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

[mindrust]

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.

A very big crisis might even harm bitcoin instead of benefiting it. Think about it... The world still runs on FIAT whether you like it or not. We do our groceries with our cc's, not with crypto. If a few big banks go down in the US and EU, then people will run to the banks and withdraw their money because they need to have cash to spend for their daily purchases, their rent, their bills... If the banks can't function, cash will be the king. The same they will rush to the banks, they will rush to bitcoin too... to convert their coins to cash. It bitcoin adoption was big, maybe they wouldn't do that but we are not there yet. Right now only some small banks are going down. That's why btc is going up because the threat isn't that serious, yet.

[litepool.ru]

The way I am looking at it, this crisis will bring many benefits to cryptocurrencies. People lose faith in banks, and what comes is inevitable, but pricing with BTC in the future, I think the price will go up, but how much I don't want to think too much.
Ten years ago who thought it would hit $50,000, and ten years from now those who are seeing the price of $1m will be.

[davis196]

1.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.
2.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
3.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

1.I think that the pressure upon the crypto markets will continue, as well as the pressure among all financial markets.
2.We already knew that the Federal Reserve(not the US government) will continue with the money printing and the interest hikes are temporary. Nothing new here.
3.I don't think that ALL banks had lost the confidence of the customers. There are some "rotten apples" in the USA and Europe, but I think that the vast majority of the people still trusts the banks.
Anyway, I think that your topic belongs to the Speculations forum. I don't believe that Bitcoin will hit a million dollars.

[MoonOfLife]

Don't be under the illusion that the collapse of the bank will be an opportunity for bitcoin to rise and replace the bank. Remember that the government is still the one running everything, they have more than enough capacity to save those banks, but they let it happen, and they have a reason for it. Similar to the 2008 crisis, there were also many bank failures, but after that, the world economy still boomed and developed more.

[Hamza2424]

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.

In 2021 global inflation started increasing and Bitcoin was rising 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 drives the price up, whales are buying to dump when the market will lose momentum.

Your views are strong and I respect them, But for the capitalism shift I think now the time is not the same as in the previous economic crisis, Now the consequences are in front f us for considering the USD as a global currency and now China is speedily dominating the market and in my views, US has no comparison with China on Global market in coming years and then China will force other countries to divert their consideration with USD (then Yaun/Digital Yuan). I don't think after past experiences with USD other countries will allow this to happen again. In that case, the high possibilities are to propose a new global asset which can be Bitcoin.

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.

Agreed, But what do you think why the whales holding all the Bitcoins to take profit once when governments will regulate it a huge hype will bring massive pumps and there these whales will use us as the exit liquidity and that's it for one-time its important to happen but after that, it will be difficult for anyone to manipulate the market because there will be less volatility due to the involvement of the World Economies.

personally, I also know all the points mentioned by you and for some points, I have good answers, I also don't know why I am supporting Bitcoin as a Global asset there are two major problems in the economy of each country that Intrest & Transparency and Bitcoin can fix it simply.

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.

First of all, it was not a shit comparison thread here I was putting my views on the Bitcoin adoption and solution to economic problem theories circulating. Bro here the Main point is not to discuss $1M I know the title is purely based on the price but the content is about exploring the future possibilities in the economy and with those possibilities how the $1M dream for USD goes to become reality.

All the things you mentioned are the Bi products wake to reality, So what if satoshi had not views like that when the Cell phone was invented it wasn't meant to be a device for gaming for photography streaming the first and basic intention was communication with the time we progressed as we wanted and here we are a perfect device to control 70% of daily activities from security to funds management from entertainment to News & Update and communication.

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!

That the Human nature. Also its the rule of nature creation is possible after the destruction.
The traditional term banking system will definitely end up in the coming years as there is no more need for banks, Digital wallets will replace Banks.

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

Agreed Boss, also found some interesting figures... Dammm whenever i use to read your replies particularly i use to think what if i have started the topic after getting some tips from this guy hahaha.. From next time i will consider it if you allow..

[CoinEraser]

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.

Yes, that's right. Perhaps at some point bitcoin will only be traded for gold or something similar and no longer for fiat money, should such a scenario really occur. 

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.

I agree with you there too. In such a scenario, bitcoin could really be one of the few solutions for. In any case, its limitation and decentralization speak for bitcoin and it would therefore be ideal to ensure values. 

-snip-

Thank you for your suggestion. But no, I'm not from the USA, but that wouldn't matter anyway, since such hyperinflation would certainly have global repercussions. Either way, I prefer to rely on bitcoin. You are absolutely right about that. That would be the best thing to do in an incident like this. I am curious to see whether the current banking crisis will continue to spread and whether it will get worse. In any case, so far it has had the positive effect that people may realize how useful bitcoin is. That's why I'm currently following the price of bitcoin every day and I'm always surprised at how quickly the prices go up or down. 

[Faisal2202]

Snip

To tally agree with your points about the failure of Banks being in good benefits of Crypto and Blockchain. But I did not think that BTC can be of 1mil dollar in just 90 days ( if that's what you are trying to say if I take it wrong then please correct me). No doubt corruption and mismanagement is the only factor that causes the failure of these banks first it was Silver Gate Bank, then Silicon Valley (SVB) and now its First Republic Bank stock halted for volatility.

And things are just not finished here, as you mentioned the increasing interest rate is of no good to banks as well as to borrowers of course. In the long run, many other regional banks are also near to collapsing well I hope banks do not collapse at that speed because it will bring chaos, no doubt it will be in good favor of BTC and Blockchain but well maybe the risk is worth to take but I hope people could bear it.

Acco rding to a post shared by Hydrogen, more than 186US banks could collapse. This gives me goosebumps on what will happen to the US economy I am not a US citizen but I am worried about what effect will it make on our country's economy as our national reserves are in US dollars.

[stompix]

Your views are strong and I respect them, But for the capitalism shift I think now the time is not the same as in the previous economic crisis,

You do realize Bitcoin si the perfect example of capitalism and a capitalist tool, right?
The ones that have capital (money) are the ones able to buy BTC , if you're poor and you have no capital you're not going to be able to buy any BTC so you're going to stay poor. Bitcoin is again against redistribution since you can't force people to give up ownership, so another thing against any kind of socialist or communist movement.
Your keys your bitcoins, not the government, not the country not anybody else, perfect capitalism!

~

That the Human nature. Also its the rule of nature creation is possible after the destruction.
The traditional term banking system will definitely end up in the coming years as there is no more need for banks, Digital wallets will replace Banks.

Digital wallets?
So you mean Binance will replace Bank of America and Coinbase Deutsche Bank?
Because if you think of personal wallets, the numbers are simply not there.
Here is a topic about the distribution of bitcoins, it was started by me in 2019, almost 4 years ago:

So, October 2nd
14,061,631 addresses with more than one mbit, in the most unrealistic scenario 0.2% of the world population BTC.
  6,620,858 addresses with more than 100$, 0.1% of the population.

March 19, 2023

22268703 addresses with more than one mbit, in the most unrealistic scenario 0.27% of the world population BTC.
16,007,276 addresses with more than 100$, 0.19% of the population.

So in 4 years, you have 7 million more addresses (which doesn'tt need to be users) with 1 mbit and  9 million with more than 100$ worth of it.
This takes into account he price was 1/3 at that date and more than two million bitcoin have been mined from that date, coins that had to go somewhere.

To date, we have just replaced banks with some other banks, nothing on the scale of using completely ditching centralized services, and if you don't stop using CEX it's still the same thing, someone who is in charge of your money and can stop you from ever accessing them.

Do not confuse price increases with decentralization!

[BADecker]

Let's hope that Biden and the gang keep on dumping $tons of money into Ukraine. This will cause more inflation, along with the bailouts, so that the USD becomes more unstable with the rise in inflation that more money brings. People will place more money into Bitcoin, Businesses will use more bitcoin in their businesses, and the price of Bitcoin will naturally rise.

Now don't get put off if I use the Bible a little here. Revelation 18:17 says...

In one hour such great wealth has been brought to ruin!’ “Every sea captain, and all who travel by ship, the sailors, and all who earn their living from the sea, will stand far off."

Read the rest of it here https://biblehub.com/niv/revelation/18.htm.

My point is that when the USD starts to slide for real, it might not take that long at all. 'One hour' is figurative for a very short time. It could be as fast as 3 months, as said by somebody in a different post, above.

Internet technicians are very aware of Bitcoin. They won't allow the Net to fail if they can at all help it. So, Bitcoin could easily become the trading power of the people everywhere. Companies like Bitpay, and the Bitcoin gift card companies, will be in top positions for people to use their bitcoins as money with merchants who refuse to go the direct route with Bitcoin.

[tread93]

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.

I saw that tweet, have to say that is a wild time frame as well. Apparently he has been correct on a lot of things, only time will tell....

[serjent05]

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.

Agreed, But what do you think why the whales holding all the Bitcoins to take profit once when governments will regulate it a huge hype will bring massive pumps and there these whales will use us as the exit liquidity and that's it for one-time its important to happen but after that, it will be difficult for anyone to manipulate the market because there will be less volatility due to the involvement of the World Economies.

Whales are good with rinse-and-repeat tactics.  Do you believe whales will not reaccumulate once they dump their holdings when the price of BTC surges?  They will reaccumulate at a lower price increasing their holdings and position.  This had been observed several times on the market.  When huge holder dump, they always reaccumulate taking advantage of the domino effect of the FUD it causes which makes weak holders panic.

personally, I also know all the points mentioned by you and for some points, I have good answers, I also don't know why I am supporting Bitcoin as a Global asset there are two major problems in the economy of each country that Intrest & Transparency and Bitcoin can fix it simply.

I also think corruption can be fixed by Bitcoin, because of the transparency of the transaction, government officials will be more careful in using government funds.  But the question is, will the government compromise its economy in exchange for transparency and interest?  I believe they can compromise the stability of their economy but they will not compromise their personal interest. 

[BitcoinPanther]

I saw that tweet, have to say that is a wild time frame as well. Apparently he has been correct on a lot of things, only time will tell....

And may be this time he will not.  $1m is too huge for the market to achieve in just a small time frame.  I do not doubt about Bitcoin's potential to reach $1m but I believe will not happen this coming bull trend.  Bitcoin market needs huge amount of money to be able to reach $1m, it needs 3700% growth which is somehow impossible to achieve.  Even with the hyperinflation of dollar, we are not sure whether investors will inject their money on Bitcoin since there are lots of options where investors can put their money to take profit or protect its valuation.

Don't be under the illusion that the collapse of the bank will be an opportunity for bitcoin to rise and replace the bank. Remember that the government is still the one running everything, they have more than enough capacity to save those banks, but they let it happen, and they have a reason for it. Similar to the 2008 crisis, there were also many bank failures, but after that, the world economy still boomed and developed more.

It is indeed the opportunity for bitcoin to rise but replacing bank is out of the context.  I agree that the government is still the one who has the authority.  They can shut down any Bitcoin company in their jurisdiction and even prohibit Bitcoin transactions.  They are the authority after all.  But as long as the government allow Bitcoin, we are free to choose to make ourselves to be our own bank with Bitcoin.

[franky1]

my view
based on the non-market fundamentals.. it showed a 30% realistic rise in 2021-2022-2023
of the potential tops a market could reach(not to say they did. but what they could have.. based on economics outside the markets)

lets use that
2021   $75k   
2022   $95k   
2023   $121k   
2024   $154k   pre halvening
2024   $307k   post halvening
2025   $390k
2026   $496k
2027   $629k
2028   $799k   pre halvening
2028   $1.60m post halvening

thats what i see as a FAIR forecast of where the market tops could reach using rational projections rather then hyped up best case extreme dreamy projections

[Fundamentals Of]

With what's happening to the banking system right now, Bitcoin's raison d'etre is emphasized more than ever. The banking system and the banking laws are now becoming a larger joke. What's funnier is that the banking regulators are the ones imposing crazy policies instead of protecting the public and keeping things in order.

There are billions of debts that will be written down as zero. There's the law that would be used to bypass the power of shareholders. You name it. The banking system has bottomless crazy ideas up its sleeve.

But $1M per Bitcoin is exaggerated.

[Argoo]

The way I am looking at it, this crisis will bring many benefits to cryptocurrencies. People lose faith in banks, and what comes is inevitable, but pricing with BTC in the future, I think the price will go up, but how much I don't want to think too much.
Ten years ago who thought it would hit $50,000, and ten years from now those who are seeing the price of $1m will be.

The banking system is much more resilient than it seems at first glance due to the fact that periodic failures occur in it. The world economy, like any cryptocurrency, periodically experiences ups and downs, and this is reflected in the financial system and the normal operation of banks. But falling does not mean failure. The global economy has been hit hard in recent years by the coronavirus pandemic and other problems such as wars and more frequent cataclysms. But the fall of the economy and the deterioration of the financial sector eventually leads to a new impetus for their growth. So it has always been and so it will continue to be.
The cryptocurrency market is also developing in approximately the same scenario. Therefore, the price of bitcoin at one million dollars, even in the long term, we have not yet seen. Yes, we can not say whether such a miracle is possible in principle.

[worle1bm]

I have previously also said that these are normal pumps coming out of influence and all this bet scenario but in reality we need to realise that how much investment it would take for $1M price to reach within this time frame? It is impossible according to me and he has made this statement to gain personal profits only.

[WatChe]

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.

Even if traditional banks are collapsing there is no chance that governments will shift there financial system to decentralized Bitcoin since that will bring an end to there financial control. Governments will prefer to work with traditional banking system no matter how worse things get.

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.

We need to think rationally regarding price of bitcoin. There is no way we can predict what future price of bitcoin will be, it may be 1M or more. But we need to be patient about that rise.

[panganib999]

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. 

Exactly. USD's downfall isn't Bitcoin's Rise. Bitcoin's Rise in valuation is what would make it valuable, not the depreciation of assets around it, more so ones that it is pegged to. Just imagine the utter chaos and pandemonium USD crashing in value would ensue amongst the general public. Bitcoin wouldn't be spared from this effect too coz it's either whales buy out most of the circulating supply because every single one of us is pressured to sell by the outside market's situation, in that case it would rise in value but at the expense of every small investor's welfare, or we all jumpship from bitcoin because the selling pressure is immense even the whales are forced to liquidate their assets to get by.

[virasog]

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.

I agree with most part of your thoughts and analysis but I am afraid that the government and the institutions controlling the financial markets won't agree that bitcoin will be the replacement of the dollar and the next global currency. The reason is that they want to control the economy and therefore they will try to save the banking sector by printing 2T dollars.

This whole system will fall apart one day on its own but I don't think this will happen in 2023 or any time in the next 5 years or so. Yes, I do agree that the excessive money printing effect will go into the bitcoin investment and bitcoin will reach new highs but $1M does not seems a realistic value at the moment.

[kryptqnick]

I thought fiat would fail and the time of Bitcoin would come, but I don't think so anymore. While banks fail occasionally and some of the top currencies experienced unexpectedly high rates of inflation last year, fiat and banks are still here to stay, I believe. It is also worth noting that while Bitcoin can be used without a centralized service, many still rely on exchanges or custodial wallets, and those can fall as well. Moreover, banks aren't doing so badly, at least not everywhere. For example, banks in my country reported top deposits over the last year, and they are flourishing. Cryptos are also quite popular, but people don't see one as an alternative to another.
As for Bitcoin vs USD, I think that due to other complicated political engagements and relative stability of the latter, most countries will stick to it. Bitcoin is too volatile and isn't objectively highly desirable by other countries, which are both problems. Not to mention how the IMF feels about Bitcoin and the kind of pressure it can put on countries that try to adopt it more.