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Author Topic: Do you really believe that Bitcoin will hit 1,000,000  (Read 16928 times)
Pente
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June 13, 2014, 05:56:22 AM
 #21

Right now we are mining about 1,314,000 bitcoins per year. At a $million each, miners would be selling over a $trillion dollars worth of coins per year to cover mining costs. This would exert tremendous down pressure on the price of bitcoin. After two more halvings, say in 2021, mining pressure will drop to a little over a quarter $trillion per year, and by 2025, this would be only $164 billion dollars downward pressure per year if bitcoins were a $million each.

The last time I checked, we spent over $40 billion mining for gold per year. The federal deficit is over a $trillion per year now, and ultimately this must be printed and dilutes the value of the dollar. Also, the remittance market is around $500 billion per year. These are all positive for Bitcoin.

So maybe after 2025, a bitcoin might reach $1 million per year. I think this is reasonable. In the short run though, I expect prices to peak around $100k each before 2020, then slowly work their way up to a $million each.

It is possible that even the majority of us optimists are totally underestimating bitcoin. What if metcalfe's law applies to Bitcoin and it's value is ultimately proportional to the square of the number of unique transactions/addresses used per day? If that is the case, then I predict that Bitcoins market cap will find a maximum below this due to mining costs/rewards. It also means that future generations will be able to expect the value of their bitcoins to at least double every four years. Eventually though, as the mining reward continues to drop, a bitcoin might exceed a $billion dollars in value. Imagine, you could buy a decent meal for less than a satoshi.

The last paragraph that I wrote sounds so bizarre & ludicrous to even me with my vivid imagination, that I strongly suspect something will happen to divert bitcoin from that path. Maybe a more efficient altcoin will take over.




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June 13, 2014, 06:00:58 AM
 #22

No, because of market selling assholes, we can't have nice things.

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June 13, 2014, 06:55:19 AM
 #23

I realistically think bitcoin will hit $2,000 to $10,000 in 5 years; possibly even 30,000 USD per coin.

Speculators and investors need to think of bitcoin as a global currency; not an isolated country or continent's currency.  It is a global currency for a global market and the world market is worth several trillion USD.  Keywords: Trillion USD Global market.



We are just barely entering the path to a 1T market.

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June 13, 2014, 06:57:19 AM
 #24

No, because of market selling assholes, we can't have nice things.

Can you eli5 please? Who is an asshole exactly? Cheesy
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June 13, 2014, 07:01:37 AM
 #25

Mann, imagine how many bitcoin millionaires bitcoin reaching 1m would create. I would be one....
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June 13, 2014, 10:18:09 AM
 #26

No, because of market selling assholes, we can't have nice things.

Dumb jerks.
Why would someone do it, it's bad for them!
Glad this round didn't last too long...
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June 13, 2014, 10:31:18 AM
 #27

Delusional if anyone think bitcoin will hit 1,000,000.

Why not load up now if anyone think it will be the case?
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June 13, 2014, 10:32:55 AM
 #28

Hi, I believe it, why?

1. 12.889.125 BTC today in circulation.
2. Market cap of 7.924.272.834$
3. Price of Bitcoin is 614.80$

If Market cap will be 1000x than now, price of Bitcoin will be 614.800$

And it is not difficult !

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June 13, 2014, 11:30:48 AM
 #29

NO I don't I do believe it may hit and stay around $25,000 or so because it is being accepted at more and more stores and on line retailers everyday  I also think one day that bitcoin will not be the dominant coin either I think one day they will come up  with a coin that is much widely except and takes less then 20 seconds to do a transaction with which means that all the ATM's and Credit and Debit machines will except it and it being inflation proof meaning a certain amount of coins and that's it I think that coin will be the one that goes to 150,000 and stayes per coin and if fiat currency go to hell then you may see a crypto coin go to 1,000,000 but that would take a lot like a worst great depression then the last one.
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June 13, 2014, 12:27:07 PM
 #30

Do you really believe that Bitcoin will hit 1,000,000

analyses never ends

Not before a period of huge economic growth or hyper-inflation.

Assuming 21 million bitcoin in circulation and a price of one million dollars for one bitcoin then the market cap of Bitcoin would be 21 thousand trillion dollars. As per google the current GDP of the world is ~98 trillion dollars today.

No, it would be 21 trillion dollars because 21 million * 1 million = 21 trillion. Which is what I'd expect to see if Bitcoin replaced the fiat currency of every country in the world. That means no USD. No JPY. No GBP. That is pretty much the best case scenario for Bitcoin and the only way it will ever reach $1 million per coin.

If Bitcoin reached a status similar to gold however, then it would be worth about $333,333 per coin.
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June 13, 2014, 12:49:07 PM
 #31

It's possible, if :

1. Huge inflation USD
2. All people accept bitcoin  Cool

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June 13, 2014, 01:57:17 PM
 #32

Ok...imagination ON
After certain point in future, when BTC acceptance is spread enough, fiat will start to dissapear as noone will want to use it. It will become exactly what it is now, useless piece of paper that noone wants. Some short time before that point, 1 BTC will be worth 1,000,000 dollars, but it wont stop there, it will continue to slide (value of fiat) that it will become 1000000000 etc. untill it becomes 0 as noone will want ANY fiat whatsoever.
So comapring BTC to $$$ after certain point is useless. Like comparing BTC to dirt. What would you say, how much dirt does 1 btc cost? 1 kilo? 10000 kilo?...it's 0 as noone will sell any BTC for dirt..ther's enough of it around.
If BTC gets to 1m per coin, fiat as we know it will dissapear adn you wont be able to compare those two.
Imagination OFF
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June 13, 2014, 01:59:05 PM
 #33

Some ppl are underestimating Bitcoin bigtime!

When fiat hits the fan within 5-10 years + mass adoption= will drive the price for 1 BTC above $1.000.000.

Again, plz dont underestimate the power of BTC.
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June 13, 2014, 09:48:10 PM
 #34

Ok...imagination ON
After certain point in future, when BTC acceptance is spread enough, fiat will start to dissapear as noone will want to use it. It will become exactly what it is now, useless piece of paper that noone wants. Some short time before that point, 1 BTC will be worth 1,000,000 dollars, but it wont stop there, it will continue to slide (value of fiat) that it will become 1000000000 etc. untill it becomes 0 as noone will want ANY fiat whatsoever.
So comapring BTC to $$$ after certain point is useless. Like comparing BTC to dirt. What would you say, how much dirt does 1 btc cost? 1 kilo? 10000 kilo?...it's 0 as noone will sell any BTC for dirt..ther's enough of it around.
If BTC gets to 1m per coin, fiat as we know it will dissapear adn you wont be able to compare those two.
Imagination OFF

Don't you think some alts would become also important?
Maybe different coins will have different advantages and people will trade between them.
Harley997
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June 13, 2014, 11:23:24 PM
 #35

Ok...imagination ON
After certain point in future, when BTC acceptance is spread enough, fiat will start to dissapear as noone will want to use it. It will become exactly what it is now, useless piece of paper that noone wants. Some short time before that point, 1 BTC will be worth 1,000,000 dollars, but it wont stop there, it will continue to slide (value of fiat) that it will become 1000000000 etc. untill it becomes 0 as noone will want ANY fiat whatsoever.
So comapring BTC to $$$ after certain point is useless. Like comparing BTC to dirt. What would you say, how much dirt does 1 btc cost? 1 kilo? 10000 kilo?...it's 0 as noone will sell any BTC for dirt..ther's enough of it around.
If BTC gets to 1m per coin, fiat as we know it will dissapear adn you wont be able to compare those two.
Imagination OFF

Don't you think some alts would become also important?
Maybe different coins will have different advantages and people will trade between them.

There will always be some kind of market for alt-coins, but they are just feeding off of the innovation of Bitcoin and really do not add anything of value to the table. 

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June 14, 2014, 02:43:15 AM
 #36

A better question might be is How much do you think bitcoin prices will go up compared to the value of the dollar on june 13,2014   It could go up to trillions theoretically if the dollar's value dropped enough. It wouldn’t mean much as far as the value.

Steve

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June 14, 2014, 06:19:48 AM
 #37

If it does we will be paying $150 for a loaf of bread so we will certainly need our million dollar bitcoins!

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June 14, 2014, 09:55:04 AM
 #38

It's unlikely it will hit $10 000. Sure, under a hyperinflationary scenario, should/when it happens, when a loaf of bread will cost $300, bitcoin can hit a million, but who would care about dollars then.

Totally agree with that! It is very possible that BTc hit 10000$, but in my opinion it will be a consecutive bubble and it will go back to 1000$. But right now i am seeing big drop to 300-400 for some weeks. Only my opinion..
BR
Gondel
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June 16, 2014, 02:28:18 AM
 #39

It's unlikely it will hit $10 000. Sure, under a hyperinflationary scenario, should/when it happens, when a loaf of bread will cost $300, bitcoin can hit a million, but who would care about dollars then.

Totally agree with that! It is very possible that BTc hit 10000$, but in my opinion it will be a consecutive bubble and it will go back to 1000$. But right now i am seeing big drop to 300-400 for some weeks. Only my opinion..
BR
Gondel

Over the long run the return on bitcoin will likely greatly exceed the rate of inflation

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June 16, 2014, 03:00:16 AM
 #40

It's unlikely it will hit $10 000. Sure, under a hyperinflationary scenario, should/when it happens, when a loaf of bread will cost $300, bitcoin can hit a million, but who would care about dollars then.

Totally agree with that! It is very possible that BTc hit 10000$, but in my opinion it will be a consecutive bubble and it will go back to 1000$. But right now i am seeing big drop to 300-400 for some weeks. Only my opinion..
BR
Gondel

Over the long run the return on bitcoin will likely greatly exceed the rate of inflation

It will likely and has done much better then that.
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