$1M Bitcoin Valuation until the end of this Bull Run

[Hamza2424]

Fall of the Banking system is actually the Rise of Bitcoin

The traditional banking system is about to end and there is no doubt about it. One after the other the banks are daying on their own doing. The failure of the banking system can arise a new Chaios in the financial market and it's happening from the start of 2023. The recent incidents attracted many analysts to propose a new solution to the financial crisis and their ending solution for each problem is Bitcoin I think this can help us in many ways. Finally, with Bitcoin the worst-interest banking system will come to end, USD was considered the universal currency which is the root of all the problems currently we are facing. Let's learn first the basic point of how BTC is the best solution.

How Bitcoin is the Best solution

• First, the replacement of the USD when any country will propose its own currency can start a big conflict between major nations and the consequences of that battle are not going to be good. Bitcoin is a totally decentralized asset under nobody's control so it can prevent the above crisis.
• We have already seen how USD destroyed the Small nation's economies as their first mistake was using the USD as their reserves now US government recently announced printing $2T again and for a long time US government is printing money for no reason blindly and they are ignoring the future consequences for the solution of current problems. Bitcoin BTC has a fixed and limited supply so it can prevent the devaluation of the assets.

Considering just these two basic points we can say that it's the golden time for the Bticin to shine in this Bull run and become a true store of value and global currency. Bitcoin can rise upto the $1M valuation in 3 Months this is the theory presented by the BalaJii and I think it's not that easy but still it's possible till the end of this Bull Run with huge developments at least BTC can set it as a base goal for next Halving.

But How

BalaJii .. this guy has explained many points but in my view, for the coming days, Bull run his theory somehow justifies some base points. such as;

• Bitcoin market was under pressure for a long time due to CPI and Intrest reports even the whole stock market was under pressure due to the last few moth economic developments. But now if the US government stops increasing interest rates in the next months the risk investment markets especially Bitcoin will attract investors for future opportunities.
• As US government decided to print $2T and also update it on the Balance sheet which is indicating Quantitative easing in the coming month where a major part of this easing will be going to be part of the Crypto market and China has already announced Hong Kong official Trading Hub for the crypto market from the month of June
• banks Actually lost the confidence of the customers/users as after a few months back developments I am not sure that my saving is safe in banks and even its continuously devaluating so I will definitely prefer the alternatives and Crypto is the best option is not just a thing to say in reality now people are clear where they need to store their assets

Concluding the reports, analysis, and current economic situation I think now Bitcoin value dream of a trader to $1M has became a living reality its not far from us but still, there is time, but I am not sure how much. Balaji Thread is good but his timestamp seems weird as I don't think in just 90 days these developments are possible.

Note: This topic idea is after reading the twitter Thread and all the points discussed are based on my personal views so i might be wrong.

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[CoinEraser]

I've read the tweets too and I'm not sure what to make of them. Even if we were to find ourselves in a new banking crisis, it's hard to tell if a hyper-inflation will occur. It didn't happen during the last banking crisis either.

But let's say it happens and the price of 1 bitcoin goes up to $1M because the dollar isn't worth anything anymore. What would you be able to buy with that $1M if the dollar isn't worth anything anymore anyway? It could happen that you get less for this $1M than today for 27k$ (I take the current bitcoin price as a basis). Therefore it is questionable whether this scenario would be really good.

Still, these tweets are interesting and I'm curious to see if it's really going to happen or if it's all just scaremongering. 

[Nwada001]

In as much as I am happy with the recent market pump, which many believe is a result of the recent US downfall and its bankruptcy, I'm still not going to support the fact that all the banking system should collapse in order for Bitcoin to gain glory. 

Let's not forget the fact that if the US banks continue to fall and fears continue to increase in the lives of the people, we might likely experience a similar case to the 2008 US financial crisis, which is definitely going to reduce the dollar value, which in turn might also have a negative impact on the crypto market. The banking system should just pick up on failed policies now that it's not yet too late to admit their mistake and make possible amends, which in turn might revive most users' trust, even if it's not all of it.

All this incident has, to some extent, made people realize that they shouldn't feel too comfortable allowing any entity to be in charge of their funds' security, no matter who is in charge. The best way is for all of us to take responsibility for our own financial security. To some point, we all still need the banking sector.
 

[serjent05]

Fall of the Banking system is actually the Rise of Bitcoin

The traditional banking system is about to end and there is no doubt about it. One after the other the banks are daying on their own doing. The failure of the banking system can arise a new Chaios in the financial market and it's happening from the start of 2023. The recent incidents attracted many analysts to propose a new solution to the financial crisis and their ending solution for each problem is Bitcoin I think this can help us in many ways. Finally, with Bitcoin the worst-interest banking system will come to end, USD was considered the universal currency which is the root of all the problems currently we are facing. Let's learn first the basic point of how BTC is the best solution.

How Bitcoin is the Best solution

• First, the replacement of the USD when any country will propose its own currency can start a big conflict between major nations and the consequences of that battle are not going to be good. Bitcoin is a totally decentralized asset under nobody's control so it can prevent the above crisis.

I don't think Bitcoin is fit for the USD replacement.  One major reason is that only few people holds most of the coins.  This will bring economic chaos if these few people decided to play with the economy.  In a national view monopoly is a bad thing.

We have already seen how USD destroyed the Small nation's economies as their first mistake was using the USD as their reserves now US government recently announced printing $2T again and for a long time US government is printing money for no reason blindly and they are ignoring the future consequences for the solution of current problems. Bitcoin BTC has a fixed and limited supply so it can prevent the devaluation of the assets.[/li][/list]

I like BTC but I like it as an alternative, this way it can give us the freedom to choose and at the same time BTC whales can't f*ck the global economy.

Considering just these two basic points we can say that it's the golden time for the Bticin to shine in this Bull run and become a true store of value and global currency. Bitcoin can rise upto the $1M valuation in 3 Months this is the theory presented by the BalaJii and I think it's not that easy but still it's possible till the end of this Bull Run with huge developments at least BTC can set it as a base goal for next Halving.

I think 1m BTC in within 3 months is a dream.  I agree, it is time for Bitcoin to shine but global adoption is not enough to push the price of Bitcoin to the speculated amount.  We have seen how ATH increase % decrease within the Bitcoin cycles, and it has been discussed in the earlier thread the next ATH price of Bitcoin and many calculate that Bitcoin's next ATH price would be around 2.5x increase of its previous ATH.

snipped

This theory is nothing if the adoption won't proliferate rationally on the speculated price increase of BTC.  After all Bitcoin price increase is dependent on the demand in the market.[/list]

[hatshepsut93]

The traditional banking system is about to end and there is no doubt about it. One after the other the banks are daying on their own doing.

Bitcoiners sound a lot like marxists. Marxism teaches that capitalism is unsustainable and there will be one final economic crisis that will end capitalism and make room for communism. 170 years after the prediction was made, the world had economic crisis many times, and still no sing that capitalism will be replaced.

Now, Satoshi is not Karl Marx, he didn't make any prophesies or told that banking system must be replaced with Bitcoin, and yet Bitcoin fans proclaim exactly that. Every time something bad happens with the economy they expect Bitcoin to replace fiat and banks. And every time there isn't even a significant increase in adoption.

In 2021 global inflation started increasing and Bitcoin was rising and there was a narrative that Bitcoin will become a hedge against inflation adopted by institutions. And then Bitcoin crashed and institutions forgot about it. Something similar is happening now. A lot of hype that drives the price up, whales are buying to dump when the market will lose momentum.

If you buy now and sell a the top, you will make a lot of money. If you will keep buying and wait for $1M, you will be sitting on a huge unrealized loss when Bitcoin will inevitably crash.

[Baofeng]

Some exaggeration though, I don't think that "banking system is about to end" - yeah they fall but there are the governments to bail them out. They are already institutions, part of the pillar of good government so I highly doubt that they are going to be obsolete. It's that the world is not looking for very, perhaps it was due to the leadership or we are still suffering from the effects of Covid as the economy continue to worsen and that's why there are banks that are closing down. The thing though right now is that we have an alternative like in Bitcoin can we can really used right now as they are a hedge. Maybe we could be the winner at the end. But we will have to wait for the bull run to happen next year as how far the price will go with all the negative things that is happening around the globe, specially the failure of the banks. $100k or $1 million? it's anyone guess.

[PX-Z]

Like in every sh*t comparison threads, bitcoin is not made to replace any kind of money/currency and banking system. Even satoshi doesn't have any views like that, but instead it is made for as an alternative. And $1m is like a every bitcoiner dream, who doesn't want like that? Right? Every people who have at least quarter of bitcoin will be considered as maybe rich, or financial stablr. But please it won't happen.

[franky1]

bitcoin has fundamental economics of value><premium window of ~$17k><118k limits for the market to trade between so far this year

and the market is speculating around the $25k area within those limits

to even stretch out the premium(top) would require a 9x of hashpower competition to make any country where its too expensive to mine. to want to buy at such height/amount

its common sense economics
if everyone can mine acquire by other means for under $118k why would anyone buy for $1m
however if it costs more then $1m to mine at the most expensive costs of mining regions then some would be willing to pay upto $1m to buy bitcoin without having to mine if the market was to go up

there is and was fundamental reasons why ATH always tops out and give up at certain numbers in the past.

the economic window of 2021 was 10k to 75k which is why the markets topped out at $70k

bitcoin to reach $1m in 90 days.. no chance, sorry..
some time in the future yes. but not this soon

[stompix]

The traditional banking system is about to end and there is no doubt about it. One after the other the banks are daying on their own doing. The failure of the banking system can arise a new Chaios in the financial market and it's happening from the start of 2023.

Banks have died numerous times before and are still here.
Sometimes is really ironic that people who laugh at the bitcoin obituary say the same thing over and over again for banks and the USD.

The first thing you have to realize is that your perspective might be biased, that's the first hard step, then you have to look in history and see that way worse happened before this bank crash! Common, there was 2008 just a while ago! The dot com bubble, the Asian crisis, the great depression? War? Common ww1/ww2 Vietnam and Korea are on a different scale than Ukraine and we're still here. Always people like to over exaggerate their own situation and think what they experience is unique and a turning point in history, when, it's really not!

Bitcoiners sound a lot like marxists. Marxism teaches that capitalism is unsustainable and there will be one final economic crisis that will end capitalism and make room for communism. 170 years after the prediction was made, the world had economic crisis many times, and still no sing that capitalism will be replaced.

As I was saying, capitalism and the $ are probably the only things that have "died" more times than BTC, and that by an order of magnitude.

What I find really amusing in this scenario is the fact that everything will crash, and everyone will be poor but miraculously they will have a few tens of trillions at hand to prop bitcoin and the other shitcoins to a 50 trillion economy. Yeha, 1 million dolalr is possible rin this bull run but ony if it will buy you about the same as 100k right now!

its common sense economics
if everyone can mine acquire by other means for under $118k why would anyone buy for $1m

Limited supply franky, 900 coins a day, that will lead to more trying to mine, an s19 will go again at 10k or 20k per piece, s9 will be profitable again, there are at least 150-200 exahas of extra old gear and currently not profitable that will be turned on, at those revenues per miners every fab will pump out chips as they did before, it's not as easy as you want to make it evey single time like there is a clear price floor and that's it.

[killerfrost]

It's comforting to see information like this, a few days ago I was chatting with a friend who started trading in the stock market and he laughed at me and told me I was just scamming
Bitcoin really is still a lot of people don't know about it so waiting for the banks to have serious problems it will still be saved from the government or measures that I find quite "DEEP".
And the comfort here of people who know it see a lot of opportunity going on and outsiders just want to keep their achievements, but in hindsight, the banks themselves are turning themselves into a game. joke about the world financial system, the issue of self-interest will dominate the majority. And Bitcoin is the thorn in those guys' eyes, it's okay because we're still going up.

[Jating]

We are not sure if $1 M could be within this bull run it might take a couple or two of bitcoin halving before we can even consider this price. Maybe in this bull run, 6 digit is within reach. And then we will be in the bear state after 2024/25.

Perhaps the best gauge is that when we reach a point that "almost all" bitcoin has been mined or at least 99% or it.

And then hard 1% might be the factor that it will be scarce, so very high demand with almost no supply then likely the price is going to go up, but not in the last bull run.

[bettercrypto]

Some exaggeration though, I don't think that "banking system is about to end" - yeah they fall but there are the governments to bail them out. They are already institutions, part of the pillar of good government so I highly doubt that they are going to be obsolete. It's that the world is not looking for very, perhaps it was due to the leadership or we are still suffering from the effects of Covid as the economy continue to worsen and that's why there are banks that are closing down. The thing though right now is that we have an alternative like in Bitcoin can we can really used right now as they are a hedge. Maybe we could be the winner at the end. But we will have to wait for the bull run to happen next year as how far the price will go with all the negative things that is happening around the globe, specially the failure of the banks. $100k or $1 million? it's anyone guess.

As you said, it is really exaggerated, it was just heard that there is a problem in the banking system and there was a shutdown of 3 banks in the US related to cryptocurrency, others are thinking that the banks will disappear.

     Although this has been an opportunity for an increasing percentage of people to trust bitcoin. And I think it also helped, but I also don't agree that the banking system will disappear or stop because cryptocurrency also needs it in other aspects or things.

[wxa7115]

I've read the tweets too and I'm not sure what to make of them. Even if we were to find ourselves in a new banking crisis, it's hard to tell if a hyper-inflation will occur. It didn't happen during the last banking crisis either.

But let's say it happens and the price of 1 bitcoin goes up to $1M because the dollar isn't worth anything anymore. What would you be able to buy with that $1M if the dollar isn't worth anything anymore anyway? It could happen that you get less for this $1M than today for 27k$ (I take the current bitcoin price as a basis). Therefore it is questionable whether this scenario would be really good.

Still, these tweets are interesting and I'm curious to see if it's really going to happen or if it's all just scaremongering. 

Which is why if the hyperinflation scenario gets to happen at some point on the future we need to think in terms other than fiat to determine if the value of bitcoin is going up at all.

However it is not difficult to imagine that during that scenario bitcoin will reevaluate itself, as at the time people will try to find a place in which they can protect themselves from the effects of that hyperinflation, and bitcoin is a good candidate for this as not only is not controlled by the government but its supply is limited as well.

[franky1]

Limited supply franky, 900 coins a day, that will lead to more trying to mine, an s19 will go again at 10k or 20k per piece, s9 will be profitable again, there are at least 150-200 exahas of extra old gear and currently not profitable that will be turned on, at those revenues per miners every fab will pump out chips as they did before, it's not as easy as you want to make it evey single time like there is a clear price floor and that's it.

your idea of pumping out new asics to change the value-premium window to atleast eclipse a possibility of allowing a market to speculate to $1m .. will take longer then 90 day to flourish
again its common sense

and the other asics that are currently on altcoins.. well if every asic moved back to bitcoin. it still wont make the window align to allow the spot market to speculate to $1m

[DapanasFruit]

But let's say it happens and the price of 1 bitcoin goes up to $1M because the dollar isn't worth anything anymore. What would you be able to buy with that $1M if the dollar isn't worth anything anymore anyway? It could happen that you get less for this $1M than today for 27k$ (I take the current bitcoin price as a basis). Therefore it is questionable whether this scenario would be really good.

Well, that is a very good thing to also think about. However, if hyperinflation will be happening then at least if you have Bitcoin then I would say you have something to lean on in difficult times. Or you can get away from USA (assuming you are based in there) and come to my country where you can still enjoy your millions - just a suggestion anyway. We can see that in the history of Bitcoin there is not big "correlation" with it and the banking system. We have to remember that it was born in response to the 2008 crisis which was then also centered on the banking and financial system of USA. Now, on a lesser extent we are experiencing the same so we see BTC and other coins rising on the market with some predicting that it can go to the moon and even to Mars in case there can be hyperinflation to engulf the country. So this is for us a good news but bad news for many affected by the banking turmoil. Let's see what will be near-term as it is hard to tell the future especially with cryptocurrency one day is so bullish the next day it is withering in the sun. 

[rokok lokal]

Fall of the Banking system is actually the Rise of Bitcoin

That's right, The idea of a decentralized currency may seem complicated. For Bitcoin to be the best way to make transactions - no favoritism and no variable rates as a result of the many banks dominating the market. this is another way we look at the financial future. honest and This is also one of the main reasons why I believe BTC is the best cryptocurrency For now the day after tomorrow and for the foreseeable future. " BTC IsThe King ".

[pooya87]

The traditional banking system is about to end and there is no doubt about it.

I disagree.
There will definitely be a lot of collapses in the banking systems specially in the West considering how the Western economy is slowly falling apart, but it is not going to be the end of corrupt banking system. The world simply has no replacement for it yet and bitcoin is not the replacement, it is just an additional option that will allow its users to decrease their exposure to the collapsing economy.

Considering just these two basic points we can say that it's the golden time for the Bticin to shine in this Bull run and become a true store of value and global currency. Bitcoin can rise upto the $1M valuation in 3 Months

Bitcoin will definitely start rising from now on and we can see $1 million sooner than everyone was expecting but I still don't think it can happen in just 3 months.

Keep in mind that we have dedollarisation going on in the world which will dump the USD value hence helping the bitcoin price shoot up to the moon.

Bitcoin market was under pressure for a long time due to CPI and Intrest reports even the whole stock market was under pressure due to the last few moth economic developments.

I disagree. The downtrend in bitcoin market was partly because of market manipulation and weak hands dumping and partly because of the recession (not inflation and CPI and definitely not because of stock market).

But now if the US government stops increasing interest rates in the next months the risk investment markets especially Bitcoin will attract investors for future opportunities.

Meh. The interest rate's effect is no longer there. In other words if they increase it more than this, it won't change a thing except worsening recession in United States. The effects on bitcoin should be significantly decreased too.

banks Actually lost the confidence of the customers/users as after a few months back developments I am not sure that my saving is safe in banks and even its continuously devaluating so I will definitely prefer the alternatives and Crypto is the best option is not just a thing to say in reality now people are clear where they need to store their assets

This. But bitcoin is the best option not crypto.

[pawanjain]

As much as it seems good to hear but at the same time it's very hard to achieve.
Even if bitcoin reaches 1M price in 3 months there would be some serious financial crisis for that to happen.
So we should not at what stake bitcoin is reaching that price. To be honest, it's not a good thing for the world to suffer a financial crisis.
Lots of peoples' lives depend on this and many have to go through a lot. Fiat money cannot be replaced at this point of time because there is no sustainable currency to take it's place.
This will bring an overall collapse which we really can't afford right now. So I don't think bitcoin will reach 1M at least in this year.

[Don Pedro Dinero]

Didn't this guy learn anything from Mr 'I will eat my dick on national TV'? A million in three months is just looking forward to making a fool of himself. The bad thing is not that he has a million that he can throw away without even batting an eyelid, the bad thing is the desire to make a fool of himself.

[Lorence.xD]

As much as it seems good to hear but at the same time it's very hard to achieve.
Even if bitcoin reaches 1M price in 3 months there would be some serious financial crisis for that to happen.
So we should not at what stake bitcoin is reaching that price. To be honest, it's not a good thing for the world to suffer a financial crisis.
Lots of peoples' lives depend on this and many have to go through a lot.
This will bring an overall collapse which we really can't afford right now. So I don't think bitcoin will reach 1M at least in this year.

I agree, it would be impossible for bitcoin to reach $1M without any crisis happening in the economic situation in the world. Remember that bitcoin is a volatile system that you can't guarantee that it would reach to $1M in just months. It took years before reaching its current value ($27k) it might be possible but it sounds good to be true that it will increase the worth of bitcoin in just few months. And the fact that financial crisis is no joke for you to celebrate just to increase the value of bitcoin. Imagine gaining some profit for the hunger and death also increase? It shouldn't be rush let's remember the people in our community that will suffer from the process. This may bring the downfall of the economics that many people can be affected.