Would Bitcoin at this Price limit its Global Adoption?

[serjent05]

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

It will not because Bitcoin can be sold in fractions.  One can buy Bitcoin according to the fund the buyer has.  A person can even buy $1 amount of BTC.  This is the common misconception of people that the ever-increasing price of BTC will hinder its growth because people can't afford to buy it.

We should know the fact that Bitcoin is divisible and can be transferred in fractions.  If the price of Bitcoin goes on an infinite uptrend mode, then there is a possibility that FOMO will trigger the global market to panic buy BTC getting the attention of more users, and global adoption might proliferate faster.

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[JoyMarsha]

Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

The price bitcoin was years back, what's it the same price now? It started at a lesser price before it skyrocket to today's price of $29k, and still, so many crypto investors are investing in it upon that without minding the high price it is now.
In years to come, if bitcoin had to skyrocket way more in price, there will still be many people wanting to invest in it like us when they remember that bitcoin will keep on increasing in price as the year goes on and on

[Mr.suevie]

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

Just take it this way, imagine like 4-5 years back when the price of BTC hasn't reach this high I would like to think that same question were probably asked about people having the mindset to still buy if Bitcoin actually achieved a supposed amount but see here today even after it reached a whooping 69k people were still on course buying and selling so I think same fate is still going to play when the time comes that the price of Bitcoin will eventually hit that figure, all I pray for is that I would have saved a nice stack of coins before it officially reached such height.

[Ale88]

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

I really don't see the problem because you can buy small fractions of bitcoin, so literally everybody can own whatever the can afford to purchase. If the price keeps going up it means there is a lot of demand, that how markets work. At the end of the day not everybody needs to own a full bitcoin just like not everybody needs to be a millionaire. Right now bitcoin price is still a bargain, for sure many people in the world can afford to buy one but they simply choose not to because probably they don't fully understand it.

[TheUltraElite]

I really don't see the problem because you can buy small fractions of bitcoin, so literally everybody can own whatever the can afford to purchase. If the price keeps going up it means there is a lot of demand, that how markets work. At the end of the day not everybody needs to own a full bitcoin just like not everybody needs to be a millionaire. Right now bitcoin price is still a bargain, for sure many people in the world can afford to buy one but they simply choose not to because probably they don't fully understand it.

Truely knowing what bitcoin price was during all time highs and how people were buying bitcoin like crazy at that time versus now when the market is bearish and the reduced interest in bitcoin shows that the major push to bitcoin buying came from internet buzz leading to short term flippers and not genuine long term investors.

I think this improves the adoption by a smaller instance but the gradual rise and acceptance of crypto by governments do much better in adoption. Shops accepting bitcoin at a discounted price always attracts the attention.

[avikz]

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

It is a really great question! I always say one thing - Bitcoin is a great asset to hold but it's not a great currency. It is expensive and slow compared to many other crypto or fiat related currency systems we have available in the market. So I don't think the high price will not hinder its global adoption. rather, it will be regarded as the greatest asset/investment in the history of humankind. The transactions will take place in fiat or other currencies but Bitcoin will remain as an investment asset which will outperform every other asset classes.

Bitcoin puritans will surely go against this, but that will not change the reality! 

[so98nn]

That’s a dream price and yes if peeps are not going to buy now then they are definitely going to miss it. However what amazes more is these rich peeps are always having very high expectations. I don’t know if they are just doing it out of thin air or there is really a basis for the same? May be they just do these conversations over social media way intentionally so that they can drive the public to get involved and may be start buying new positions. This could benefit them with the time as they are always in the possession of huge amount of Bitcoin. The net effect could be as equal to as insider trading by driving the market up. I don’t know, it could Far fetched but have you seen their predictions? Always off the roof.

[Asiska02]

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption?

I don’t agree or believe that this will limit its global adoption. The global adoption of bitcoin does not depends on the speculation made by bitcoin enthusiasts alike but on the positive side it’ll have for them when they invest in it. Adam Back speculation can be seen as a positive one and if he had speculated before and turned to be true, his speculation this time around will just make more people to buy bitcoin and sell at an higher price later.

Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

You don’t need to have a substantial amount of bitcoin before you can make it big in bitcoin. All fingers are not equal and the amount you’re able to afford will be the same profit you’ll earn later when theres increased value in the price of bitcoin. The excessively high price should only give the people more hope that bitcoin will continue to increase, and that should convince them to join instead of procrastinating on when to opt in or wait.

[lionheart78]

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption?

I don’t agree or believe that this will limit its global adoption. The global adoption of bitcoin does not depends on the speculation made by bitcoin enthusiasts alike but on the positive side it’ll have for them when they invest in it. Adam Back speculation can be seen as a positive one and if he had speculated before and turned to be true, his speculation this time around will just make more people to buy bitcoin and sell at an higher price later.

Aside from that if the price told by these positive speculators are realized, I think, it will even trigger global adoption since hype and FOMO will be triggered just like in every cycle where Bitcoin breaks its ATH. There are new money injected to the Bitcoin market, and new companies from different world are created to integrate and ride the Bitcoin popularity during this events.

Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

You don’t need to have a substantial amount of bitcoin before you can make it big in bitcoin. All fingers are not equal and the amount you’re able to afford will be the same profit you’ll earn later when theres increased value in the price of bitcoin. The excessively high price should only give the people more hope that bitcoin will continue to increase, and that should convince them to join instead of procrastinating on when to opt in or wait.

It is a good thing that Bitcoin is divisible and there is a unit known as satoshi.  If one can't afford 1 BTC he can always buy the fraction of it in satoshi.  So it is wrong to say that buying Bitcoin is impossible when its price reaches to $200k or more.  Any one can still buy Bitcoin in fraction and in as small amounts or maybe lower than $5.

[tabas]

No, I don't see any reason from those predictions limit people from entering and adopt Bitcoin. Yeah, it may sound intimidating if these predictions keep on coming and the price actually reaches to those figures. But I don't see that this simple reason could affect the global adoption. Whenever the market turns into the bull run, that's how everyone is going to be back at it. The more action that people are seeing in the market regardless of the price and predictions that many are projecting, entering is going to be quicker than what we're expected and that's what typically we see.

[Nwada001]

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

Over the past, we have seen much of this kind of prediction from influential bodies and top financial advisors, but it always appears not to be happening as we expect it to. Those who predict the price are not going to actually use their hands in making it happen, and we should give much attention to such predictions, as higher expectations can give us an expected disappointment.

There could be possibilities for bitcoin to break its all-time high in the coming year, which is 2024, but when we can see that new ATH, I really don't think anyone can give an exact date of that, so until that happens, we should just have a lower expectation, assuming everyone was taking the prediction of Ark Invest, led by Cathie Wood, that a million dollars was made and people rushed to accumulate more than they planned to with the hope of getting a lot of profit. What do you think would have happened to many?

[rikybrosh]

I think if bitcoin price reach $100000 or higher then the number of bitcoin adoption will increase a lot because many news about it will spread around the world. I think there is no problem with the price, because people still can buy some satoshi, honestly I am so optimistic that btc price will surpass $80k or more.

[Oasisman]

You know why Bitcoin has so many decimal values? To make it adopted globally even after it goes to 1 million USD per Bitcoin. You can buy any x amount of satoshis.
1 satoshi = 0.00000001 Bitcoin. So when Bitcoin reaches $10,000,000 1 satoshi will be equal to $1. And still will be able to buy by the normal person and spend it like a normal person.

In fact, it will become much more easier to use as the movement of big amount will stop and smaller transactions will be done on new technology or lightning network and we all will know that 1 satoshi is what we need to pay for $1.

Yep, this should be the simplest explanation for the people who is worried about how bitcoin is going to be adopted when it's only limited in supply and it's price is consistently increasing. I thought all people who have been involved in crypto already knew these.
No matter how high the price is, there will always be a few fractions of bitcoin to be allocated with the people who wants to have bitcoin in the future. Therefore, the continued rise in value and the limited supply of bitcoin is not gonna be an issue for global adoption.

[Silberman]

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

If anything the high price of bitcoin has increased its adoption, since we have some people that use bitcoin for its intended purpose but we have many other people that use bitcoin as a way to earn money, and it is obvious its high price is the main reason for this, now would some people find the price of bitcoin too high and decide against using their fiat to buy it as they will be unhappy with paying so much when others paid so little? I think there will be people like that but they will be a minority.

[Kaliandra]

if bitcoin reaches a very high price for example it goes up to $500k I think for sure people will speculate that btc will potentially go up again to $1000000 so I think in this case no one will know and we'll see and hopefully the price of btc in the future penetrated more than $1000000 but in this case, usually people, when they see that the price has gone up, are still willing to buy and some are not.

[adzino]

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

You don't have to hold or own one whole bitcoin to bring "global adoption". You can still buy fractions of coins and use it like a regular currency. If you can afford to buy $1,000 worth of bitcoin, then buy it. You can still make profit from it and it is never too late. Like you mentioned, the prediction price "increases" eventually, which means that eventually the $1,000 you are holding will turn into $5,000. Still better than not buying anything because you think that the price is high. On other hand, if you still want to whole "whole" coins, then go look for other good altcoins and buy them.

[Kakmakr]

You do not have to own and hoard a significant amount of Bitcoin to use it as a currency. You can buy a couple of Satoshi for a dollar or two and still be able to use it.

On the other hand... if you want to buy it as an investment, then the same thing apply.. you buy small amounts on a continuous basis, until you have a significant amount of coins. (Rome was not built in a day.... you build it brick by brick over a long period) 

[Die_empty]

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

There was one thread that the OP that asked if everyone in the world can have access to bitcoin. He fears that people might not have access to it because many companies or individuals might be holding most of them. The common answer to his questions was that bitcoin can be sold in bits which can give more people the privilege to own it. The divisibility of bitcoin will make more sense and meaning if the price gets to $100k, $200k, or $500k because at least a few satoshis can buy something reasonable. This will allow bitcoin to be used as a currency and promote acceptability and adoption. The beauty of Bitcoin is that its divisibility gives both the rich and poor the privilege of owning it.

[flyingcarpet]

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

If the price goes up, as you say, and it starts to become expensive for people, the price will start to fall as the number of people who can afford it goes down. That will bring balance. It may not be desirable for Bitcoin to reach a level where it is inaccessible to all but a small number of people. Because every good must have a buyer. I would prefer that the price stays stable after a reasonable level and that Bitcoin transactions can be done without volatility and reach a wider audience.

For this to happen, the price needs to reach a good level, Bitcoin needs to be accepted by governments and its usage area needs to be expanded.

[xSkylarx]

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

It won't be a hindrance because you can buy Bitcoin by not buying it as a whole; you can buy it by sats or only what you can afford because it is still the same value but not bigger. I am not sure if it will stop people from buying it, but what I am sure of is that it will still be adopted by people because it is a huge price, meaning if it is a huge price, they will find a way to earn it, and the price is still volatile at that time because it is still in the adoption phase and there are countries legalizing it.