What happens if bitcoin price hits 6 figures and up?

[justdimin]

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?  

Not really something "unbelievable" because to be fair we are at a stage where it's already quite high, and nobody remembers but these were asked when it passed beyond 1k as well. Looking back right now, having a thousand dollars per bitcoin price was a magical period and it was insane, many people got rich, some of them even got out and living a wealthy life right now, even though they may regret not keeping it but they are rich, because we saw it go from just a few dollars to a thousand dollars.

Or you could say the same thing for ten thousand dollars, it was broken and nothing changed, we kept going. I think 100k would be the same thing, we will not really see the situation changing all that much, it would not be all that crazy to see it break over it.

[kro55]

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.

We have heard many stories about millionaires by holding bitcoin but my question is, have we met anyone or are these just stories we hear from many others? One thing to remember is that wealth is not for the masses, so even if the bitcoin price hits 6 figures or 7 figures, not too many people will become rich.

How many people will be brave enough to hold until bitcoin reaches $500k or $200k? Many people were adamant about their statement, but when bitcoin dropped 50%, they rushed to sell their bitcoin and this was common. Holding bitcoin is not as simple as we think, so don't think that when bitcoin is worth millions of dollars, many millionaires will be born.

History will always repeat itself, there will always be people who sell their bitcoins and regret it when they see the future price of bitcoins.

[peter0425]

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?

Not sure if the cost of living will be affected of bitcoin price increasing , Rent and Food? why does this be affected in the first place.
but about the fee? not sure if this will ever go back to 25 cents because we have done long now that even if we are still not reaching 6 digits yet the price of fee is still higher.

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?

if there will be more millionaire then that is because they trusted bitcoin that much and we must rejoice with them.

[Davian144]

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?

I think both will be equally present when the price of Bitcoin continues to increase to six digits or seven digits. Because currently there are many people who still believe in saving Bitcoin and they are still very happy to consider it as an investment for the future that will make them become millionaires or new rich people in their own environment.

I also think that the current bullish trend will continue in the Bitcoin market. Because yesterday Bitcoin almost passed the ATH number that was formed in 2021 and I am sure that this year Bitcoin could form a new ATH again with a more perfect number. But for now we still have to be patient and hold on until we actually see more fantastic numbers in Bitcoin.

[Yamifoud]

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?

I think both will be equally present when the price of Bitcoin continues to increase to six digits or seven digits. Because currently there are many people who still believe in saving Bitcoin and they are still very happy to consider it as an investment for the future that will make them become millionaires or new rich people in their own environment.

I also think that the current bullish trend will continue in the Bitcoin market. Because yesterday Bitcoin almost passed the ATH number that was formed in 2021 and I am sure that this year Bitcoin could form a new ATH again with a more perfect number. But for now we still have to be patient and hold on until we actually see more fantastic numbers in Bitcoin.

Not exactly it makes all investors become rich or become millionaires. Of course, those who can afford to invest more will also earn more. But the question is if all investors can still hold when the price reaches 6 digits or if they are selling their BTC right away after hitting $70k. Because if we visualize the current situation, we are sure that many people are in FOMO already. How could they become rich from that kind of behavior?

If the price of Bitcoin will hit $100k, some are happy because they still hold while some are also sad for their early selling. Rich people become richer while poor people remain poor. Maybe average people can take their chance to become rich.

[Troytech]

It's simple
Massive transfer of wealth: those that have held bitcoin for a longer time and have enough bitcoin like up to 50 and above would be rich and companies that have more would be richer, most persons that have more value in fait would be on the losing side and vice versa.

Bitcoin might or would become more stable like gold:
With that much value in bitcoin, high volatility would reduce cause little selling and buying of up to 100 million $ in fait would have very little impact on the market, so bitcoin would become more stable and a good or better store of value like gold

Late investors would regret and altcoins would become more preferable to invest for gains than bitcoin:
Anyone that fails to take advantage of bitcoin now would forever regret and might never have such opportunity to benefit from it again cause you need to be either so rich or earning so high for you to think of buying Bitcoin cause of the price and you would rather go for an alternative coin to get a better chance at profits.

Gone are the days of 10x or 20x : you would expect very little price increase from bitcoin since it has mostly stabilised.

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?

I think both will be equally present when the price of Bitcoin continues to increase to six digits or seven digits. Because currently there are many people who still believe in saving Bitcoin and they are still very happy to consider it as an investment for the future that will make them become millionaires or new rich people in their own environment.

I also think that the current bullish trend will continue in the Bitcoin market. Because yesterday Bitcoin almost passed the ATH number that was formed in 2021 and I am sure that this year Bitcoin could form a new ATH again with a more perfect number. But for now we still have to be patient and hold on until we actually see more fantastic numbers in Bitcoin.

Not exactly it makes all investors become rich or become millionaires. Of course, those who can afford to invest more will also earn more. But the question is if all investors can still hold when the price reaches 6 digits or if they are selling their BTC right away after hitting $70k. Because if we visualize the current situation, we are sure that many people are in FOMO already. How could they become rich from that kind of behavior?

If the price of Bitcoin will hit $100k, some are happy because they still hold while some are also sad for their early selling. Rich people become richer while poor people remain poor. Maybe average people can take their chance to become rich.

Your mostly right, holding bitcoin is quite the task expecially when you have made profits from it and none like to hold till the bear comes.

Most persons into bitcoin now are here for the profits, we have very little investors that are willing to hold bitcoin and I wont blame them, IMO for you hold successful bitcoin should be more like savings or retirement plan kind of shit and not something you bought cause of profits and you need to be above kind of average level of life cause you can't be earning quite a few dollars and holding bitcoin or having rent issues and holding bitcoin.

Lots of things involved to be a successful holder like
1. having a well built emergency funds: you can't successfully hold bitcoin if its your all, just imagine having 50k in bitcoin and suddenly an emergency happens like your mom needs an operation, you've got no choice than to sell to treat her .

2.A well built source of income that can take care of your basic needs, savings and any extra expenses or lifestyle

3.Discipline: self control is your choice and you need to be less moved by greed or fomo in other to hold, cause if your are still moved by little price changes the no way your holding that shit for long.

[tygeade]

I think both will be equally present when the price of Bitcoin continues to increase to six digits or seven digits. Because currently there are many people who still believe in saving Bitcoin and they are still very happy to consider it as an investment for the future that will make them become millionaires or new rich people in their own environment.

I also think that the current bullish trend will continue in the Bitcoin market. Because yesterday Bitcoin almost passed the ATH number that was formed in 2021 and I am sure that this year Bitcoin could form a new ATH again with a more perfect number. But for now we still have to be patient and hold on until we actually see more fantastic numbers in Bitcoin.

I think that's the point of having bitcoin, to hold it as much as you possibly could. I agree that some people like to trade it and I am fine with that and that would make sense if you are doing fine, but that doesn't mean that we are going to be doing fine at all times, sometimes we do fine and sometimes we just don't.

I believe that the best thing to do at this point would be keep holding it no matter what the price gets to. Having a trailing stop would mean that you could let it go up as much as you want it to go up, before you start thinking about selling. That way, you would only sell it if the price starts to go down a lot, and in that case it could mean that price might peaked and you are just selling to get out before a crash.

[NewRanger]

I think both will be equally present when the price of Bitcoin continues to increase to six digits or seven digits. Because currently there are many people who still believe in saving Bitcoin and they are still very happy to consider it as an investment for the future that will make them become millionaires or new rich people in their own environment.

As long as there is demand and trust, whatever the asset is, it will rise high, but if it doesn't and is not profitable for the holders, it will be thrown away slowly, no exception, but for BTC I think this is still far from sight if we look at its performance and the increase in asset value and now we have seen the use of Bitcoin. implications in several countries.

I also think that the current bullish trend will continue in the Bitcoin market. Because yesterday Bitcoin almost passed the ATH number that was formed in 2021 and I am sure that this year Bitcoin could form a new ATH again with a more perfect number. But for now we still have to be patient and hold on until we actually see more fantastic numbers in Bitcoin.

Holding coins is very difficult to do. we have to control our thoughts and emotions while the value of our assets decreases drastically. To be a long-term investor also requires strong mental and emotional strength, price movements with high volatility. So if we can't control it I'm sure there will be losses in the end and let's see next action market after the big rise this week.

[Mame89]

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.

This will definitely happen, we just need time and that time will definitely come as the Halving period in April approaches. Yesterday the price of bitcoin almost formed a new ATH with an all-time high price of $67k, it is not impossible that in the near future we will see the price of bitcoin reach six digits. Of course, the higher the price of bitcoin, the more people become millionaires.

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.

In the near future I also doubt prices will reach seven figures, although anything can happen in crypto because no one can predict it. But for me this seven digit number will probably be formed in the next cycle.