Economic Crash may take bitcoin to 1M dollar

[virasog]

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.

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?

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.

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[ChiBitCTy]

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. 

[panganib999]

USD's downfall isn't Bitcoin's come up. Bitcoin's come up is bitcoin's come up. These two currencies while working hand in hand aren't connected substantially. Quit with the comparisons and suppositions that when USD crashes/the economy crashes bitcoin will be able to pick it up and rise in value. You can't suppose that especially when economic crashes happen and everyone is going to scrape the bottom of the barrel. People will sell everything they own, including bitcoin, if given the chance. So there's no reason for you to think that just cause USD's coming down it automatically means that bitcoin's going up. Just cause your neighbor lost their electricity cause they can't pay the power company doesn't mean that you'd get the power she's supposed to get.

[WatChe]

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

There are speculations that current dip of bitcoin is because SpaceX selling its 373 million worth of Bitcoin. If just a tweet or small news can take down value of bitcoin by 10%, imagine what conditions will be during economic crisis. Bitcoin is never designed to replace fiat, it has its own reason of existence. Bitcoin will continue to live beside fiat.

[mindrust]

Dunno this sounds more like a pipe dream to me because bitcoin prices correlate a lot with stocks lately. That means when the markets crash, bitcoin will also likely crash along with the markets. It happened recently to… The Nasdaq went down and bitcoin also went down. Bitcoin act like a leveraged index fund for the last 2-3 years at least. In an environment like that I can’t expect bitcoin to swim against the flow. I don’t know what Robert thinks here but I am not buying this one.

[arallmuus]

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.

We have seen article like this numerous times isnt it and here we are still even hoping that Bitcoin will reach $100k.

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?

50 years from now provided that if there isnt anything that could match bitcoin as a safe haven but even then, I believe that its not going to be that smooth

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.

Anyway, if things actually crash then we are in deep shit for a while even if you hold bitcoin. I'd rather the world function normally with all its economic aspect but people shift slowly to bitcoin rather than all the other type of 'investment' out there.

[darkangel11]

Due to the current economic situation and the BRICS, the crash of the dollar seems obvious.

IMO the influence of the BRICS on the US dollar is greatly overestimated. The dedollarization is not happening anytime soon.
The greatest enemy of the dollar is really the FED and stupid government policies like the covid lockdown and then stimulus. Leave the economy alone, let people trade - laissez faire FFS!

It's not the war in Ukraine that's killing the dollar, not cryptocurrencies, not BRICS, not the Saudis, and not the global warming. It's the money printer that's doing it.

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?

That's it, the bailouts are killing it. They should companies to suffer consequences of taking too many loans. Instead, they think everything can be fixed with enough printing. Not anymore.
Bitcoin is a strong and safe store of value. The only reason it reacts to the markets is because people who trade stocks also trade bitcoin and they treat it as one. Traders aren't the only ones investing in bitcoin though.

If a big crash happens Traders will dump everything in the first stage of panic probably crashing some exchanges to the extremes, like in the Covid crash. Maybe even to 10k if we se S&P go below the 2022 lows and then below 3000, we could see bitcoin at 10-12k. I don't think that it will happen before the next bull run.
The way I see it, US economy will go through a relief stage when the FED stops increasing rates and this will correlate with bitcoin's halving, presidential election and ETF approval. If there's a big crash coming it will come after that. Maybe in 2025?

[Faisal2202]

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?

It was just a matter of two or three days ago when people were investing in US dollar instead of BTC because of good returns from it. Millions of market cap just vanished in few minutes. People were finding another source, proof is bond yield were increasing.

Point is you said dedolarization seems obvious just due to BRICS or debt ceiling or high inflation etc. But tbh I think that will not happen because US dollar has huge market cap and huge solid base which can not be shook by such programs which do not even finished 50% even.

Coming to economic crash then nothing is for sure that either BTC will reach to 1 Million dollar or not because it seems so fictional. Tbh, I pray that economic crash will not happen. Because even as a holder of BTC my life is highly connected to social and physical world if economic crash occured then it will not be a good thing for everyone the sentiments will change. Crime rates will increase.

[franky1]

bitcoin is not based on US economics of debt..

bitcoin is actually based on the economic of mining cost

imagine the cheapest most efficient mining cost on the planet..
that is the base underlying value (bottom) no one wants to sell below

imagine the expensive, least efficient mining cost on the planet..
that is the top premium no one wants to buy above

the market then speculates between that window. and yes its been proven many times before at all the price corrections and ATH's

.
now IF the 2021 was a $10k-$75k value premium (market sat within this)
now IF the 2022 was a $15k-$110k value premium (market sat within this)
now IF the Q2 2023 is a $20k-$140k value premium (market sat within this)

then for a $1m market possibility... the electric/economics of bitcoin needs to 8x inflate to make the window reach to atleast $1m for the market to then speculate within

so we are not there yet

[Casdinyard]

thing is. When financial crashes happen it doesn't just affect the stock market, the USD, or whatever is connected to the dollar at that particular moment. It affects everything. Houses are getting sold, wages are getting reduced, people are getting laid off, and of course, in response to the growing need of the people for more money else they starve and die, it's only logical that people will sell their bitcoin holdings in the process. Which I don't need to tell you, will significantly whittle down bitcoin's value by a massive margin.

So when you suppose as if bitcoin's going to be the future of currency after a massive economic turmoil, that's a fool's thought.

[Unbunplease]

Dunno this sounds more like a pipe dream to me because bitcoin prices correlate a lot with stocks lately. That means when the markets crash, bitcoin will also likely crash along with the markets. It happened recently to… The Nasdaq went down and bitcoin also went down. Bitcoin act like a leveraged index fund for the last 2-3 years at least. In an environment like that I can’t expect bitcoin to swim against the flow. I don’t know what Robert thinks here but I am not buying this one.

What's the point of buying bitcoin at $1 million dollars? How many centuries will we have to wait for bitcoin to become worth 2 million dollars - that is, to get only 2x? The higher the price, the less sense it makes for speculators to trade this asset. We will see.

[nelson4lov]

What's the point of buying bitcoin at $1 million dollars? How many centuries will we have to wait for bitcoin to become worth 2 million dollars - that is, to get only 2x? The higher the price, the less sense it makes for speculators to trade this asset. We will see.

This could be the reason why most newcomers are advised to get Bitcoin now to take advantage of the price growth when that time comes.

Some food for thoughts: The earliest adopters of Bitcoin didn't believe Bitcoin's price will get as high as $20K when they consider the 21M total supply and the zero interest in Bitcoin at the time. As the price goes higher, Bids will get thinner as the window to get good profits for each bitcoin get shortened. But since $100k and $1M are psychological levels, I won't be surprised if it reaches those levels and beyond. You don't need to buy $1M BTC, you can still get in sats denomination.

[batang_bitcoin]

During the pandemic, we all thought that the market including Bitcoin will have a downfall but it didn't. Instead, the rich became richer, stocks have increased and the same goes for Bitcoin for which it is not a coincidence that the halving and pandemic did occurred on the same year. While we're expecting that the pandemic will do no good to Bitcoin, it was actually the opposite that happened. I know that someday that Bitcoin will reach $1M but yeah it could happen during a great crash of USD or when is inflation is on another level of its high. Global crisis could be the biggest factor why it will happen just as said. But you know that it's Robery Kiyosaki who's always been a bitcoin bull.

[STT]

US Dollar index spiked in 2008 around that time before the effects of QE bought in a easing effect that has likely weakened the currency standard forever.  Same with recent moves, despite an attempt to reverse and compensate its still likely going to lower paper value of the currency.  They only want that to occur in an orderly way rather then disorderly spiking but its true anyway that we see the market go to both extremes up and down which is disruptive and destructive to the flow of business especially across borders.   Many governments go to great effects to stay in line with dollar moves, weakening their currency if possible to avoid any strength vs dollar and discouragement to trade done between their countries.
    I do generally disagree that weak dollar will not be a magic recipe for higher BTC (destructive moves in any asset are not the best hope to keep), probably also it means bad markets and lower BTC eventually maybe BTC does find a better hold on value so the price especially in a nominal way does rise.  Nothing will be easy about it as we are seeing currently, yet more selling and doubts etc.

[Afnan_faizah]

Bitcoin is not depend on any country so maybe more people should do the same thing like turkish people who adopt btc although their national currency in in extreme inflation. I think if mr kiyosaki predicted that btc can reach 1m then maybe I will believe it.

[Latviand]

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.

[posi]

snip~

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

We don't even need to think about the world economy will collapse and what bitcoin will look like. But look at what happened during the economic crisis of 2022. When inflation is high, the Fed raises interest rates causing speculative assets to be dumped, and bitcoin is one of them.
So if an economic crash happens, don't expect bitcoin to go up and save us. That is just the thinking of bitcoin fanatics, but the reality will be quite the opposite. Many things will be more important than bitcoin at that point.

[fauzan Ichsan]

snip~

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

We don't even need to think about the world economy will collapse and what bitcoin will look like. But look at what happened during the economic crisis of 2022. When inflation is high, the Fed raises interest rates causing speculative assets to be dumped, and bitcoin is one of them.
So if an economic crash happens, don't expect bitcoin to go up and save us. That is just the thinking of bitcoin fanatics, but the reality will be quite the opposite. Many things will be more important than bitcoin at that point.

indeed, if the economy experiences a chrash, and many people will save their assets by buying bitcoin, I think that is also something that makes little sense for the current situation and conditions, considering that there are still not many people who understand bitcoin at this time, even only a small number of people do using bitcoin for now, on the other hand there is no clear regulation from the government, of course it reduces public trust in general, therefore things that might happen when the economy crashes, namely the crypto market will also be sluggish

[YUriy1991]

We don't even need to think about the world economy will collapse and what bitcoin will look like. But look at what happened during the economic crisis of 2022. When inflation is high, the Fed raises interest rates causing speculative assets to be dumped, and bitcoin is one of them.
So if an economic crash happens, don't expect bitcoin to go up and save us. That is just the thinking of bitcoin fanatics, but the reality will be quite the opposite. Many things will be more important than bitcoin at that point.

I am also still considering whether BTC will be the much needed cushion that many people think right now. But apart from these circumstances, there are other reasons that are more relevant and make sense if I look at them, namely because many countries are still trapped in bad debt. , especially in the midst of rising inflation and rising interest rates which gradually led to a financial collapse and the rest of the Federal Reserve was judged to have failed to deal with the inflation situation.

And for BTC at this time the optimism of institutions and investors is getting stronger and Historically, we admit, the price of Bitcoin has always increased and happened gradually and that is a fact. Well, on the other hand, BTC is an alternative and investment investment product for which the demand is growing and increasing.

[Poker Player]

Yeah, well, good old Kiyosaki. His predictions have the same value as those of anyone else who knows a little about the subject. He already predicted the end of the world for 2019 or so and then said that he had not foreseen the massive printing that occurred with the coronavirus crisis.

Look, he's not the first to predict we'll hit $1M, the most famous one I can remember being the one who said he'd eat his dick on national TV if that didn't happen by 2020.

I'm sure we will reach that figure, both because of the appreciation of a valuable and scarce commodity like Bitcoin and the depreciation of the dollar, but I wouldn't expect it before 2030 or so.