Would Bitcoin at this Price limit its Global Adoption?

[Asuspawer09]

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?

In my opinion not really since we could still Hold or Buy Bitcoin even though it wasnt a big amount of Bitcoin, I mean you could still buy just 10$ amount of bitcoin or even lower and it would still be the same you wouldnt really need to buy 100,000$ worth of bitcoin as 1 bitcoin you just you could say that you earn a Bitcoin right. So i dont think it is going to limit the Global adoptation for sure people might which to other alternatives but for sure it is still going to be in cryptocurrency maybe they might or just invest on Ethereum rather than Bitcoin just because they want to earn more profit, Because its gonna be difficult to make profit on Bitcoin when the market price is just too high meaning its gonna need to double its market price so that you could make a x2 profit on it compared to other altcoins which could x100 or even higher.

Cryptocurrency and Bitcoin is aalready recognized around the globe and compared to the passed years it really is increase since it is already adapted on a lot of platforms out there and even banks already recognized and support it.

[Stella Mese]

Actually, I'm also confused about answering this question, because if you buy BTC, the price is already too high, for example $ 300k, I'm a bit confused too, because in my opinion, if the price of BTC is higher, the risk will also be higher, but I'm sure that if the price of BTC is already high there will also be a lot of people who adopt it because fundamentally people are always afraid to miss the train.

[Kaliandra]

in this case, of course, we have to look at history, namely btc has always had a rising price and always forms new ath, but there are always people who dare to buy even though the price is already high, so in my opinion, in this case there are 2 possibilities, namely there will be people who dare to buy btc and some don't, and usually before buying people always do research and analyze technically and fundamentally so if in terms of technical and fundamental analysis btc has the potential to go up, people will dare to buy btc because it is based on technical and fundamental analysis.
so in my opinion in this case it depends on the situation and conditions.

indeed, btc has always formed new ath, and people have always speculated that btc will have the potential to form a new ath, when in fact we won't know what will happen in the future, I don't think we will know whether in the future btc going to go up to $500k or not.

regarding the topic discussed by the op, I agree with your opinion, in this case it depends on the situation and conditions and indeed if there is good news, usually the price of btc always goes up and fundamentally, usually people always dare to buy even though the price is already high.

[posi]

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?

Does it really matter if you hold 1 bitcoin or 0.0001 bitcoin if you have no problem to make a transaction? Bitcoin will only be useless if the price of 0.00000001 BTC will be a dollar or something like that. Even that won't be a problem if we are able to send transaction with low fees. I think there is nothing to worry about the bitcoin's price, the only real thing that limits its global adoption is transaction fee that fluctuates.

Why are volatile transaction fees limiting bitcoin's global popularity? If talking about bitcoin, I don't see any restrictions preventing its popularity. If we talk about the bitcoin barrier then I think it is the government, the biggest barrier preventing bitcoin from really becoming popular. As for the bitcoin price, the price movement will depend on its popularity, the wider the popularity, the higher the demand for it. When the demand is high, the price will be more high.

The government is really the hindrance of this because lots of countries are banning it, meaning that people don't want to break the law as it is illegal to them. Even though some people want to use Bitcoin, they don't have a choice, and even others will use it, but only a few of them as it is illegal. Volatility is also one of the features that people liked, and I don't see it as something that stops people.

Not everyone likes the volatility of bitcoin, especially those who are considering it as a payment method. Besides there are also many investors who also don't like its volatility, I have a few friends who are forex traders and they also know about bitcoin. But they don't invest in it because they consider it too volatile and they prefer slow but safe rather than too volatile leading to high risk. Not everyone like us likes to take risks for high returns.

[dezoel]

The price of Bitcoin can impact its global adoption in several ways, both positively and negatively. But it is necessary to keep in mind that the price is not the only factor which is influencing the global adoption. The other factors, such as technological developments, ease of use, regulatory clarity, market infrastructure, and awareness campaigns, do paly an important roles in driving adoption.

Well, to be honest, the price of Bitcoin might not be the only influence on global adoption but it is obviously the only reason why global adoption has such a high pace. I'm pretty sure that most of the people that are getting into Bitcoin and cryptocurrencies these days barely care about what they offer as a technology but all they care about is how much they can earn after a certain period of time if they invest a certain amount because that is their main focus.

Those who adopted Bitcoin initially when it's price was not this high were the people who did it for the innovation that it is and the use cases that it provides, but nowadays, things are pretty different. A newbie investor will barely know how Bitcoin operates and how the transactions go through.

[Blitzboy]

The price of Bitcoin can impact its global adoption in several ways, both positively and negatively. But it is necessary to keep in mind that the price is not the only factor which is influencing the global adoption. The other factors, such as technological developments, ease of use, regulatory clarity, market infrastructure, and awareness campaigns, do paly an important roles in driving adoption.

Well, to be honest, the price of Bitcoin might not be the only influence on global adoption but it is obviously the only reason why global adoption has such a high pace. I'm pretty sure that most of the people that are getting into Bitcoin and cryptocurrencies these days barely care about what they offer as a technology but all they care about is how much they can earn after a certain period of time if they invest a certain amount because that is their main focus.

Those who adopted Bitcoin initially when it's price was not this high were the people who did it for the innovation that it is and the use cases that it provides, but nowadays, things are pretty different. A newbie investor will barely know how Bitcoin operates and how the transactions go through.

The price increase of Bitcoin has caught the attention of many who are more "FOMO-driven" than genuinely tech-curious. It wasnt all that long ago, but back then it was all about ushering in the free new world order and destroying the old. Back then, Bitcoin enthusiasts resembled the tech hippies of business.

It feels different now. There is a new generation of Bitcoin supporters who dont necessarily support the project's original objectives, but who can we blame? Even if they can overshadow the technology that made them possible, profits can be difficult to refuse. What do you know, though? As time goes on, I believe more and more people will research Bitcoin and learn why its more than simply a virtual gold rush.

[Mpamaegbu]

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.

There are eight bits after the whole number separated by a decimal point. It means that people can always buy in bits if they can't afford a whole Bitcoin. We mustn't all buy one Bitcoin to ensure we own it. Little buys here and there is the encouragement Bitcoin needs to forge ahead and get to the goal of mass adoption.

To your other question, nope. I don't believe the monumental price increase of Bitcoin will discourage anyone from buying or investing in it. We've to recollect that at some point Bitcoin traded for less than $1. If it didn't discourage anyone investing when it got to over $10, $100, $1k, $10k, I don't see why it should when it gets to $100k.

[justdimin]

At this point it's all about getting a piece of the pie, you don't have to buy 1 Bitcoin to be a Bitcoin investor and there is nothing to rush for, you can gradually keep accumulating Bitcoin and in time you will get to your dream amount you have always wanted.

Bitcoin is well designed by allowing Bitcoin users to move it in satoshi unit and pay transaction fee in satoshi unit too. You mentioned a good point that people never have to buy 1 BTC as a condition to own bitcoin. They can buy 1, 0.1, 0.001 BTC, whatever amount that fits with their available capital.

Only condition is they must take into account on-chain transaction fee and make sure they will not have like nearly nothing after one on-chain transaction, one withdrawal from a centralized exchange. $10 or $50 is enough small capital to buy and own bitcoin but I know $10 and $50 is big capital with many people.

Which could be considered not big when you think about where you can store it. If you deposit some money into binance for example, you are not going to spend a dime (depending on the bank) for sending your fiat to binance, that's free. On top of that, you spend like what 0.025 or something to get bitcoin with it? Just the trading fee, whatever it was. That means that you are going to spend very little, and no matter how tiny your capital was, you are going to end up with something you will be doing fine.

I hope that we could end up with the understanding that you do not have to be rich in order to make money in the crypto world, you could keep on making profit and should just end up with as much holding as possible even with small amounts.

[Synchronice]

Why are volatile transaction fees limiting bitcoin's global popularity? If talking about bitcoin, I don't see any restrictions preventing its popularity. If we talk about the bitcoin barrier then I think it is the government, the biggest barrier preventing bitcoin from really becoming popular. As for the bitcoin price, the price movement will depend on its popularity, the wider the popularity, the higher the demand for it. When the demand is high, the price will be more high.

We make transactions every day. At the moment, bitcoin community is very small and even sudden increase in transactions clogs the mempool and causes abnormally increase in transaction fees. If the number of bitcoin users and bitcoin transactions double or triple, then we won't be able to make cheap BTC transactions, in other words, we won't be able to send/receive bitcoin unless we pay high amount of money and are willing to wait for hours or days. This is not beneficial for massive global adoption, otherwise, we can confidently say that right now you can send and receive bitcoin transactions from any place to any place, doesn't matter where you are.

[Plaguedeath]

There's always a rich people who're richer than the rich! if those trillionaires people spend all of their money to buy Bitcoin, I can't imagine how much Bitcoin price now. If someone can't afford to buy Bitcoin, take it simple, the market isn't for you. So if you want to buy Bitcoin, you need to work hard and find other income sources to get more money.

There's no exact time or price Bitcoin adoption will stop even all countries already ban Bitcoin.

[Fivestar4everMVP]

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?

To me , Bitcoin can never be too expensive , even if the price reaches $1 million dollars , there are more than enough billionaires and trillionaires in the world who can still afford to buy a hand full of Bitcoin at such a price , Bitcoin is a digital asset that will span from generations to generations, this means that we are still very early in this ,and that the current price of Bitcoin is still like $0.05 cents compared to what the price of Bitcoin will be in 50 to 100 years to come..

And no matter how high the price of Bitcoin becomes , it won't stop it's adoption, though some will still look to alternative currencies like altcoins , but those who have the money will still transact in Bitcoin as they want .

[Silberman]

To me , Bitcoin can never be too expensive , even if the price reaches $1 million dollars , there are more than enough billionaires and trillionaires in the world who can still afford to buy a hand full of Bitcoin at such a price , Bitcoin is a digital asset that will span from generations to generations, this means that we are still very early in this ,and that the current price of Bitcoin is still like $0.05 cents compared to what the price of Bitcoin will be in 50 to 100 years to come..

And no matter how high the price of Bitcoin becomes , it won't stop it's adoption, though some will still look to alternative currencies like altcoins , but those who have the money will still transact in Bitcoin as they want .

While it is true that those which have not adopted bitcoin yet may think it is unfair they have to pay so much money for an asset others got almost for free, at the same time it is not as if they can do anything about it, so if bitcoin is a tool they need to use, maybe because the fiat of their country is experimenting a huge level of inflation or they just want to speculate with the price, at the end they will forget their misgivings and buy bitcoin anyway.

[Texac]

To me , Bitcoin can never be too expensive , even if the price reaches $1 million dollars , there are more than enough billionaires and trillionaires in the world who can still afford to buy a hand full of Bitcoin at such a price , Bitcoin is a digital asset that will span from generations to generations, this means that we are still very early in this ,and that the current price of Bitcoin is still like $0.05 cents compared to what the price of Bitcoin will be in 50 to 100 years to come..

And no matter how high the price of Bitcoin becomes , it won't stop it's adoption, though some will still look to alternative currencies like altcoins , but those who have the money will still transact in Bitcoin as they want .

While it is true that those which have not adopted bitcoin yet may think it is unfair they have to pay so much money for an asset others got almost for free, at the same time it is not as if they can do anything about it, so if bitcoin is a tool they need to use, maybe because the fiat of their country is experimenting a huge level of inflation or they just want to speculate with the price, at the end they will forget their misgivings and buy bitcoin anyway.

I agree that the price of bitcoin is not a barrier to its popularity, as long as it can provide necessary utilities for people, people will always be willing to buy it.

@Fivestar4everMVP, but saying $1 million worth of bitcoin isn't expensive is not true.  if it wasn't too expensive, could you buy 1bitcoin right now?  maybe at that price, it's not expensive for the above billionaires, but the rest of the world is too expensive to own bitcoin.  and I also know that we still have Satoshi units, but does it make any sense that we only have a few satoshi?

[Bazzu]

What the hell did you mean? It is basic Bitcoin knowledge that it can be bought in a fraction amount. And it is a known regular misconception about Bitcoin.

Your account is made in 2013, assuming it is true, I can't believe you still fall, in fact, worrying, about that kind of wrongful information. Unbelievable. People buy gold, but they ain't buy a ton of it, they buy a fraction, and it also applies to another commodity. What make you think it can't be applied to Bitcoin!?

But let's say your concern is simply that people can have a substantial amount of bitcoin. I do not know how much you pictured when you said substantial, but it is just how the market works. There will be a buyer and seller. People did not essentially has to own a significant amount of bitcoin.

Yes, for example, if people buy BTC in large quantities, there will definitely be potential obstacles in adopting BTC, but in my opinion, the potential is great that there will be no obstacles in adopting Bitcoin because there are definitely people buying and selling. I don't think op no need to worry about this, because in my opinion, even though BTC is already high, of course this won't be an obstacle for anyone who wants to invest in BTC.

[demonica]

I don't think it's the price that limits Bitcoin adoption. There's a lot of external factors that contributes to why people don't want to invest in Bitcoin or why a lot of people still have no idea about Bitcoin. For me, the higher the price Bitcoin gets, the more people will be interested to learn and follow the trend. Since of course, if the price increases, news and updates on social media will be there that could get other people's curiousity. FOMO

Also, regardless of its price, whether it's high or not, people can still buy Bitcoin. It will just depend on how many Bitcoin or Satoshi they can afford to buy. So it's not really a limitation if they are really interested in Bitcoin since they can start from small or any amount they can afford.

[Wend]

I don't think it's the price that limits Bitcoin adoption. There's a lot of external factors that contributes to why people don't want to invest in Bitcoin or why a lot of people still have no idea about Bitcoin. For me, the higher the price Bitcoin gets, the more people will be interested to learn and follow the trend. Since of course, if the price increases, news and updates on social media will be there that could get other people's curiousity. FOMO

Also, regardless of its price, whether it's high or not, people can still buy Bitcoin. It will just depend on how many Bitcoin or Satoshi they can afford to buy. So it's not really a limitation if they are really interested in Bitcoin since they can start from small or any amount they can afford.

Bitcoin price is not really a constraint on global bitcoin adoption. But the problem of bitcoin being too high is an obstacle for many new investors.
They have the misconception that the price of bitcoin has risen too high and investing in it is no longer profitable. So, they turned to investing in shitcoin and suffered unnecessary losses. But this happens not only to new investors but even old investors, I know a lot of people who are investing in shitcoins hoping to get high returns but don't dare to admit it here.

[Obari]

Well, i don't know how best to say this, but the truth is that I've also had some thoughts about this and I've always thought about what the reaction of people will be towards buying and holding when the price finally skyrockets either if the speculated prices.
Well, I've  always believed that, there is no late time in buying bitcoin and whenever one has the money and capacity to buy, they shoukd do so and that's why the DCA method to accomolation is always encouraged for people  who can't afford to buy a whole portion of bitcoin.

Well i don't know of the possibility of bitcoin  reaching $100k by march 2024 but I don't think the price increase will stunt bitcoin  acceptance

[bayu7adi]

BTC is an asset characterized by lightning-fast price fluctuations, even susceptible to manipulation. Let's say BTC hits the price you mentioned, which is 100k, but that won't likely endure if 100k represents its peak. The charts will indicate a more reasonable price correction in the near future.

At that price point, everyone will begin trading at the new market price. Traders will start sketching out support and resistance areas that will serve as the upper and lower bounds of the market price.

So, even if the price reaches 100k, the public will still obtain a reasonable consensus price for BTC. Thus, its adoption will persist. Don't be late to join us.

[stadus]

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 doesn't quite add up. Basing adoption solely on the price of Bitcoin is a narrow perspective. Bitcoin's value could indeed rise to $1 million each, but what truly drives adoption is its utility in online transactions. Regardless of the price, the key factor is Bitcoin's ability to maintain stability and serve effectively as a payment system. The more people trust and use it for transactions, the more significant its adoption will be.

[Lorence.xD]

I don't think it's the price that limits Bitcoin adoption. There's a lot of external factors that contributes to why people don't want to invest in Bitcoin or why a lot of people still have no idea about Bitcoin. For me, the higher the price Bitcoin gets, the more people will be interested to learn and follow the trend. Since of course, if the price increases, news and updates on social media will be there that could get other people's curiousity. FOMO

Also, regardless of its price, whether it's high or not, people can still buy Bitcoin. It will just depend on how many Bitcoin or Satoshi they can afford to buy. So it's not really a limitation if they are really interested in Bitcoin since they can start from small or any amount they can afford.

Bitcoin price is not really a constraint on global bitcoin adoption. But the problem of bitcoin being too high is an obstacle for many new investors.
They have the misconception that the price of bitcoin has risen too high and investing in it is no longer profitable. So, they turned to investing in shitcoin and suffered unnecessary losses. But this happens not only to new investors but even old investors, I know a lot of people who are investing in shitcoins hoping to get high returns but don't dare to admit it here.

Knowing the price of Bitcoin by new investor trying to enter the market are the reason for them to be scared. Which is not actually since there's no late comers in Bitcoin as long as you hodl it and you can start slowly by investing at low investment first to test it out. Plus it's volatility is one of the factor, for sure if you are not yet fully experienced in this industry and not yet knowledgeable you would panicked with constantly changing value. But for now it's stabilizing since more people are starting to have diamond hands as few people selling their coin cause Bitcoin rely on supply and demand. Shtcoins, memecoins or altcoins could be actually a good investment for a quick-flip due to high volatility of the coins. There's nothing wrong in exploring and trying out new coins but don't expect too much on it cause it's not like BTC.