Economic Crash may take bitcoin to 1M dollar

[hatshepsut93]

During economic crashes, EVERYTHING sells off.  I mean, everything.  Let's go back to 2008..nothing was safe.  I remember selling a nice Rado watch because I simply needed the money for like 25% of what I paid for it, because that the best offer I could get.  All collectible items were dirt cheap for years (still regretting not buying a Babe Ruth card I really wanted, plus the Michael Jordan rookie card..they were dirt cheap).

Bitcoin is still a highly volatile asset.  Not only am I certain it will crash, it will crash harder than most asset classes. 

That's the most likely outcome. We already saw Bitcoin crashes tied to macroeconomic indicators, like the crash at the start of covid, or crashes tied to stock market. Bitcoin is a high risk asset, high risk assets are not meant for crisis times, they are meant for calm prosperous times when there are spare money available.

[rikybrosh]

if people want to convert their wealth into safe haven then it is difficult for people if they choose gold and silver because of security problem and the regulation, so choose bitcoin is a good option. what he said is quite reasonable. I think it is okay if we expect btc price to reach 1M in the future.

[MusaMohamed]

Months ago, a person made a stupid call that Bitcoin will hit $1M within 90 days and many people believed that Bitcoin will have a parabolic rise after that call. Nothing happened and the market is still in a bearish phase with which Bitcoin has been fluctuated around $30,000 many months before dropping to $26,000 recently.

I don't want to see any Economic crash which can help Bitcoin to hit $1M in short time because it will be a nightmare for all. In such Great Economic Crash, what will you be able to buy with $1M?

I don't know will Bitcoin ever hit $1M because at that price, with around 100  BTC, a Bitcoin holder can have more than GDP of some small nations. It sounds unrealistic in near future.

National GDP constant USD

[YUriy1991]

Months ago, a person made a stupid call that Bitcoin will hit $1M within 90 days and many people believed that Bitcoin will have a parabolic rise after that call. Nothing happened and the market is still in a bearish phase with which Bitcoin has been fluctuated around $30,000 many months before dropping to $26,000 recently.

I don't want to see any Economic crash which can help Bitcoin to hit $1M in short time because it will be a nightmare for all. In such Great Economic Crash, what will you be able to buy with $1M?

I don't know will Bitcoin ever hit $1M because at that price, with around 100  BTC, a Bitcoin holder can have more than GDP of some small nations. It sounds unrealistic in near future.

National GDP constant USD

I also find it funny and can only smile when I read it and I think the creator of the post just wants to see a response by asking for possibilities that don't make sense, Yes. just an ordinary post in my opinion. Well, I think that's just a prediction from an expert who can see the future, maybe. and even that is the prediction. If the entire global economy collapses by making an estimate if Asset A will be of this price, Next, asset B will be and finally BTC will reach $ 1 million as OP wrote in the title of his post.

[Darker45]

I'm not sure if Kiyosaki is a relevant voice or an authority in such matters, or if he has sound bases in his analysis, if it deserves to be called one. However, it seems the man isn't objective at all. He's always been on attack mode against the economy and the USD. He's been a broken record.

When the economy crashes, money would be hard to find. People would more likely to default their loans and mortgages. While there may be some who will be having a hard time looking for the safest haven to store their wealth, the rest, the huge majority, will probably be having a hard time looking for what to sell in order to support their basic needs.

In a severe economic crash, the selling pressure might prove to be much stronger than the buying pressure. Bitcoin might fall rather than rise.

[bussybuddy]

If this happens, how long will it take?
I have read people's content and opinions, like I can say that bitcoin is worth $1b because it is accepted as payment for interplanetary travel in the solar system. Indeed such speculations are no different, from the price in the cloud or the worthless collapse of bitcoin, how it is actually happening, the future predicted like that it is very unconvincing. But I understand that the value of bitcoin is really increasing, so over the decade scale, with the development of science and technology, it will be more and more known and accepted.

[kro55]

I don't want to see any Economic crash which can help Bitcoin to hit $1M in short time because it will be a nightmare for all. In such Great Economic Crash, what will you be able to buy with $1M?

It's silly to just want bitcoin to hit $1 million and pray for the world economy to crash, I really don't like this bad idea. In 2022 and 2023, we just went through a period of high inflation, but we can see how terrible the negative impact on people is. Many people are unemployed and do not even have enough money to pay for basic needs. If the crisis gets bigger, I truly believe that something worse will happen even if the famine returns. So I'm really against this idea.

Furthermore, bitcoin is a volatile asset that is speculative, I don't believe it will be an option when the crisis hits. What is happening is do not like the theory that we are imagining.

[xSkylarx]

Safeheaven ? Not sure because if everything drops, mostly the currency, Bitcoin, will follow. I mean, we still exchange bitcoin with our own currency, and we know that our fiat is really the strongest, so if it crashes, how will we exchange our Bitcoin? Also, I think this is also the gold and silver that would be the safe haven of the people because, first, people are still skeptical of Bitcoin and also because other countries have banned it, so I'm not really sure what will happen, but it would be bloody again if ever it happened.

[uswa56]

If this happens, how long will it take?
I have read people's content and opinions, like I can say that bitcoin is worth $1b because it is accepted as payment for interplanetary travel in the solar system. Indeed such speculations are no different, from the price in the cloud or the worthless collapse of bitcoin, how it is actually happening, the future predicted like that it is very unconvincing. But I understand that the value of bitcoin is really increasing, so over the decade scale, with the development of science and technology, it will be more and more known and accepted.

I think this is very wild opinion and speculation and I don't like that, although it is possible that the value of Bitcin will increase much more in the future but it's not that crazy, I'm still realistic.
If we had to wait for a major economic crash to occur in the world to see the value of Bitcoin so high, it would be possible when a world war happened and money would no longer matter and neither would Bitcoin, I think that is very strange.
let's just think realistically, being optimistic is okay but still in a reasonable category.

[Ozero]

South Africa is on the verge of collapsing and the other countries in BRICS can't even meet an agreement to find a match against dollar so they can start de-dollarization so I don't see them as a threat against US economy or that they can be a contributing factor to the economic collapse. I would lean more on the possibility of the crash as a result of the housing market bubble popping and the continuous money printing of the Federal Reserve but that don't mean that bitcoin is the ultimate safe haven asset because if US economy collapses, that's a major economy and it's going to lead to a market volatility that even bitcoin market will be affected because people are still scrambling on what to do which causes fluctuations as some will be buying because they want to safeguard their finances while others are selling because they have other obligations/responsibilities.

I also believe that the BRICS countries do not pose a serious threat to the dollar. They still can't even decide what common currency they will use. Therefore, I see no reason for the collapse of the dollar and the world economy. But if that had happened, then Bitcoin would not have risen in price so high, right up to one million dollars. At its current price of $25,000, even a price of $100,000 is still out of reach for it in the short term. Many hoped that against the backdrop of a worsening global economy, bitcoin would rise sharply in price. However, this did not happen. Cryptocurrency has been more influenced by various economic factors than previously thought.

[WatChe]

That's the most likely outcome. We already saw Bitcoin crashes tied to macroeconomic indicators, like the crash at the start of covid, or crashes tied to stock market. Bitcoin is a high risk asset, high risk assets are not meant for crisis times, they are meant for calm prosperous times when there are spare money available.

Bitcoin is volatile to an extent that a small news of 373 million USD worth of Bitcoin sell by SpaceX has caused Bitcoin value to go down from 30k to 26k within hours. I do agree that if there is economic chaos nothing will be safe. We still have very limited adoption of Bitcoin and there are not many merchants that are accepting payments in Bitcoin. The big question is what we will do with our Bitcoin if fiat like USD crashes? Bitcoin is still accepted only by the community.   

[slapper]

So-called "experts" like to talk a lot, but when it comes down to it, not many of them really understand what Bitcoin is worth. Finbold and 'Rich Dad, Poor Dad' Kiyosaki? There might be something to that. If the economy gets worse, Bitcoin won't just be a backup, it'll be a bird rising from the ashes

How about the BRICS? Yes, there is a change in power, but let me be very clear about something: the dollar won't just "crash." Governments don't just sit around and do nothing; they have plans, tools, and back-up plans. Still, the big question is how long they can keep the fort

Think again, all you questioning Thomases who think Bitcoin will go down with the markets. Even when markets shake, Bitcoin stays strong. This isn't just a financial fluke. It will come back bigger and stronger than ever. And if the change happens slowly around the world? Bitcoin might be the best thing ever without a hitch

[Fiatless]

According to the Finbold article, ‘Rich Dad’ R. Kiyosaki predicts Bitcoin to $1 million if the economy crashes. This is food for thought for those who are foreseeing the economic crash and are unable to find a safe haven for their investments.

Anybody is free to make predictions based on their findings or expectation. But these predictions should be based on reliable facts that make economic sense.  Am not a fan of Kiyosaki because some of the financial advice in his books conflicts with many sound economic principles. Recently, he has been a fan of bitcoin and it will not be out of place to suspect that he is promoting Bitcoin because he might be holding some coins.

Due to the current economic situation and the BRICS, the crash of the dollar seems obvious. Although it will not happen instantly as the US Government will bail out packages in order to maintain the dollar value, however, the question is for how long?

Although the BRICS nation can boast of 40% of the world population, they don't have to financial strength to de-dollarize the global economy. Many economies will collapse without the dollars. It will take decades to dethrone the dollar as the king of all currencies.

Some people are of the view that if there is an economic crash, then the stock market and the commodities market will crash and so will the bitcoin price will tremble. This may happen but I think the bitcoin will recover quickly and people will invest in the bitcoin. And who knows bitcoin may not fall at all if all this happens in a slow and steady fashion.

I share your thoughts buddy. When the global economy crashes, people will lose confidence in most leading fiat currencies and bitcoin will become the most reliable currency. Nations and major firms will choose bitcoin to avert financial breakdowns in the future.

[Gallar]

According to the Finbold article, ‘Rich Dad’ R. Kiyosaki predicts Bitcoin to $1 million if the economy crashes. This is food for thought for those who are foreseeing the economic crash and are unable to find a safe haven for their investments.

The opinion put forward by R kiyosaki, in my opinion, is too exaggerated and unrealistic. Because if the world economy collapses, won't this have an impact on humanity, and on investors in cryptocurrencies such as bitcoin? In my opinion, it will definitely be affected. Because if the world economy collapses, it is certain that everyone's life will be more difficult, especially people who have middle and lower economic conditions. So even logically, everyone including investors in bitcoin will definitely be affected and most likely many will withdraw the bitcoin assets they have for their personal lives with their families. And besides that, when the world economy really collapses, in the minds of investors in bitcoin there will definitely be feelings of indecision, fear and anxiety. Because when the economy really collapses, for investors it is like bad news that will affect the market price of bitcoin to fall. And therefore it is highly likely that investors in bitcoin will withdraw their assets. So in essence, I do not agree with the theory or opinion of R Kiyosaki.

Due to the current economic situation and the BRICS, the crash of the dollar seems obvious. Although it will not happen instantly as the US Government will bail out packages in order to maintain the dollar value, however, the question is for how long?

Currently, the countries that are members of the BRICS clearly want to compete with the dollar. By creating a new currency, which is planned to be made of gold and silver (correct me if I'm wrong). So on this I agree, that the dollar may sooner or later be shifted. But whether the plans made by the BRICS, for example, can make the dollar destroyed. Will this make the bitcoin price go up? Look at the opinion issued by R kiyosaki

At the same time, the financial educator shares his views on Bitcoin's $100,000 run, praising gold and silver as “God's money” and the first cryptocurrency as “people's dollars,” which he believes could skyrocket to $1 million “if the world economy crashes, ”

Source: https://finbold.com/rich-dad-r-kiyosaki-predicts-bitcoin-to-1-million-if-the-economy-crashes/

What he means here is probably about the new money that will be launched by BRICHS which will be made of gold and silver (called god's money) And for the first cryptocurrency he bought is bitcoin (called people's money).

My personal conclusion, I believe that in the future the price of bitcoin does have a great chance to have a value of $ 1 million. The second conclusion is the dollar, which is likely to be rivaled, but the dollar is a strong currency, so it will definitely take a long time to overtake the dollar. And the third, regarding gold, silver and bitcoin, which in his view will dominate the entire world's finances, and in my opinion, this opinion is too much.

[Sayeds56]

if people want to convert their wealth into safe haven then it is difficult for people if they choose gold and silver because of security problem and the regulation, so choose bitcoin is a good option. what he said is quite reasonable. I think it is okay if we expect btc price to reach 1M in the future.

You are absolutely correct. People may choose to convert their assets into safe heavens like God, Sliver and Bitcoin during the period of economic uncertainty and instability. It is also true that there are challenges linked with investing in traditional physical assets. Bitcoin with its features of its capability to be stored electronically and rapid transfer from one to another wallet makes it a compelling choice.

[Wind_FURY]

During economic crashes, EVERYTHING sells off.  I mean, everything.  Let's go back to 2008..nothing was safe.  I remember selling a nice Rado watch because I simply needed the money for like 25% of what I paid for it, because that the best offer I could get.  All collectible items were dirt cheap for years (still regretting not buying a Babe Ruth card I really wanted, plus the Michael Jordan rookie card..they were dirt cheap).

Bitcoin is still a highly volatile asset.  Not only am I certain it will crash, it will crash harder than most asset classes.
 

That's true under most circumstances, but the current technical recessions that have been happening in some regions of the world are different from 2008 because of inflation. And currently it's sticky because there's too much money in circulation. IE the Netherlands. They are currently under a technical recession but inflation is at the upper-bound limit making the situation more complicated. Do they ease monetary controls to help the economy, or do they tighten to get the job done to control inflation? If they ease they might risk their currency go into hyperinflation, and if they tighten they risk their economy fall into a depression.

[Betwrong]

According to the Finbold article, ‘Rich Dad’ R. Kiyosaki predicts Bitcoin to $1 million if the economy crashes. This is food for thought for those who are foreseeing the economic crash and are unable to find a safe haven for their investments.
~

Bitcoin for $1M soon? I want to believe this with all my heart. I mean, who on this forum doesn't? Ant I don't think it's as unrealistic as aliens visiting Earth next year. Why? Because aliens have never visited Earth, while for BTC going 33x up(like it would be from today's price to $1M) isn't something unusual.

Only I don't think that a global economic crash is a necessary factor.

[Pejoh Asu]

When there are economic problems it will have an impact on investment, as we know that the unique thing about cryptcurrencies is that they can do the opposite, when the covid 19 problem occurred a few years ago but the performance of cryptocurrencies could skyrocket, and when the economy is getting harder then many people will use cryptocurrencies for investment.

[G_Besar]

When there are economic problems it will have an impact on investment, as we know that the unique thing about cryptcurrencies is that they can do the opposite, when the covid 19 problem occurred a few years ago but the performance of cryptocurrencies could skyrocket, and when the economy is getting harder then many people will use cryptocurrencies for investment.

There are events that actually don't really deserve to be associated with the performance of cryptocurrency in the market, for example like covid 19 which actually happened to coincide with the moment of market recovery and cryptocurrency so that most people think that cryptocurrency will not have an effect on the incident of covid 19.

Even though that's just because of the moment the market was recovering and coupled with the moment when everyone could not carry out their activities longer outside the house so that almost everyone took the opportunity to enter the crypto market and buy Bitcoin so that the price spike at that time was felt and clearly visible. So don't assume that it doesn't have any effect, because if Covid 19 hadn't happened, maybe the price increase wouldn't have been as sharp. Although Bitcoin itself did have time to increase at that time.

[Alpha Marine]

Bitcoin is in an economy, so when that economy crashes how's Bitcoin going to appreciate?
Everybody, and I mean every single person that has an influence on Bitcoin in the market (I'm talking of those selling, those buying, and those holding) will be affected by an economic crash. It is these people that determine the price of Bitcoin.
Bitcoin price is not determined in a board room or something, it's determined by the market and when the players in that market are all suffering one way or the other, there's no way the price of Bitcoin doesn't take a major hit.

It's simple demand and supply. If the economy fails (which may not happen) people would begin to sell off their assets to take care of other pressing needs and we all know that Bitcoin price drops when people are selling. So do the maths.