What are the fundamentals behind the conception: 1 BTC will worth USD 1 million?

[lichig]

I read this many many times,
Is there any solid fundamentals in the conception that 1BTC could be worth USD 1 MILLION or even more?
Or it is just wishful thinking?

Thank you!

[bitmover]

I read this many many times,
Is there any solid fundamentals in the conception that 1BTC could be worth USD 1 MILLION or even more?
Or it is just wishful thinking?

Thank you!

There is no solid fundamental to confirm that, for now. If there was a solid fundamental, it would be 1 million now.
But there is a potential to reach that value, imo.

1 - USD value may decrease over years (decades).

2 - Bitcoin market cap is still only 2% of gold market cap. If bitcoin really becomes the "digital gold" , there is a chance:

Bitcoin has actually only taken 2% of gold market cap, new data suggests
Getting to 10% of gold's market cap would mean that each bitcoin costs $154,000, says CryptoQuant.
https://cointelegraph.com/news/bitcoin-has-actually-only-taken-2-of-gold-market-cap-new-data-suggests

So, following this line of thinking, as 10% of Gold marketcap is 154k, a 64% gold market cap would be 1 million USD.
Personally, I don't think bitcoin has the potential to reach 100% gold marketcap, but I think a 20% is a very likely scenario (10x from now). Gold is the oldest asset in the world, it has value since the beginning of the times. Bitcoin is amazing, but it is not gold.

But, there is a chance to reach 64% (1million).

[Gozie51]

I read this many many times,
Is there any solid fundamentals in the conception that 1BTC could be worth USD 1 MILLION or even more?
Or it is just wishful thinking?

Thank you!

100,000 USD for 1 bitcoin is a speculative fundamental and also for 1 million USD for 1 bitcoin. There are all speculative and no proof until we get to each point depending on when. So do as you have seen and to what you think best.

This thread will fit on speculation board.

[lichig]

Thank you guys.
I would also agree that 20% of the entire gold market-cap is doable if the general public and institutional adoption continues the current pace.

[buwaytress]

I'd be asking myself first what the fundamentals are behind today's price, and the price in 2017, and at the ATH previous to that. Then I'd be making a comparison and seeing if the strengthening of these aspects are valid -- personal or otherwise. And if so, then would an extrapolation of those fundamentals be possible to $1 million?

Something tells me: yes.

[Wilhelm]

If everyone holds on to their coins scarcity takes over and the price can go sky high... say millions

This is the same reason that old Ferraris can cost millions even though they were less expensive back in the day.

So scarcity is a fundamental you can rely on.
Also Bitcoin is deflationary by design...

Market cap is a useless metric because you won’t ever be able to sell all BTC for the current price...

[dimonstration]

There is no definite fundamentals or basis but many hope that soon it will when mass adoption as well big companies invested on it. Many believe that it will be a future currency due to its features and convenient transactions that many users need. As the population increases as well the adoption of cryptocurrencies surely somehow in the future that price will be attainable as long as no restrictions will be done by each governments.

[slapper]

If there is a solid fundamental predicting the price of bitcoin worth 1 million USD, people would have been insane in buying more and more bitcoin which definitely increases the price of bitcoin tout de suite.

Right now, people just believe in bitcoin. That is enough. And with the decrease in value of USD cause by inflation, bitcoin has a good chance to overtake its new peaks over and over again.

Who know. Maybe one day, bitcoin just disappear forever without leaving anything behind

[wxa7115]

I read this many many times,
Is there any solid fundamentals in the conception that 1BTC could be worth USD 1 MILLION or even more?
Or it is just wishful thinking?

Thank you!

Another reason that has not been mentioned just yet is the rate at which the US government is printing money, due to the covid19 pandemic taxes have gone down and expenses have gone up and the US government instead of raising an emergency tax like it was done in times of war decided to just print the money.

This is easier to accept for the population but the effects are more insidious over the long term, this means that inflation will kick with a vengeance during the next years which means an increase in the price of bitcoin beyond its current levels.

[BrewMaster]

the biggest fundamental behind $1 million is that it is a round number otherwise not so long ago people were discussing $1k to be THE price that bitcoin is going to reach and everyone was stuck at speculation and discussing how much of gold's market cap that would be!

the reality is that if we extrapolate the data from charts in the past decade we can see that $1 million will be another middle of the way target that bitcoin will hit and get past eventually.

[Fatunad]

I read this many many times,
Is there any solid fundamentals in the conception that 1BTC could be worth USD 1 MILLION or even more?
Or it is just wishful thinking?

Thank you!

Wishful thinking or simply presumptions just because people do go look overhead or board too much when it comes to its price specially if the price is currently running on price increase in a short time?
People or the community would just be saying that $1M is possible without even trying to look back on how long many years we need before reaching this certain state.
60k almost as of this moment and now talking about $1m/coin?

No matter how positive i am towards bitcoin but still i dont see the probabilities or chances for this thing to happen.So always take it a grin of salt when you do always
keeping up on reading these kind of calls.

[sunsilk]

So scarcity is a fundamental you can rely on.
Also Bitcoin is deflationary by design...

This OP. Bitcoin has a limit on its supply which makes it scarce and with all of the number of bitcoins circulating in the economy right now. It is speculated that around a million of it can no longer be recovered or they're totally lost forever.

Another reason that has not been mentioned just yet is the rate at which the US government is printing money, due to the covid19 pandemic taxes have gone down and expenses have gone up and the US government instead of raising an emergency tax like it was done in times of war decided to just print the money.

And this will cause inflation and it has been said by bitmover.

[OgNasty]

They think it will replace gold and it’s market cap will grow above it. That’s the idea behind >$500,000 Bitcoin predictions. Personally, I think we’ll bubble up around $200K and then people will realize that Bitcoin isn’t a p2p currency anymore and in it’s store of value state is basically useless. Then it’ll be up to Wall Street to push the narrative that a digital store of value is useful to increase their fund management fees.

Personally I liked Bitcoin better when it was about changing the world and helping the unbanked grow their businesses by opening their customer base globally. The fact leadership has turned Bitcoin into a money printer for Wall Street should be enough to bring any true Bitcoiner to tears.

[thecodebear]

I read this many many times,
Is there any solid fundamentals in the conception that 1BTC could be worth USD 1 MILLION or even more?
Or it is just wishful thinking?

Thank you!

BTC has far better hard money fundamentals than Gold and would have a price of around half a million if it reaches the market cap of gold.

That's like a minimum price. That's the extreme low end. Ignore that it's better sound/hard money than Gold, ignore that it is so much more than that as well. Just focus on the fact that it is digital gold and so store of value people will eventually move over from a shiny rock to a digital store of value as the world goes increasingly digital, and you already get to half a million.

Now add in the money printing / debasement of the dollar / inflation that is happening and will continue to happen. Add in that stocks all seem massively overbought so more and more people will see Bitcoin as a far better investment. Add in that bonds don't even keep up with inflation anymore so have negative real interest so smart people who have bonds will flee and go to better things - the best of which is Bitcoin. Add in that Bitcoin is the core of what is a booming industry that will continue to massively grow and Bitcoin will likely be connected to the smart contract world through applications built on top of it and/or through interoperable blockchains like Polkadot. Add in that, as we are now seeing, with the debasement of the dollar, companies are going to need to find a new vehicle to store their balance sheets and the best of those is Bitcoin. Add in the fact that the technology of Bitcoin is a monetary revolution that will likely onboard BILLIONS of people.

If the market cap of gold (half million dollar bitcoin) is just a base price that you get to when you ignore most of Bitcoin's utility, then $1 million bitcoin is only a starting price if you fairly value it.
Even removing inflation and just sticking with today's dollars, it's much more likely that in say 20 years one bitcoin will be worth over $2 million and heading higher than it will be worth under $1 million.

[fadhilz123]

I read this many many times,
Is there any solid fundamentals in the conception that 1BTC could be worth USD 1 MILLION or even more?
Or it is just wishful thinking?

Thank you!

Do you know the price of Bitcoin when it first launch?? Almost nothing. Why? because the demand is nothing too. Try to compare now, The maximum supply of Bitcoin is just 21M, and the demand is always increased by the day. Compare the supply of Bitcoin and the total population in this world. Bitcoin is not all about demand and supply but also the scarcity

[Febo]

I read this many many times,
Is there any solid fundamentals in the conception that 1BTC could be worth USD 1 MILLION or even more?

Fundamentals are that value of USD is reducing daily. over last 50 years and will only increase in the future. Last year M", so money supply of USD increased 26%. That has to reflect to the value of dollar.

https://twitter.com/Zach_of_Earth/status/1372704856633409544

Here you have listed how much money supply increased in last 60 years. Back then it was $314 billion, now is $20 trillion. There are 60 times more USD in existence as they were 60 years ago.

[suzanne5223]

The fundamental concept behind the reason why Bitcoin will worth $1million per coin in the future is that
1) it an innovative technology trusted by a lot of people to give total liberation
2) It decentralization
3) It has a limited supply of 21 million coins which will cause the scarce of the coin once the total supply is mine.

[GreatArkansas]

The way Bitcoin is built is fundamental I believe that it will continue to rise, it is something like "Bitcoin is created to up only".
Bitcoin block halving and the rewards to miners are being reduced as time goes by is extremely unique that really solves the fiat currency problem; inflation.
But for now, the 1million USD is still far and seems impossible to happen in short term.

[wxa7115]

The way Bitcoin is built is fundamental I believe that it will continue to rise, it is something like "Bitcoin is created to up only".
Bitcoin block halving and the rewards to miners are being reduced as time goes by is extremely unique that really solves the fiat currency problem; inflation.
But for now, the 1million USD is still far and seems impossible to happen in short term.

If banks and governments were responsible with the way they managed money then there could be a reason to think the success of bitcoin would have never gotten to this degree, but people in general are seeing that governments keep mismanaging the economy and their currencies with the intention of giving themselves an unfair advantage over any other competitor in the market.

And once people understand this there is no other option but to try to look for something else that they cannot control in the same way and bitcoin and gold are perfect candidates for this function and this causes bitcoin to always go up during the long term.

[Heisenberg_Hunter]

Bitcoin is amazing, but it is not gold.

Right since I entered into Bitcoin, I have stayed true to its initial idea of inception i.e bitcoin is digital cash rather than being called as Digital Gold but over the years I received so much of hate and criticism from the global and local community for calling it so and with the current prices I was indeed been proven wrong that it's slightly impossible to use Bitcoin as a currency. Last year mid March I made a transaction of 0.1 btc for a $500-$600 art product (couldn't remember the exact value) and today the product isn't worth $5-6k but bitcoin is worth it.

I have always read about the Digital Cash discussions of bitcoin but never prevent the discussions which claims bitcoin was digital gold till Feb 2021. After the prices pumped higher and higher, I got back to the mailing lists and read regarding the initial days of reviews after the announcement of bitcoin. I found two interesting pieces of information - one was from Hal and another was from Satoshi and both agreed that it was more of a gold replica rather than a fiat currency replica.

I also do think that there is potential value in a form of unforgeable token whose production rate is predictable and can't be influenced by corrupt parties. This would be more analogous to gold than to fiat currencies. Nick Szabo wrote many years ago about what he called "bit gold"[1] and this could be an implementation of that concept. There have also been proposals for building light-weight anonymous payment schemes on top of heavy-weight non-anonymous systems, so Bitcoin could be leveraged to allow for anonymity even beyond the mechanisms discussed in the paper.

The fact that new coins are produced means the money supply increases by a planned amount, but this does not necessarily result in inflation.  If the supply of money increases at the same rate that the number of people using it increases, prices remain stable.  If it does not increase as fast as demand, there will be deflation and early holders of money will see its value increase.

We can conclude by this discussions, bitcoin is mimicking the bitgold concept. But what is the purpose of bitcoin if they aren't being used in day to day transactions like fiat money? Just to hold monetary value? If we consider bitcoin as equivalent to gold, gold will win the game as there are lot more use cases of gold than bitcoin such as bullions, jewellery, artifacts, electronic parts and aerospace equipment etc. The primary purpose of bitcoin was to eliminate the banks and to function like a currency for the internet but yes there are more stablecoin and inflationary cryptocurrencies alternatives like monero but over the decade the real purpose of why bitcoin was invented has been destroyed.