Economic Crash may take bitcoin to 1M dollar

[tjtonmoy]

In an economic crisis, everything is affected. I don't think that Bitcoin will be any special case. People will need money in order to survive. Many will depend on their last resort maybe their Bitcoin hodlings. In that scenario, how will Bitcoin be able to pump in price? Bugs me. But when the situation cools down a bit and people start to invest, maybe they will choose Bitcoin as their first priority. But as Bitcoin is not widely accepted all over the world, this still remains a probability.

But before the crisis happens, or during the crash, people may become self-aware and move towards Bitcoin. Even better if the governments see the potential and accept Bitcoin. That will be a massive push for Bitcoin. Maybe then we can see a price pump like never before. But still, after the crash, many will not be able to invest as before. So that remains a question.

[Shishir99]

In an economic crisis, everything is affected. I don't think that Bitcoin will be any special case. People will need money in order to survive. Many will depend on their last resort maybe their Bitcoin hodlings. In that scenario, how will Bitcoin be able to pump in price? Bugs me. But when the situation cools down a bit and people start to invest, maybe they will choose Bitcoin as their first priority. But as Bitcoin is not widely accepted all over the world, this still remains a probability.

Exactly. But there are some other facts as well. As we have seen during the pandemic. People were stuck in their home and were not able to work. People invested in Bitcoin and we have seen an ATH there. I don't know if it's because of the Covid-19. If it was, some investors may cash out their money from the stock market and invest it in Crypto market.

We don't know the reality to be honest. But, I am considering it as one of the possibilities. But the most accurate speculation is Bitcoin will crash as well with the world economy. Let's wait if economy crash at all or not.

[khiholangkang]

In an economic crisis, everything is affected. I don't think that Bitcoin will be any special case. People will need money in order to survive. Many will depend on their last resort maybe their Bitcoin hodlings. In that scenario, how will Bitcoin be able to pump in price? Bugs me. But when the situation cools down a bit and people start to invest, maybe they will choose Bitcoin as their first priority. But as Bitcoin is not widely accepted all over the world, this still remains a probability.

But before the crisis happens, or during the crash, people may become self-aware and move towards Bitcoin. Even better if the governments see the potential and accept Bitcoin. That will be a massive push for Bitcoin. Maybe then we can see a price pump like never before. But still, after the crash, many will not be able to invest as before. So that remains a question.

As we see last year which is still said as a threat of recession, it appears that all assets fall, it is a fact, the average person chooses alternatives to their assets in a place where yes they can melid them for their needs, because with the impact of the economic crisis Resulting in the market more cendurunth has decreased both bitcoin, stocks, bonds and others.
Precisely when the economy improves Bitcoin also goes up in price, except the crisis that is meant is inflation or more money supply and people easily get money, it can make people to invest into Bitcoin, which can encourage Bitcoin prices.

Including if the government recognizes Bitcoin and adopt it to be made as an alternative medium of exchange, it will encourage increasing Bitcoin prices, and the possibilities can be more than one million dollars if 1/4 of the world's countries have adopted Bitcoin.

[Aanuoluwatofunmi]

In an economic crisis, everything is affected. I don't think that Bitcoin will be any special case. People will need money in order to survive. Many will depend on their last resort maybe their Bitcoin hodlings. In that scenario, how will Bitcoin be able to pump in price? Bugs me. But when the situation cools down a bit and people start to invest, maybe they will choose Bitcoin as their first priority. But as Bitcoin is not widely accepted all over the world, this still remains a probability.

Exactly. But there are some other facts as well. As we have seen during the pandemic. People were stuck in their home and were not able to work. People invested in Bitcoin and we have seen an ATH there. I don't know if it's because of the Covid-19. If it was, some investors may cash out their money from the stock market and invest it in Crypto market.

We don't know the reality to be honest. But, I am considering it as one of the possibilities. But the most accurate speculation is Bitcoin will crash as well with the world economy. Let's wait if economy crash at all or not.

Taking the pandemic experience for instance, can we conclude that the bitcoin market rises during this period or it fall beyond the reasonable doubt due to the collapse of many economical activities, though we still know that this bitcoin network is not a dependent of this but there are micro factors in which through their effects on the economy affect the market demand of bitcoin, this may actually pump the bitcoin market if we look at it in other way round because people will always want to have something to fall on during such crisis and bitcoin could serve as their best alternative.

[nurilham]

Speculations is the best thing to rely on when the next direction of the market is uncertain but I think Kiyosaki is going off point. This is not the first time many have predicted tbe price of bitcoin to hit $1m but till today, we are yet to hit $100k target since launch. I'm not saying it's not possible but when making predictions, there should be corrected factors. Too much dependency of predictions will live you disappointed and with time, your talk will be of no use to the public, only talk when you think it's necessary, not figures that are unrealistic.

Why we must rely on the speculation? As far as I know we mustn't rely on such thing like speculation. 
Sure, crypto market is always difficult to predict. There is no certainty in crypto market direction. If crypto market direction is predictable, people doesn't need to speculate and everyone has a guarantee for success in crypto investment. Uncertainty is the nature of crypto market, everyone must know it, dude. 

Regarding Kiyosaki's prediction, nothing wrong to predict Bitcoin to hits $1 million. I think it is not something impossible, it is very possible. If Bitcoin never hits $100k, it is because we are still in the bearish season. Why we expect for a new ATH when the bullrun season isn't coming yet.

Even with Economic harsh, we shouldn't forget what has happened last bull run, you can't expect the next bull run to be smooth if we don't address why the bitcoin has collapsed back to 15k low after making all time high od $58k,  the price will still collapse even if there should be another bull run because of trust issues.

Economic harsh? 
What we forget about the last bullrun?
I think everyone must remember it, Bitcoin hits $69k in the last bullrun.
I don't know why you seem too pessimistic, I think you have no reason to assume the price will be hard to raise in the next bullrun.

[CageMabok]

I agree with the article that when there is a crisis in a country people will turn to risky assets such as bitcoin because in that situation we will not be able to withdraw our money and at the same time sell our property and sell the local shares that we have. That's the advantage of bitcoin. cross border we move to another country our assets and wealth move also we control 100% of all our assets and wealth

The risks that exist in Bitcoin only revolve around price declines, while for other sectors I think it is very minimal to consider the risk if someone is able to store and guard it well enough in a wallet. In crisis conditions, it would not be very good to save money because money can also experience a decrease in value when prices of primary necessities increase.

This is also the case for local shares, where there is no certainty that there will be continuous price stability when crisis conditions are hit, but for property, I think this is a little better because there will be no immediate depreciation in value or price in the eyes of the public if the property is always properly cared for and looked after by the owner.

[STT]

Taking the pandemic experience for instance, can we conclude that the bitcoin market rises during this period

Pandemic was extremely contractive to the economy overall, the later boom effect was from easy money and printing by central government which is a distortion.   Same deal occurred in 2008, harsh pullback then eventually cheap money came into play.
  The critical point to observe in 2020 was DXY in July was pulling below 100 and it did not return back to that standard for some time.  Just recently we attempted but failed to come below 100 dxy again.

[AmoreJaz]

In an economic crisis, everything is affected. I don't think that Bitcoin will be any special case. People will need money in order to survive. Many will depend on their last resort maybe their Bitcoin hodlings. In that scenario, how will Bitcoin be able to pump in price? Bugs me. But when the situation cools down a bit and people start to invest, maybe they will choose Bitcoin as their first priority. But as Bitcoin is not widely accepted all over the world, this still remains a probability.

But before the crisis happens, or during the crash, people may become self-aware and move towards Bitcoin. Even better if the governments see the potential and accept Bitcoin. That will be a massive push for Bitcoin. Maybe then we can see a price pump like never before. But still, after the crash, many will not be able to invest as before. So that remains a question.

that is true, the population who are into crypto market is still small as compared to the world population. so i don't think bitcoin will be the first choice of many people. but those who understand this market, may have this in mind.
but we can't discard the fact that when pandemic happened, a lot more people got acquainted with crypto market, esp btc. this is why we have seen the upward movement of btc rather than continuous downward movement.

[gunhell16]

Let's just remember that the Bitcoin price market is very volatile and unpredictable. Now, just because a tycoon businessman said what he said doesn't mean it should be believed; in my opinion, it's not like that. We ourselves must know how to analyze what is really happening in the market. And what kind of economy crashes does Robert Kiyosaki talking about anyway?

We don't know what the motive of Robert Kiyosaki is for saying that; maybe he is just waiting for the value to drop a lot, and when that happens, he will buy a lot of Bitcoin, then hold what he will do. We have no idea about that matter, to be honest. All I can say is that no matter what he says, it will still remain speculation, although the prediction he made about Bitcoin is good.

[YUriy1991]

Let's just remember that the Bitcoin price market is very volatile and unpredictable. Now, just because a tycoon businessman said what he said doesn't mean it should be believed; in my opinion, it's not like that. We ourselves must know how to analyze what is really happening in the market. And what kind of economy crashes does Robert Kiyosaki talking about anyway?

We don't know what the motive of Robert Kiyosaki is for saying that; maybe he is just waiting for the value to drop a lot, and when that happens, he will buy a lot of Bitcoin, then hold what he will do. We have no idea about that matter, to be honest. All I can say is that no matter what he says, it will still remain speculation, although the prediction he made about Bitcoin is good.

Especially regarding Bitcoin, in general the public and the media often lack understanding and reasons for bias, meaning they don't fully understand what Bitcoin is and why it is important. Furthermore, Bitcoin is known for its high volatility. However, the more factors one considers before trading Bitcoin, the fewer trading opportunities will be available as well as missed good trading opportunities.

Despite Robert Kiyosaki's statements, Bitcoin knows that involvement with it can be very profitable. If the price continues and does not reverse, this is a clear signal to exit the trade with a small loss of money instead of cutting losses at this point and going for a spin in the altcoin.

[bakasabo]

I see two tricky things in Kiyosaki prediction. In short, according to him, if dollar goes down, then Bitcoin value would go up. But why then Bitcoin value is always connected with US dollar? Not with Euro, not with Yen, not with GBP? Wont crash of US dollar also drag Bitcoin down? If the economy crushes and people will try to save money, I have huge doubts that Bitcoin will be the item of first necessity to buy. At least speculators gonna play on that and even if Bitcoin hits 1m, then it wont be for long. Sort of a enormous pump and dump situation.

[hd49728]

I see two tricky things in Kiyosaki prediction. In short, according to him, if dollar goes down, then Bitcoin value would go up. But why then Bitcoin value is always connected with US dollar? Not with Euro, not with Yen, not with GBP?

Some asset performances against USD dollar including Bitcoin. This chart shows Bitcoin is the best but we even don't need this chart to know this fact.



Another chart is at https://casebitcoin.com/charts#roi_chart and you can have a table at casebitcoin.com too.

Wont crash of US dollar also drag Bitcoin down? If the economy crushes and people will try to save money, I have huge doubts that Bitcoin will be the item of first necessity to buy. At least speculators gonna play on that and even if Bitcoin hits 1m, then it wont be for long. Sort of a enormous pump and dump situation.

Short term, it will drag Bitcoin down like how WHO announcement about Covid-19 pandemic dragged not only Bitcoin but all markets down. Later Bitcoin soars and it is what will happen with global economic crashes. However, in that scenario, will $1M worth anything big?

[yudi09]

John McAfee was suprised that it wasn't at 1 million when he was still breathing, he is turning in his grave right now! 1 million dollars per coin is in Bitcoins future I assure you son.

The price speculation of 1 million /1 BTC mentioned by Robert Kiyosaki is still too little with the price specification that Michael Saylor has mentioned for 1 Bitcoin which is around 5 million.
The global economy from year to year has always experienced obstacles caused by several events so that the convincing Bitcoin which will be a new direction in an effort to protect values in the future.

Returning to the speculation issue of Bitcoin prices in the future which is predicted to reach 1 million or 5 million, so Saylor will be one of the richest people because of the ownership of Bitcoin owned by the microstrategy company.
We believe and believe in the future of Bitcoin. Maybe all of that will happen in some time to come and it becomes the most beautiful hope at least before Halving like this picture.

[tjtonmoy]

~snip

It wasn't only because of COVID-19, there were other sentiments involved too in the case of BTC reaching ATH. But it did make an impact tho. It wasn't a crisis like an economic crash. It was a lack of workplaces. People were unable to go out to work and make money. So they choose a way to do it from home. Maybe Bitcoin investment was one option but there were other options available too. People make use of those too. So I don't think it was the main reason behind the ATH.

Then again, if the crash happens, people will not be willing to let go of their jobs and move towards Bitcoin investment. The reason is, that it's risky. If it were in a situation like right now, where there are options available and no crisis, people would hesitate less when investing in Bitcoin. But in times of crisis, people will fear losing the remaining of what they have. I guess I am able to explain this clearly. So the thing is, people may move towards Bitcoin after the crisis and when they are able to live their life normally.

[MFahad]

If there is a collapse of the world economy, it could lead to a global war for resources. In this case, the Internet will be shut down almost everywhere. How will bitcoins be transferred then? Then regular cash, not cryptocurrency, will be used for vaimonos settlements

Internet is becoming the way of earning and most of the people are doing their jobs online due to scarcity of offline jobs I don't think that Internet will be turned off just because of economic collapse.

In today's age everyone is in contact with each other though Internet and we become aware of all the necessary news through Internet so if Internet turned off then it will have greater impact on the economy of a country.

Due to economic crash people will prefer bitcoin and its a reality that whenever people moves towards bitcoin its price gives benefit to them but because of economic collapse there will be different types of news arises some will be true and some will be fake due to which bitcoin will be greatly effected.

[Peanutswar]

If this is a world crisis all of the trade, sell or the market itself are in chaos but this can be lessened or make preventive measures if the country is already prepared with an unexpected event like this, we are talking about the people they don't need to make suffer with this too much unlike we are seeing in the other country who is one of the poorest that cant even manage to control their people with this problem.

If there is a collapse of the world economy, it could lead to a global war for resources. In this case, the Internet will be shut down almost everywhere. How will bitcoins be transferred then? Then regular cash, not cryptocurrency, will be used for vaimonos settlements

Internet is becoming the way of earning and most of the people are doing their jobs online due to scarcity of offline jobs I don't think that Internet will be turned off just because of economic collapse.

In today's age everyone is in contact with each other though Internet and we become aware of all the necessary news through Internet so if Internet turned off then it will have greater impact on the economy of a country.

Due to economic crash people will prefer bitcoin and its a reality that whenever people moves towards bitcoin its price gives benefit to them but because of economic collapse there will be different types of news arises some will be true and some will be fake due to which bitcoin will be greatly effected.

In this era people who are connected in technology can easily manage to adopt the changes and also they can seek a job online there's a lot right there if you have the skills. But again not all people are in an online world still they are on the field of the actual jobs so they are still affected on this even though there a pros and cons of working online. People who don't have the capabilities so sustain their daily needs will suffer.

[tjtonmoy]

but we can't discard the fact that when pandemic happened, a lot more people got acquainted with crypto market, esp btc. this is why we have seen the upward movement of btc rather than continuous downward movement.

Well, I can tell that the pandemic only pushed BTC up because people were unable to find jobs or go out to work in the field. So they focused on something that they could access by staying inside their home. But the number was not that much compared to the world's population. And during an economic crisis, the whole thing would be different. People will stick to their existing jobs in fear of not earning money another way. When money is in question, people will not easily choose Bitcoin investment because that carries risks. Who would want to lose their remaining in times of crisis?

So the probability is thin. Also when you get into Bitcoin only for its profit-making capability, you will lose instead. It's a proper procedure that needs to be followed when it comes to Bitcoin investment. I don't think people will be in their right mind in that kind of situation. So the pump to $1M is kinda fairy tale to me. It will happen one day that's for sure, but not because of the economic crisis. History tells us that all it needs is time. Slow and long time is the key.

[wmaurik]

Especially regarding Bitcoin, in general the public and the media often lack understanding and reasons for bias, meaning they don't fully understand what Bitcoin is and why it is important. Furthermore, Bitcoin is known for its high volatility. However, the more factors one considers before trading Bitcoin, the fewer trading opportunities will be available as well as missed good trading opportunities.

If there are people and the media who still lack understanding in providing special explanations or reasons for Bitcoin, then there are two possibilities that are being embedded in the minds of the people and the media. The thing is that they hate Bitcoin so they don't want to read anything to understand the truth and the second is that they really like Bitcoin but are still very proud to ask because maybe they just want to defend their own ideas to make it look like they know everything about Bitcoin.

Despite Robert Kiyosaki's statements, Bitcoin knows that involvement with it can be very profitable. If the price continues and does not reverse, this is a clear signal to exit the trade with a small loss of money instead of cutting losses at this point and going for a spin in the altcoin.

I prefer to hold if the price of Bitcoin has not reversed from bottom to top, because exiting the trade and cutting losses is a very wrong option if what is being waited for is an increase in the price of Bitcoin. Apart from that, the option to roll over the capital that we used to buy Bitcoin is also another mistake that you said because I very rarely see altcoins experience an increase in price when Bitcoin has not yet reversed course or is still experiencing a decline in market prices.

[dothebeats]

Especially regarding Bitcoin, in general the public and the media often lack understanding and reasons for bias, meaning they don't fully understand what Bitcoin is and why it is important. Furthermore, Bitcoin is known for its high volatility. However, the more factors one considers before trading Bitcoin, the fewer trading opportunities will be available as well as missed good trading opportunities.

If there are people and the media who still lack understanding in providing special explanations or reasons for Bitcoin, then there are two possibilities that are being embedded in the minds of the people and the media. The thing is that they hate Bitcoin so they don't want to read anything to understand the truth and the second is that they really like Bitcoin but are still very proud to ask because maybe they just want to defend their own ideas to make it look like they know everything about Bitcoin.

Trust me, there are still a lot of people who have a negative understanding of Bitcoin (and crypto in general) due to how the media portrays it. If you ask them why they are just relying on the information relayed by the media then the answer is simple: why would they spend their time knowing something that already has a bad image? Obviously, not everyone is like that, seeing as there are tons of us who did our own research and personally debunked the false image the media has been portraying. However, there is a big percentage of individuals who fully rely on what the media is feeding them and strongly stand with it, they would rather be misinformed about something than go against what the media is telling them. It's not so different with politics and government.

[blckhawk]

Let's just remember that the Bitcoin price market is very volatile and unpredictable. Now, just because a tycoon businessman said what he said doesn't mean it should be believed; in my opinion, it's not like that. We ourselves must know how to analyze what is really happening in the market. And what kind of economy crashes does Robert Kiyosaki talking about anyway?

Do you have a counter argument about what Kiyosaki said or do you see any holes to see his argument? I think everyone is pretty smart enough to not subscribe to what everyone says to bitcoin, be it positive or negative, this reminder isn't necessary, people has been saying to be careful about someone saying something about bitcoin ad nauseam.