Do you think that bitcoin could hit 10 million ever?

[zanezane]

There is possibility of 10 milliondollar in the future but what will drive the price there. We already have institutional investment that we have been clamoring for since 4 years ago, they created an unprecedented scarcity among new investors in cryptocurrency. We are considering the unit to take care of the trade but for whales they might struggle with liquidity at that big amount if need comes for trade.

I think the only thing that will drive the price to that point is a massive chunk of the capped supply is lost, my estimate would be around 75% of the capped supply will be lost before that kind of price happens which is impossible because more people that are involved in bitcoin are more careful with their private keys and their wallet so it will be unlikely that that kind of loss is possible. Maybe a war that would drive down cyber infrastructures could damage the supply.

[Karartma1]

1 million dollars would be already a great achievement which could be actually reasonable if the world's billionaires will start pouring their 1-5% into btc as a long-term investment. Remember this is not only about scarcity: bitcoin is about wealth transferability, censorship resistance, security and so on. All things that wealthy guys like a lot.

[Janation]

I think that could be possible.

With a lot of people that can invest in the near future, there is a possibility that it can reach such heights. Although I said that it is possible, the chances of it happening is so low that it might be impossible. Another thing is that there will be a lot of people that sell in certain heights that could affect the price.

[jaberwock]

Possible, though there would be a lot of factors that would come into play before it comes into fruition. One of which would be inflation, for sure. It's not a secret anymore that the economy suffers from inflation every year, and there will come a time that the devaluation would be so massive that the prices would seem to be too high when in reality it was all adjusted due to inflation. Bitcoin will not be exempted from that should the world's economy continues to use fiat for decades on end and undergo inflation.

Another scenario in which this is possible is if most countries in the world recognizes bitcoin as a legal tender. Many people will start holding it due to obvious reasons and the prices would go up. In a perfect world scenario this is easily achievable, although we know that there are a lot of hurdles that might come along the way that could prevent this exact thing from happening.

Countries recognizing as legal tender will probably not happen anytime soon, maybe in the future that could be a thing but I do not see it happening any time soon. However inflation is a lot scarier. We didn't had too much crazy inflation and we already reached 40k, that means if we were to be 10 million, we would need a lot more than what 2020 did, consider how horrible 2020 was and think it only made 4x increase, we would need about 20x increase from here, so that means we need a year that is 5 times worse than 2020 was, I hope that never happens.

We are going to end up looking at 2020 as one of the worst years in recent memory, every year people say "what a bad year, we finally move on to new year" but reality is that I think this was one of those 1918, 1945 type of big year, 2020 will be remembered even when every single person alive in 2020 dies, next generation will talk about how bad this year was even though they weren't alive just like how I wasn't alive in second world war but I know how bad it was. I hope that we do not have five times bigger than this in inflation that would be horrible.

[cabron]

We cant break $45,000 but $10M?

We yet are to find out though.  Years ago, the $20K is just too much to ask but now its somehow a thing in the past. With Paypal and institutional investors who knows what we could achieve when big businesses are trying to grab at least few BTC with them.

[wxa7115]

Do you think that bitcoin could have a market cap of around 200 trillion? Is it feasible?

Similar questions have been asked through the years and the answer is always something similar, it is possible but how long will it take bitcoin to get to that level? And even more importantly how much can you buy with one dollar in that scenario?

Probably the second question is the one that is the most important, if the dollar is going through a process of hyperinflation then the price of bitcoin could grow significantly during that time and it could reach even ten million dollars but at that point those ten million dollars are not going to buy what they buy now, but as long as bitcoin can move faster than inflation then you're good and you will most likely be able to exchange your bitcoin in very favourable trades.

[exstasie]

Another scenario in which this is possible is if most countries in the world recognizes bitcoin as a legal tender. Many people will start holding it due to obvious reasons and the prices would go up.

Legal tender = individuals and businesses would be required to accept BTC for payment of debts. That implies BTC would have replaced major fiat currencies like the USD or CNY. There would be no other explanation for governments willingly pushing their citizens into using currencies that are completely outside of their control.

I don't see that happening. If fiat currencies collapse, they will be rebooted and possibly pegged or backed, maybe even by a basket of assets including BTC. However, nation states definitely will not willingly give up monetary control. They may issue a fiat currency tied to BTC (just as they once did with gold and silver coinage) but they'll never grant BTC legal tender status. It goes against everything governments stand for.

[maxreish]

Think of it this way, when bitcoin costs cents to $1 and to $40k recently, will that million price of bitcoin be possible?

Of course, it's all in the matter of time and adoption. If the percentage of people, countries and governments will increase and will consider bitcoin to be legal in any good use, when it will be known for it's high innovationd then time will come that the demand will be increased and bitcoin will gonna hit millions of dollars in the future.

[wxa7115]

Another scenario in which this is possible is if most countries in the world recognizes bitcoin as a legal tender. Many people will start holding it due to obvious reasons and the prices would go up.

Legal tender = individuals and businesses would be required to accept BTC for payment of debts. That implies BTC would have replaced major fiat currencies like the USD or CNY. There would be no other explanation for governments willingly pushing their citizens into using currencies that are completely outside of their control.

I don't see that happening. If fiat currencies collapse, they will be rebooted and possibly pegged or backed, maybe even by a basket of assets including BTC. However, nation states definitely will not willingly give up monetary control. They may issue a fiat currency tied to BTC (just as they once did with gold and silver coinage) but they'll never grant BTC legal tender status. It goes against everything governments stand for.

Agreed, bitcoin can actually become accepted by people and could in become a de facto currency and be used by a large section of the population but governments are never going to accept it directly, fiat currencies simply give them too much power.

And what better example of this than what happened in Zimbabwe, we saw hyperinflation in that country to the point people began to use other currencies like the US dollar and the Euro instead of their own currency so the government admited defeat but only for a while, years later they tried to impose their new currency once again bringing inflation back to the country and destroying the lives of their citizens once again in something that can only be considered a power move.

[Dabs]

Bitcoin is the new global reserve currency or safe haven asset, whether banks like it or not. 10 million is just a matter of time.

Between publicly traded companies and a few private companies, they have more than 1.2 million BTC already.

https://bitcointreasuries.org/

There are only an estimated 4m to 5m BTC available in the open market, the rest are lost or being hodl'd.

30 years for large institutions and small family offices to buy all of them and drive the price up to 10 million per whole coin would seem to be conservative.

This post / thread may not age well.

[Renampun]

Bitcoin is the new global reserve currency or safe haven asset, whether banks like it or not. 10 million is just a matter of time.

Between publicly traded companies and a few private companies, they have more than 1.2 million BTC already.

https://bitcointreasuries.org/

There are only an estimated 4m to 5m BTC available in the open market, the rest are lost or being hodl'd.

30 years for large institutions and small family offices to buy all of them and drive the price up to 10 million per whole coin would seem to be conservative.

This post / thread may not age well.

it's only a matter of time...
maybe in the future, 1 satoshi will be worth $1k or more. limited Bitcoin circulating in the market will make the price increase, the Hodlers are useful for increasing prices.

[Casdinyard]

Never in my life, in this industry I had thoughts that the market price of Bitcoin could be in hundred thousand usd. Back then I am expecting only a $20k market price as its highest because for me, it would be quite weird for a currency to have that much of a price. But because of what we have seen recently, on its newly announced ATH, things are indeed possible but I still doubt for that much as million for a single digital currency which is at the same time, decentralized, that would still be crazy. I am just being realistic but if things occur, we just have to make use of every opportunity in order to gain something, that's how simple it is. But I will still avoid making such absurd speculation in its market value given that it is still under the progress of development.

[adaseb]

Well look at GameSpot as a perfect example. Its business peaked in 2007 when the stock was like $60. Then it was mostly headed down. Obviosuly the Gamespot is becoming like Blockbuster because people use digital downloads these days, so everybody assumed it would go bankrupt in 2020 or 2021 and it hit a low of $2-3K and then shortly after went to $160, basically over $100 from its peak business of 2007. Will the price stick to $160? Obviously not.

Its the same with Bitcoin. There could be a crazy rally and we might temporarily hit some crazy figure like $250K or $500K, due to short supply and massive amount of people short. However most likely it won't stay at that price for long because it would require a huge market cap that would be difficult to uphold.

[coin-investor]

Do you think that bitcoin could have a market cap of around 200 trillion? Is it feasible?

For ten years nobody has thought that Bitcoin could hit 5 digits, almost everyone thinks that it's a bubble that was ready to explode, but look what Bitcoin has achieved now, ten million looks impossible but we never know what's going to happen in the next five years, the Cryptocurrency market keeps surprising us with many new milestones, it seems anything is possible here.

[bitgolden]

Well look at GameSpot as a perfect example. Its business peaked in 2007 when the stock was like $60. Then it was mostly headed down. Obviosuly the Gamespot is becoming like Blockbuster because people use digital downloads these days, so everybody assumed it would go bankrupt in 2020 or 2021 and it hit a low of $2-3K and then shortly after went to $160, basically over $100 from its peak business of 2007. Will the price stick to $160? Obviously not.

Its the same with Bitcoin. There could be a crazy rally and we might temporarily hit some crazy figure like $250K or $500K, due to short supply and massive amount of people short. However most likely it won't stay at that price for long because it would require a huge market cap that would be difficult to uphold.

I don't know the reason why gamespot has increased in stock price that much and no clue why would anyone pay that much for a company that is basically rivaled by epic and steam which are either giving free games or make games a lot cheaper. However I know one thing, gamespot or any other stock, a company is tied to its management and if management fails that company fails and the price would go down, it is all tied to the management and how you run the business, if the business is managed great that means the price would go up, and if it is mismanaged it will go down.

However bitcoin is not like that, bitcoin is an never ending increase in value because fiat is losing its value, will we have 1 million dollar per food type of inflation one day? Not any time soon, probably not even this century, but technically speaking that what inflation means and that should happen in the very distant future, so bitcoin WILL be 10 million, just not anytime in our lifetime most probably.

[Oilacris]

Do you think that bitcoin could have a market cap of around 200 trillion? Is it feasible?

Everything is possible but it wont really be that simple as this market would really be requiring extreme demand on hitting that up.This isnt something that
similar to forex which does have total of several trillions on its cap.

So if we do talk about 200 Trillion cap then that is really on the almost impossible side of things.We do need extreme adoption in that case.

For now we cant conclude yet but if we do really tend to see it realistically and tell according to our common sense then it wont really be that feasible.

[Silberman]

Do you think that bitcoin could have a market cap of around 200 trillion? Is it feasible?

Your question is incomplete, what is it the time frame you think could take bitcoin to reach that market cap? If it is is something like less than a decade I think the answer is there is now way for that happen, if instead you are giving bitcoin several decades or even a century then that has a possibility of happening as the economy keeps growing, the popularity and adoption of bitcoin grows as well and inflation gets out of control during the next decades, however even then I do not think we are going to see such a huge market cap during our lifetimes.

[Ridwan Fauzi]

Do you think that bitcoin could have a market cap of around 200 trillion? Is it feasible?

There will be an opportunity for that, given the bitcoin price always trying to increase a lot after its previous all time has passed. And I'm sure when $42.000 has been passed we will the price will move soared. You can imagine for at least two years bitcoin price has been increasing for more than 100%, I still remember when its price was $3500 as all time high before its price touch $20.000, such price spikes could serve as the basis for bitcoin to be believed to have a market cap of 200 trillion in the future.

[lahmacunkuregi]

I think this is possible after a long time, frankly, I just think that speculation should not be given too many opportunities. It was a bit difficult to imagine this point years ago, but we are living now. For this reason, my guess for the future is easier than before.

[Hippocrypto]

Do you think that bitcoin could have a market cap of around 200 trillion? Is it feasible?

For ten years nobody has thought that Bitcoin could hit 5 digits, almost everyone thinks that it's a bubble that was ready to explode, but look what Bitcoin has achieved now, ten million looks impossible but we never know what's going to happen in the next five years, the Cryptocurrency market keeps surprising us with many new milestones, it seems anything is possible here.

That's how amazing bitcoin was, surprises come unexpected but 10 million was too high when time comes. Maybe we should make it realistic towards $1million and I think its an optimized value which can be reached sooner. We don't know yet how many years it could take, since we're still struggling to see $30k this year due to several factors that affects it's potential growth.