost impossible to pick a number, especially in such a long timespan that there's so much things that can cause bitcoin to reach or not reach that certain price.

Actually not that many factors contribute to this 1,000,000 prediction.

Just three important dates.

Bitcoin Halving ScheduleTentative MonthBitcoin Block Reward Halving2020May 202012.5 BTC2024May 20246.25 BTC2028May 20283.125 BTC

So you dont have to be a genius like McAfee to know the price will very likely go 1,000,000 and beyond...

Of course government could turn off the electricity, but then we would be arguing over bananas, bread and beer., not bitcoins.

[Wexlike]

*snip*

Bitcoin market cap is $160 billion whereas gold standing unbending at $ 8 trillion marketcap, in spite of a huge separation in the worth level, Lee feels that by 2028 the game would totally switch and BTC will supplant gold in each perspective.

He says

“I predict the flippening will happen within 9 years and $ BTC will shoot up past USD $500,000 “


Lee feels that the constrained market supply and a fixed number will be the key patron having a noteworthy influence to support up BTC value in 10 years. He guarantees that the BTC cost will be significantly increased in only 10 years. Not at all like gold which can be drawn through mines, the unequivocal number of BTC will make it more rare and significant than gold.

Source: TheCoinRepublic

And here are some other quotes:

Now from Dec 2017 high of $20,000, going down 87% would take it to $2,500. So maybe bottom out in Jan 2019?

And here is a quite funny thread of his ongoing wrong calls: https://coinjazeera.news/tom-lee-in-protective-custody-after-another-missed-call/

But a broken clock is right twice a day, right.

[Ayiranorea]

Bitcoin is something that is valued for the demand to the supply availability. Apart from this the speculators for their part does something, and whales on requirement manipulate the market. In between some good and bad news comes out related to cryptocurrency which also makes some bullish or bearish impact over the market. Upon the same expecting $1 million is something beyond the limits.

[Upgrade00]

There is no guarantee that Bitcoin would exist in a decade. Most speculations and predictions are not really that, but mere guesses. The motive behind it is what I'm yet to understand. An outrageous, imaginary figure for an abstract time in the future (when most would have forgotten about the guess) does not sound like the right thing to attract a new user or cause FOMO. Media attention is the most plausible reason