What would it mean to sustain Bitcoin price?

[pankowri]

Got a regular article from Cointelegraph. Please read this carefully, I think you will get something you expected from Bitcoin from a long time.

https://cointelegraph.com/news/90m-daily-what-would-it-mean-to-sustain-bitcoin-price-at-100-000

If you have anything to say, just comment on below.

[Yatsan]

Sustaining the bitcoin price of $100,000 is more difficult than what miners can do and sell over 900 btc per day, the whole idea is realistic I suppose coz it is not impossible to do so but before assuming realistic things we must deal with realistic factors also like the government's reaction, people's reaction to the increasing price before it hits $100,000. Literally, bitcoin climbing over its all time high, $20K? if it hits $25K or $30K more people will call it bubble, those who buy at lower price will sell out immediately that will match the daily sustaining buying orders.

[sunsilk]

Peter Brandt has been bullish to bitcoin. IIRC, last year he tweeted something like this and the possibility of bitcoin that can reach $100,000.

https://twitter.com/PeterLBrandt/status/1142271065936187392

The article talks about scarcity and the absorption of $90M worth of bitcoin per day.

[palle11]

Me I never had a problem with bitcoin going as high as $100,000 but the question is when. The when question goes to what do we do while waiting for the price surging as high as that? Do we leave out btc standstill in various wallets or we can keep doing business with it ? I surely subscribe to the latter.

[Sanugarid]

LOL I doubt everyone seeing the price of bitcoin skyrocketting above its all time high will let it fly in space. It's possible really, but obviously there are more people who will sell if they see the price again in $20K mark, and you can't stop them from doing it. Those who bought bitcoin at $5K will see the $20K mark a triple of a profit, they will think that it is the maximum they will get so they will sell. Not being pessimistic but man, there is no way people will just look at it waiting to reach $100,000 then they are going to use bitcoin on their daily living. It's hard, pretty hard.

[pankowri]

Sustaining the bitcoin price of $100,000 is more difficult than what miners can do and sell over 900 btc per day, the whole idea is realistic I suppose coz it is not impossible to do so but before assuming realistic things we must deal with realistic factors also like the government's reaction, people's reaction to the increasing price before it hits $100,000. Literally, bitcoin climbing over its all time high, $20K? if it hits $25K or $30K more people will call it bubble, those who buy at lower price will sell out immediately that will match the daily sustaining buying orders.

Exactly what I am thinking about it that this is not impossible thing but there has some factors too. If all the things meet frequently then it may work for a huge pump. Government and peoples soft mind can bring a huge change in crypto currency world.

[pankowri]

Me I never had a problem with bitcoin going as high as $100,000 but the question is when. The when question goes to what do we do while waiting for the price surging as high as that? Do we leave out btc standstill in various wallets or we can keep doing business with it ? I surely subscribe to the latter.

Obviously we will do our business what we are focusing now with crypto currency. If there any chance to enhance it then we must take the opportunities which will come regarding its expand. Price can be increased or decreased, we meed to push our business. Profit margin is another thing but we have to continue whatever the price is. Time will decide it.

[stompix]

The $90 million figure is derived from the total amount of BTC that miners can mine per day. After the 2020 halving, miners can generate up to 900 BTC every day. If the price of Bitcoin reaches $100,000, 900 BTC will be equivalent to $90 million. Data from ByteTree shows miners sold all BTC they mined in the past week, likely to cover operational costs.

Let's assume that you only need to make up for the coins that miners need to sell to, as in the article, cover operational costs.

Well, you will need a lot less than $90 million for a long, long time.
If we assume that bitcoin price will grow to 100 000 in a year, and miners will add more gear and more gear because of the profitability increase, for their costs to rise up x10 times you will simply need....10x times more gear that has been produced in 2-3 years, to be manufactured, shipped, and installed in one. Not possible  . So it will be impossible to force all miners to sell 90$ mil of coins to cover expenses that don't exist.

So, if we assume a slow growth that would allow miners to keep up and expand and at the same time not too much as to allow them to make reserves and not sell coins, we will probably hit 90 million by the time of the next halving.

[Kelvinid]

I might see that $10k is a sustainable market value for Bitcoin, not $100,000. We can see the situation and therefore, we can see also how it moves. We can't bring the market to the highest alone without support from the community. If we only keep assuming just to encourage others to come into crypto and put their money, well, I don't think so. Bitcoin doesn't have that capability, $100,000 is really far from happening, in fact, we hardly sustain at $10k how much more to that (assuming) price. Maybe we should have to stop this kind of assumption but rather to keep in reality and what could be the possible thing to happen in the future.

[Sadlife]

If that happens a change of mining protocol could be advisable such as switching from POW to POS, so Bitcoin traders would have more incentives than selling their Bitcoin position.
$100,000 could be sustainable if we have more long term holders such as many countries starting to use it as their currency.

[AniviaBtc]

I might see that $10k is a sustainable market value for Bitcoin, not $100,000. We can see the situation and therefore, we can see also how it moves. We can't bring the market to the highest alone without support from the community. If we only keep assuming just to encourage others to come into crypto and put their money, well, I don't think so. Bitcoin doesn't have that capability, $100,000 is really far from happening, in fact, we hardly sustain at $10k how much more to that (assuming) price. Maybe we should have to stop this kind of assumption but rather to keep in reality and what could be the possible thing to happen in the future.

Yeah, most of the time the bitcoin's price only range in $10,000 USD and it is rarely for that bitcoin's price to go higher than that. The market situation is really unpredictable because of its sudden spike in its price whenever there is a factor that affect its demand in the market.

Sustaining bitcoin's price is not that easy, there are still people who doesn't believe in the ability of bitcoin as a store of value and source of profit. The $100,000 is really questionable but feasible during this time, we all know that the platforms of promoting bitcoin is increasing because of the social media and multimedia platforms, that might affect the price of the bitcoin to possibly become higher than $10,000.

We can't really make conclusion at this time, there are things that might happen if we stay in using bitcoin for a long time.

[Darker45]

If what it takes is only 10 million people buying $9 worth of Bitcoin on a daily basis, it is possible. But then it will probably take place several decades from now, provided Bitcoin will become the main global currency. If not, I guess it is going to be hardly possible.

So, for now, the goal is to push mainstream adoption of Bitcoin. The price is always secondary. It follows the overall sentiment. If we have all kinds of businesses all over the world which accept Bitcoin as payment, pays salaries in Bitcoin to their employees, uses Bitcoin in purchasing materials for their operation, and so on, then it will happen. 

[Wexnident]

Isn't the idea about it too advantageous? Or something similar to optimism or the like. Buying BTC for $9 every day doesn't seem much of a problem tbh, but really, it's not that they only buy it, they also sell it. With the continuous buying and selling idea, it'd take quite a long time. Let's not even mention that there's a possibility that those hodlers that haven't moved since the 3.6k crash, as the article said, even just the fact that global adaptation hasn't reached a suitable stage is enough to say that it isn't going to happen anytime sooner.

Now if we start mentioning hodlers, as long as they start selling their BTC, it's close to impossible to retain a price of $100k or more in the long run. A few days at most is all it's going to take before it crashes down due to a lot of people possibly selling. That is unless, hodlers suddenly decided not to sell, like, a lot of them.