What happens if bitcoin price hits 6 figures and up?

[jerry0]

With how inflation is, someone that makes 6 figures in the US isn't even that much money if you live in a very expensive state like California.  Also having 1 million dollars would not be enough to retire in the US these days unless you live in certain states and assuming you have no job.  Seems like you need 2 or 3 million dollars in the US for someone to retire so to speak if they have no other forms of income and you could live off the interest.  Now if you are living in a poor country,l having 1 btc is a lot of money already in some places.  But in most 1st world countries, 1 btc isn't much at all.  



Now if btc hits 6 figures, the btc sending fees will 100% go up correct and by a lot?  Or would it actually go back to lower fees like $0.25?  The other thing is if btc goes up to 6 figures and beyond, would that mean the cost of rent and food and everything will rise as well or not?  Yes there is inflation and it has been going up much faster the last few years compared to years ago.  If btc hits 250k, would that mean bread would cost $10?  Always heard people say if btc goes up really high, things like coffee would cost $25 seems ridiculous but are they serious?



The other thing I thought of was this.  If btc hits 6 figures and goes to say 250k or even 500k usd, well that would mean there would be quite a lot of new millionaires out there compared to now since you still need a sizeable amount of btc to be a millionaire.  I know there has been many millionaires due to crypto but for most people, it's hard if you don't have much savings to buy btc the last few years.  Now if someone owns 1 btc, and btc goes to 1 million dollars, would there be a concern for people who own more than 1 btc... let say they own 3 btc to make it simple... now that there are way too many millionaires so just too many rich people?  Or if btc goes to 1 million dollars, that means having 3 million dollars is no longer enough to retire on in the US anymore?  Would that make the number then say 6 million?  So after taxes, let's say you get between 2/3rd to 1/2 the amount.  If btc hits mid 6 figures or low 7 figures, would it mean everything would increase so much in terms of living cost and everything so people who have a net worth of 2 million dollars after tax selling btc wouldn't be able to live off the interest?  

[PrivacyG]

Inflation is higher.  Prices are higher.  Millionaires are more.  Billionaires the same.  Every thing is on the rise.  Including Bitcoin Fees.  But some of these are temporary increases.  Including the Fees.

There is no such thing as 'too many millionaires'.  They are increasing in count but this will not change much other than more people get to be irresponsible with massive Wealth.

Fees are not related to how many millionaires Bitcoin has or how much it costs but rather how much the users of the Network are fine with paying.  If Fees were exorbitantly high and no body afforded them, no body would pay them so Fees decrease.

I think it is still fairly easy to pay large Fees without realizing it because you are paying in such low denominations.  0.00002 does not seem like much when you are using Dollars every day.  Even more so when you are using less powerful Currencies.  No matter how you spin it, it is the same source Bitcoin Fees come from.  How much the users are willing to pay to skip the queue.

Bitcoin will reach six figures and will continue to have weeks or months of 1 Satoshi per vByte Fees.  It does not change any thing.  Maybe the only negative change is that more people will afford to pay more Fees.  Otherwise things will stay the same.

[cryptoaddictchie]

The other thing I thought of was this.  If btc hits 6 figures and goes to say 250k or even 500k usd, well that would mean there would be quite a lot of new millionaires out there compared to now since you still need a sizeable amount of btc to be a millionaire.  I know there has been many millionaires due to crypto but for most people, it's hard if you don't have much savings to buy btc the last few years.  

Well some have been millionaire long time ago but with the SEC and US intervention with the hype and progress of btc it would take time before it could happened. Well definitely it will, but not for now. Bitcoin is uncontrollable asset as long as there are many who supported it. The private sector are probably threaten by its idea due to those hidden agenda they are doing. Tranparency is a key and using bitcoin it can be achieved. Its only a matter of time I guess.

[taufik123]

Inflation is higher.  Prices are higher.  Millionaires are more.  Billionaires the same.  Every thing is on the rise.  Including Bitcoin Fees.  But some of these are temporary increases.  Including the Fees.

It is temporary, which means that everything has fluctuations that will be proportional to the increases and decreases that occur.
No one will be able to survive at a price that is too high, especially if Bitcoin reaches 6 figures, and it becomes a new ATH, but then it will decrease to 5 figures again.

There is no such thing as 'too many millionaires'.  They are increasing in count but this will not change much other than more people get to be irresponsible with massive Wealth.
-snip-

All are too focused on the statement "Too Many Millionaires", even though when viewed from another point of view,
those who suffer losses because of Bitcoin are also more.

Those who are not responsible for the wealth obtained from Bitcoin, will usually just waste their money.
Though, the opportunity to become a millionaire is dreamed of by many people.

Seeing how early holders of Bitcoin were able to survive until now and sell some of their current holdings,
they actually became millionaires and built their own businesses.

[leonair]

With how inflation is, someone that makes 6 figures in the US isn't even that much money if you live in a very expensive state like California.  Also having 1 million dollars would not be enough to retire in the US these days unless you live in certain states and assuming you have no job.  Seems like you need 2 or 3 million dollars in the US for someone to retire so to speak if they have no other forms of income and you could live off the interest.  Now if you are living in a poor country,l having 1 btc is a lot of money already in some places.  But in most 1st world countries, 1 btc isn't much at all.  

If you live in one of the Asian countries, your monthly income will be between $100-$300 and with this taza, you can cover your family well for the whole month. If you live in a developed European country you can earn $2k-$10k and above monthly and you will have minimum monthly expenses of $2k + to cover a household. You can own 1 bitcoin living in a European country as easily as you can own a bitcoin living in an Asian country. So if you need 1 bitcoin after retirement in Asian country, you will need 5-10 bitcoin in European country it is normal

[jerry0]

Yea I'm aware the more poorer the country you are in, the less btc you would need.  For example someone with 10 btc even can't retire on that in the US.  If someone has 5 btc, that is more than enough in many poorer countries.


The thing is for people who don't own any crypto, would btc going up to 6 figures affect them though?  Like would inflation go through the roof with btc went up to 6 figures?  Let say btc went up to 1 million dollars.  Many people would be millionaires but not really since after taxes, they wouldn't be.  But someone with 2 btc would be a millionaire even if they pay say 50% taxes.


The thing is if it gets to 1 million dollars, wouldn't there just be way too much millionaires though where being a millionaire is no longer the same?  I mean there been lot of millionaires due to crypto but if btc goes up to mid 6 figures and 7 figures, well that would be way too many millionaires right?

[hatshepsut93]

The other thing I thought of was this.  If btc hits 6 figures and goes to say 250k or even 500k usd, well that would mean there would be quite a lot of new millionaires out there compared to now since you still need a sizeable amount of btc to be a millionaire. 

There would only be millionaires if they sell, and they can only sell if there are buyers. For that reason the huge price peaks don't last very long - lots of holders want to sell and not a lot of people want to buy so the price collapses. Plus a lot of holders just keep holding because no one knows for how long the bull run will last and when the bear market hits it's already too late to sell.

Bitcoin isn't really affecting economies or societies because only a small percentage of the population buys or sells it.

[AmoreJaz]

The other thing I thought of was this.  If btc hits 6 figures and goes to say 250k or even 500k usd, well that would mean there would be quite a lot of new millionaires out there compared to now since you still need a sizeable amount of btc to be a millionaire.

There would only be millionaires if they sell, and they can only sell if there are buyers. For that reason the huge price peaks don't last very long - lots of holders want to sell and not a lot of people want to buy so the price collapses. Plus a lot of holders just keep holding because no one knows for how long the bull run will last and when the bear market hits it's already too late to sell.

Bitcoin isn't really affecting economies or societies because only a small percentage of the population buys or sells it.

up until now, the population who are into crypto is still small compared to our global population. but let's consider the fact that this market is growing everyday and so the demand will slowly increase if we think about the supply and demand concept.
achieving the millionaire status is not too difficult but how to sustain i guess is much difficult. you can sell your stash but what happens next?

[jerry0]

Yes the thing is the amount of people who own btc and buy or sell it is very low.  However, if there becomes too many millionaires out there... like with btc going to 7 figures... how would this affect inflation?  How would this affect people who don't own crypto?


So prices won't soar for living costs then like an extreme amount?  Like people keep saying if btc goes to 7 figures... milk cost $25 etc.  That would never happen unless you are talking about many many years later? 


The thing is what if btc goes to say 5 million dollars and let say it was to happen not very long from now.  So rent and living cost wouldn't skyrocket since it's still a small percentage of people who buy and sell crypto?  I was thinking imagine someone who is a crypto millionaire and let say they are worth a lot... let say they are worth $10 million dollars.  And say their crypto now is worth $5 million since they sold a decent amount.  Obviously you want crypto price to go up, but in a way wouldn't they want it not to go up so much though?  Since if they do, sure they might now be worth $50 million but so many people who were no longer millionaires might be worth $5 million?  Or is that not a concern for these people?  So use an extreme example.  Someone worth 100 million due to crypto.  Say they own still $50 million worth of crypto.  Do they really want crypto to 10x?  Sure they would be worth hundreds of millions but now there would be many more millionaires?

[mk4]

BTC going up won't necessarily affect inflation, but inflation would most definitely affect prices of assets like bitcoin. Inflation is mostly affected by money printing decided by the central bank, not the prices of investment assets like bitcoin.

[wxa7115]

With how inflation is, someone that makes 6 figures in the US isn't even that much money if you live in a very expensive state like California.  Also having 1 million dollars would not be enough to retire in the US these days unless you live in certain states and assuming you have no job.  Seems like you need 2 or 3 million dollars in the US for someone to retire so to speak if they have no other forms of income and you could live off the interest.  Now if you are living in a poor country,l having 1 btc is a lot of money already in some places.  But in most 1st world countries, 1 btc isn't much at all.  



Now if btc hits 6 figures, the btc sending fees will 100% go up correct and by a lot?  Or would it actually go back to lower fees like $0.25?  The other thing is if btc goes up to 6 figures and beyond, would that mean the cost of rent and food and everything will rise as well or not?  Yes there is inflation and it has been going up much faster the last few years compared to years ago.  If btc hits 250k, would that mean bread would cost $10?  Always heard people say if btc goes up really high, things like coffee would cost $25 seems ridiculous but are they serious?

There are two ways for the price of bitcoin to grow, the first one is very simple, if the demand increases then the price of bitcoin will increase as well, as its supply is limited, and this by itself will not push the price of other items upwards.

The second way in which this could happen is if there was hyperinflation all over the world, and if that were to happen the price of bitcoin could in a way become irrelevant, and instead what it will matter is how much you can buy with it, this is the scenario you often hear about, however I really think that in that case the price of bitcoin will move up faster than inflation, and that is because at the time what people need is a way to protect their wealth, and they will be willing to pay a premium so you decide to sell your bitcoin to them.

[adaseb]

If Bitcoin goes to $100,000 the fees will spike but eventually they will settle down. You need to realize that many people keep most of their bitcoins on exchanges and won’t need to send to the exchange to sell. Those that do will just send their entire stack at once and pay a high fee once and that’s it.

Fees are high now not because Bitcoin is going up in price but due to the ordinals which are taking up blockchain space. They are a new trend and seems like it’s a big hit kind of like the Defi and NFT of Ethereum.

[pinggoki]

If Bitcoin goes to $100,000 the fees will spike but eventually they will settle down. You need to realize that many people keep most of their bitcoins on exchanges and won’t need to send to the exchange to sell. Those that do will just send their entire stack at once and pay a high fee once and that’s it.

Fees are high now not because Bitcoin is going up in price but due to the ordinals which are taking up blockchain space. They are a new trend and seems like it’s a big hit kind of like the Defi and NFT of Ethereum.

That's the scary thing because I'm sure that when that price hits, there's bound to be a lot of people that will probably sell their bitcoins at that price and with the expected high tx fees and those people that are going to do some transactions at that aren't going to be paying a big chunk of their bitcoin for the fee and the miners will definitely have a cause for celebration again as they're the one that's going to benefit in all of this which is awesome because they do deserve it and the rewards are only going to get lower in the future. I don't get ordinals though, why are they trending like this because if this kind of trend is going to continue until it hits the 100k price point, I'm sure that we will probably see record high levels of tx fees.

[FatFork]

Yes the thing is the amount of people who own btc and buy or sell it is very low.  However, if there becomes too many millionaires out there... like with btc going to 7 figures... how would this affect inflation?  How would this affect people who don't own crypto?
<cut>

This question makes some broad assumptions.  The economy is complicated.  Prices going up and down happens for all kinds of reasons - how much money governments print, supply chains getting interrupted, wars... stuff like that.  Just because some new folks strike it rich with Bitcoin doesn't automatically mean your grocery bill doubles next week.  Its not as direct as that and  things can influence inflation sure, but it's complex how it all trickles down.  

Bitcoin's been around a while now, and even with the huge price spikes we've seen, there still aren't too many millionaires from people buying and hodling.  Thats because there's a limited amount of bitcoin out there - in order for one person to buy, someone else has to sell.  So even if we see bitcoin hit that $1 million+ price target someday (wild I know!), we still probably won't have like a crazy number of new crypto millionaires.  There will be some, sure, but there's gotta be sellers to match the buyers.  The supply is finite.

[Kemarit]

Yes the thing is the amount of people who own btc and buy or sell it is very low.  However, if there becomes too many millionaires out there... like with btc going to 7 figures... how would this affect inflation?  How would this affect people who don't own crypto?
<cut>

This question makes some broad assumptions.  The economy is complicated.  Prices going up and down happens for all kinds of reasons - how much money governments print, supply chains getting interrupted, wars... stuff like that.  Just because some new folks strike it rich with Bitcoin doesn't automatically mean your grocery bill doubles next week.  Its not as direct as that and  things can influence inflation sure, but it's complex how it all trickles down.  

Bitcoin's been around a while now, and even with the huge price spikes we've seen, there still aren't too many millionaires from people buying and hodling.  Thats because there's a limited amount of bitcoin out there - in order for one person to buy, someone else has to sell.  So even if we see bitcoin hit that $1 million+ price target someday (wild I know!), we still probably won't have like a crazy number of new crypto millionaires.  There will be some, sure, but there's gotta be sellers to match the buyers.  The supply is finite.

And most likely bitcoin holders that were able to buy and hold around < 2017 could really be the real winner. I mean,  they are early adopters and investors and maybe some of them are still investors buy this time and know the secret of it, buy low sell high.

But with the inflation and geo-politics going around, maybe there are still that % who's going to be millionaires in the next bull run. And most likely those services around it, exchanges, gambling platforms and any others could be the one that is going to be benefited again in the next all time high of 6 figures.

[GreenStox]

I will say my opinion, maybe some people will agree, maybe not, but if you look at the factors you say are inflation, it is true that all goods will rise.
This means that it is not goods or the like that increase, but fiat that experiences a decrease in value, and that is certain and has been happening for hundreds of hundreds of years.
that's why you see something going up in value, even though the value isn't really going up, but ccash it get fuckep up.
Whether it is enough for someone or not depends on how he manages it.

[famososMuertos]

Op;
The rise or fall of its price is not directly linked to the economies of any country, except formally in El Salvador and perhaps there, due to its capitalization in BTC, it does not have as much impact today, for now.

A million dollars in any economy, even the American one, will depend on the economy of your country and even more so on the individual conditions of each of us, on our way of life, that is, depending on your social status, that amount will give you It may be enough for a temporary retirement or for something longer, it is relative.

As for the Fees, you are thinking like "poor," yeah, if you have a million dollars, and you have to pay a fee of $100-$200-etc. So,you think it can affect you from the point of view of the money you have!, it is very different if we think about it from the idea of what corresponds to paying for a sat/vB.

[Dr.Bitcoin_Strange]

Bitcoin is usually referred to as a hedge against inflation, and if Bitcoin hits $250k or more in the future, it will actually be a very big advantage to investors who are holding a large amount of Bitcoin, although people who still hold a little fraction of it will also make some profit. It's not the increase in the price of Bitcoin that contributes to the high rate of inflation, so it's not when the price of Bitcoin is $250k that a loaf of bread will be $10. I believe that in some states, you can't even get a loaf for $10. Bitcoin will actually enrich more people in the future if they are able to hold their portfolio between now and when the price becomes that high. There have been so many people who have invested in Bitcoin since 2013–2015, and furthermore, some of them did not hold until Bitcoin got to $10k or $60k, so I don't believe that so many people will hold for that very long.

[darkangel11]

A millionaire status means nothing. You talk about it only because this status is being sold as something important and rare in countries with strong fiat currencies like the US. When you're a millionaire in Africa or India (in local currencies) nobody cares. You can gave a million rupees and be poor.
What I'm trying to tell you here is that a millionaire status means a lot in the US just as long as the printing is low enough to sustain the status quo. If we ever see a 50% inflation in the US a millionaire status will mean nothing and we will see it one day. Therefore, I try to own as many scarce assets as I can at the expense of inflationary currencies and I don't think a few more crypto millionaires will change anything.

[Wiwo]

Inflation has been over the roof in my country, and that has also been witnessed even on the global stage where and when something it become worthless to hold the local currency, but far easier to avoid getting affected by the soaring inflation crisis globally and that is by holding digital assets like Bitcoin this waynyou will be a hedge over inflation and for that, if the price hit a 6 figures as you call it, you then made alot of money.

I come from a country where the strength of our currency is weak against the United States dollar, so having Bitcoin as an investment will be a big addiction and tool to stay above the inflation crisis and also make huge profits in converted into my local currency.