What happens if bitcoin price hits 6 figures and up?

[naikturun]

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.

costs will increase, but everything is based on inflation, basically the price of goods does not increase but the value of the currency weakens, because every year the number of currencies around the world increases.
So the costs that are actually increasing are not actually increasing.

you can see this for reference:  https://bitcointalk.org/index.php?topic=5475150.msg63205820#msg63205820

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[adaseb]

This is more or less the reasons for that guy who made the $1M get back in April or sometime after the bank fiasco because the US government has way too much debt. They are going to be selling billions in bonds this week, I think hundreds of billions and we will see what the demand is like. Last month the 30 year bond auction was awful.

So if there are less buyers, the rates will be higher and inflation will be higher and assets like bitcoin or real estate will go up. They also will need to keep printing more and more money if there is a recession due to the fact they need to stimulate the economy, basically QE like in 2008 and in 2020. Hence why Bitcoin and stocks can hit ATHs.

[Zigabel]

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.

Regardless the number of people who trade it, the appreciation of Bitcoin keep staying continuous and isn't affected by the fact that only a fraction of the population is involved in the trade and usage of Bitcoin so it isn't dependent on economies either probably because it has in itself helped people become even better in the midst of the economic situations. But the surge in the price of Bitcoin if it continues and gets to six figures, most average lives who are invested in Bitcoin will really be changed into millionaire of the next generation.

[EarnOnVictor]

First, anyone with 6 figures in the USD can live comfortably anywhere in the world, be it California or anywhere, and what gives them the 6 figures can continue to keep it going. But if Bitcoin gets to the level of six figures, a whole lot of people would be rich and this might cause inflation to say the least.

To now make matters worse, if Bitcoin reaches millions of dollars in value, then it would have created many billionaires, if not trillionaires as some people have a lot of it in store right now. This, I don't think is good for the world as financial segregation will be more and hyperinflation will be triggered. It will still be as the world is competing it now but it will only be on the worse side as the poor would have a higher gap compared to the rich and there will be more in number compared to how we see it today. This is because it's not everyone who owns Bitcoin, so it is not everybody who will be able to have such insane money.

Honestly, I don't see how this can be of good unless those who enrich themselves through Bitcoin are such that is philanthropists, investors in the physical business and many more who can make the money well-distributed. Can Bitcoin ever get to millions of dollars? I don't think so. Supplies during the bearish season will always have an effect on it.

[CageMabok]

Regardless the number of people who trade it, the appreciation of Bitcoin keep staying continuous and isn't affected by the fact that only a fraction of the population is involved in the trade and usage of Bitcoin so it isn't dependent on economies either probably because it has in itself helped people become even better in the midst of the economic situations. But the surge in the price of Bitcoin if it continues and gets to six figures, most average lives who are invested in Bitcoin will really be changed into millionaire of the next generation.

The increase in Bitcoin prices can indeed provide many wins for many investors who have invested in the past year or in the previous year. Because in general the amount of balance they have will also increase because of this, so that is what many investors are now hoping for so that they can experience victory more quickly through their own investments. And actually the influence of traders in the market on Bitcoin also exists, although only at a very small level, but it can also provide power to the resilience of the price of Bitcoin itself in the market.

[bocyaj]

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.

The bitcoin had a potential to become the top at the bull or bear market,because it had huge fan base in the trading compared to any coin.Many project was coming in the trading daily,but only few projects was survive for the longer period.The owner of Cardano states that the bitcoin need was not now for the market to survive,but he had forgot that the market was depend on the king all the time.So the trader of the bitcoin may in loss sometimes,but the profit from the bitcoin always guaranteed one.The bitcoin trader just need to wait until the market will response for the buying price at the time he brought in market.

This is more or less the reasons for that guy who made the $1M get back in April or sometime after the bank fiasco because the US government has way too much debt. They are going to be selling billions in bonds this week, I think hundreds of billions and we will see what the demand is like. Last month the 30 year bond auction was awful.

So if there are less buyers, the rates will be higher and inflation will be higher and assets like bitcoin or real estate will go up. They also will need to keep printing more and more money if there is a recession due to the fact they need to stimulate the economy, basically QE like in 2008 and in 2020. Hence why Bitcoin and stocks can hit ATHs.

The next year will be the expected time for the bitcoin traders,because we know the next year will be the next halves in the bitcoin.The trader who brought the bitcoin at the all time high price of 68k dollars was waiting for the 2024 bitcoin bull run.The market surely give them the profit after the next all time high in bitcoin price in 2024.

[taufik123]

-snip-
Honestly, I don't see how this can be of good unless those who enrich themselves through Bitcoin are such that is philanthropists, investors in the physical business and many more who can make the money well-distributed. Can Bitcoin ever get to millions of dollars? I don't think so. Supplies during the bearish season will always have an effect on it.

somehow, some people always ask about the price of Bitcoin that will reach millions of dollars,
even though they may not necessarily be able to hold Bitcoin until the new ATH.

Because it's not easy to hold back when the new ATH target has been reached,
and the current $100k target is still more relevant than just dreaming up the millions of dollars.

I'm not too skeptical about price increases, but I'm more realistic not to be too disappointed when prices that are too high aren't reached.
As you said, this price increase will also be affected by inventory during the bearish season.
The price of Bitcoin is volatile and has high volatility.

[darkangel11]

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.  

Depending on the 6 figures. 1 BTC at $100k, not a lot of money. $999k - a lot of money, even in a first world country. You can get abducted or killed for that if you start bragging in pubs.  
$1M buys you an apartment in most EU cities, what varies is the size of the apartment. In some you'll get 2 bedrooms, in other it will be 1 bedroom, but many people work half of their lives to afford their own place. If you choose to invest in smaller rental flats, you can get 2 and continue living in the place you live now while renting out the rest. You can live of them with ease.
I can think of a number of ways one could turn $1m into a business that pays his bills.

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?

It will go up. The average fee usually goes up and down with price, with the exception of FOMO periods like in the last 2 months when high demand met ordinals

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?  

No because bitcoin economy is so small compared to other things that it won't matter. What does it change for a town of 100k people if 10 of them become bitcoin millionaires? Literally nothing. They'll keep buying their food like they used to and paying their rent like they used to.

[STT]

Nothing happens in an absolute way.   What happened previously because we already saw a dramatic change in the worth of money.    Your entire car could be sold at high price for $100 back in the day and that would be alot of money to exchange for a fine car.    However now I could spend more then that just getting a nice meal and drink for lunch, unfortunately we already saw the dramatic alteration of prices and our reaction was muted and apathetic mostly.   To see BTC get to 6 figures should be considered in a similar way that mirrors the depreciation of Dollars so often felt in the decades past, possible some would say inevitable though I would never assume that as dollar depreciation also equates to destabilization imo.

[mirakal]

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.

Bitcoin hasn't been a mainstream so we cannot assume that if btc price goes up, the price of  basic necessities will also move up. It has not been legalized as a legal tender or currency by majority of the countries so we cannot say that it will create a huge effect on the society's economy. Prices these days have been soaring high because of pure inflation and nothing else.

However, we can't tell if in the future bitcoin will still not affect the prices of our commodities. Bitcoin is slowly recognized by financial institutions so most probably it might create a difference in the future.

[EluguHcman]

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.  

Inflation is a very bad situation on the economy that reduces the values of earning whereas you may sound Having more than enough but due to the hike of goods and services, it is likely that it is not what it is any longer.
But the thing is that as a retiree, you just need to cut your costs and focus on enjoying your home base with your accumulated funds. The above mentioned is even more than enough for some level of persons so then, if you projects yourself on the high places you are expected to early in other to meet up your standards.
Creating source of income while aiming at a retirement is very much essential because before your retirement you must have logically and mean fully set-up the amenities to profer you incomes and then at your retirement you don't need excuses of left out or only relying on your retirement funds.

[stomachgrowls]

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.  

Inflation is a very bad situation on the economy that reduces the values of earning whereas you may sound Having more than enough but due to the hike of goods and services, it is likely that it is not what it is any longer.
But the thing is that as a retiree, you just need to cut your costs and focus on enjoying your home base with your accumulated funds. The above mentioned is even more than enough for some level of persons so then, if you projects yourself on the high places you are expected to early in other to meet up your standards.
Creating source of income while aiming at a retirement is very much essential because before your retirement you must have logically and mean fully set-up the amenities to profer you incomes and then at your retirement you don't need excuses of left out or only relying on your retirement funds.

Just some sidenote that on the time that you do get old then it would really be always best on getting those life insurance plans and healthcare on which we should consider not to forget about these things on the first place
because this isnt really just talking about having no job or already retired on which there are other things on which you would really be needing to mind on. It would really be just that normal that we would really be
trying out to do our very best that we wont really be that ending up on having a job 8-5 or simply having those typical jobs that give us salary for us to survive on day to day living. There are really times
that we would be thinking on doing things on which it could give out that chance for us to retire earlier.

Going back into the topic that what if Bitcoins price would hit up 6 figures? Of course it would really be that a good thing for those who had bought on the bottom but if you are someone who
do have plans on holding it for long term then it would really be just that something that you wont really be caring at all since no matter what the price is then you would really be
always opting to holding even more longer. So its a personal choice i should say!

[Bravut]

I don't think if Bitcoin hits 6 figures there would be any negative impact,I strongly believe it will affect the development of some banks,but it would be minimal some banks are now adapting AI developments and Blockchain technology.
Millionaires are emerging everyday,even some person that have maybe 2BTC according to your readings probably $2 million can still misuse the money, it's not a new thing,this isn't the first bull run either.
What will increase the price of goods will result from government policies, inflation, Development banks, decline in production,etc.
    Bitcoin and altcoins will benefit generations to come because of it immense possiblities.
So,I don't see anything that calls for concern, we just need a stable governmental system.

[cryptomaniac_xxx]

I don't think if Bitcoin hits 6 figures there would be any negative impact,I strongly believe it will affect the development of some banks,but it would be minimal some banks are now adapting AI developments and Blockchain technology.
Millionaires are emerging everyday,even some person that have maybe 2BTC according to your readings probably $2 million can still misuse the money, it's not a new thing,this isn't the first bull run either.
What will increase the price of goods will result from government policies, inflation, Development banks, decline in production,etc.
    Bitcoin and altcoins will benefit generations to come because of it immense possiblities.
So,I don't see anything that calls for concern, we just need a stable governmental system.

It will not have any negative effect if the price goes to $100k in the next bull run. That's what they says in the previous ATH run, that it will be detrimental, but then again, after the bull run, obviously the bear market will blanket the market again so there will be a lot of negative news again. So as the market is on a cycle and so does the attacks and the negative and then BTC dying.

And I don't think that those government that supports or at least in the gray area will make a U-turn for the west. On the contrary, just look at El Salvador, with the current price and with their huge investment by the Bukele government and him winning again, we will clearly see how BTC will positively affect them in a bullish market this year and the next coming years and probably there could be another government that will copy their success stories.

[Wiwo]

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 a European country it is normal

Having 1 Bitcoin for retirement may not be suitable for having a comfortable life in many countries, I agree that with that amount in my country and at the current BTC price, you will have a total of about 87 millions naira and this amount may sound huge but with high cost of things and for a family expenses it won't take long before you exist your entire saving,  and even though you have one Bitcoin or should be as a side investment and not a retirement fund.

But depending on what the value of bitcoin will amount to,  and if it did a 6 figure market movement that 1 Bitcoin fund could indeed make you leave like a king after retirement most especially in my country and many other developing countries whose currency is highly devalued for the united state dollars.

[thecodebear]

OP, the cost of living does not go up just because Bitcoin goes up. Bitcoin is a very tiny part of the overall economy. Cost of living doesn't go up just because Bitcoin price rises, or just because there are more bitcoin millionaires. These things are just not related at all. Cost of living rises when people spend more money, but there aren't suddenly going to be millions of newly minted bitcoin millionaires, and even if there were, it's not like they are going to be spending all their money all of a sudden.


You're just trying to tie bitcoin prices and bitcoin millionaires to cost of living when there simply is no connection.

[Troytech]

If bitcoin hits six figure what happens Is simple those who invested would be fucking rich and could afford their dream life, inflation and cost of living would definitely get higher and all those who are not in would be surely regretting their lifes to a sore, expecially all the haters and those who spent time , watching bitcoin doing nothing, so I think if can imagine this you should better go get buying more bitcoin.

[Nrcewker]

If bitcoin hits six figure what happens Is simple those who invested would be fucking rich and could afford their dream life, inflation and cost of living would definitely get higher and all those who are not in would be surely regretting their lifes to a sore, expecially all the haters and those who spent time , watching bitcoin doing nothing, so I think if can imagine this you should better go get buying more bitcoin.

6 figures cannot make you live your dream life. Yes it will be larger in amounts, but still Bitcoins has more potential I would say. Yes only the OG long term investors will make great profits, if they wish to sell their coins after Bitcoins reaching six figures. Moreover, if we see honestly, then six figure price aren’t too far. We have already crossed half the track and more half to go. So yes, we need to accumulate as many Bitcoins as we can, else we will miss the profits definitely.

[jerry0]

So there isn't an issue where if btc goes very high, like 6 figures and up and maybe even 7 figures... well there would be too many rich people and too much millionaires?

[rodskee]

Maybe your post is near to find answers because Bitcoin is not getting closer to that reality
of price , now that its closing to 70k then the next target would be 80/90/100k$ and if those happens
then we will see what will happen to bitcoin and the whole crypto market.

So there isn't an issue where if btc goes very high, like 6 figures and up and maybe even 7 figures... well there would be too many rich people and too much millionaires?

not sure about that 7 figures but yes there must be more millionaire if happens.