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Author Topic: Do you really believe that Bitcoin will hit 1,000,000  (Read 16902 times)
nicepumper
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August 27, 2014, 02:47:37 PM
 #241

Reading these posts and observing the views of the traditional media I notice a couple of things.

1 The traditional media have no clue about the potential for BTC to supplant the sovereign currency system and talk about BRICS currencies and SDRs are a replacement for the current system.

2 Actually I think that we must not be passive, that if we as a global BTC community want 1BTC=$1M within say 12 months from now then yes it is possible - as long as we act in concert and not individually.

We as a global community of x millions? have tremendous power if we act together, and if we can engage with the present failing system on an equal basis and not as irrelevant upstarts.

If we can somehow organize behind an initiative with a goal of 1BTC = $1M by September 2015 we can achieve it - we have the spirit of the time on our side and the power of the crowd againt failing oligopolies who have no idea how to move forward except with more of the same.

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Exactly, we are dealing with total dinosaurs in here, they don't know where shit is going to hit them from once Bitcoin power is realized by the masses.
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valvalis
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August 27, 2014, 02:51:15 PM
 #242

Not sure if it will.
But, I hope so. And We all will be a new Billioner  Grin
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August 27, 2014, 03:08:22 PM
 #243

Not sure if it will.
But, I hope so. And We all will be a new Billioner  Grin

Better to say: more free.

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mustang77
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August 27, 2014, 03:39:46 PM
 #244

It IS a necessity, if btc adopts mainstream adoption, then it is a necessity.
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August 27, 2014, 04:34:02 PM
 #245


Reading these posts and observing the views of the traditional media I notice a couple of things.

1 The traditional media have no clue about the potential for BTC to supplant the sovereign currency system and talk about BRICS currencies and SDRs are a replacement for the current system.

2 Actually I think that we must not be passive, that if we as a global BTC community want 1BTC=$1M within say 12 months from now then yes it is possible - as long as we act in concert and not individually.

We as a global community of x millions? have tremendous power if we act together, and if we can engage with the present failing system on an equal basis and not as irrelevant upstarts.

If we can somehow organize behind an initiative with a goal of 1BTC = $1M by September 2015 we can achieve it - we have the spirit of the time on our side and the power of the crowd againt failing oligopolies who have no idea how to move forward except with more of the same.

Responses?



People who step in early will make a lot of money.
If after a concerted effort, the price of BTC drops, YOU will be blamed for making people lose money.
hannscryo
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August 27, 2014, 05:27:59 PM
 #246

Bitcoin will reach 1 million dollars only if it will be the worldwide currency, and I don't think that it will happen.

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August 27, 2014, 08:15:13 PM
 #247

Better question is will btc ever buy 1000 oz of gold.

http://mises.org/daily/3229
BTC:1PEyEKyVZgUvV4moXvCD5rQN21QETGPpLc
Rassah
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August 28, 2014, 12:20:59 AM
 #248

So, I ran some finance calculations, and:

If bitcoin value goes to $10,000 and stays there forever, but USD keeps inflating at 3% every year, Bitcoin will be worth $1,000,000 in 150 years (but $1mil will only buy what $10k buys today)

If Bitcoin value goes up and stays at $10,000, but USD keeps inflating at the rate it has over the last few years, bitcoin will be worth $1mil in just 67 years.

Keep in mind that I picked the $10,000 figure as a conservative estimate of BTC capturing only 0.5% of the world's cash amount.

Now let's say inflation is at a slightly higher rate than the target, at 4% a year, which is I think reasonable with the increased spending, debt obligations, and possibly continuing troubles in the global economy (it's just 1% higher than the Fed's 3% target), and Bitcoin grows at an average rate of a normal stock at 10% a year. Meaning instead of growing to $10,000 (or 0.5% of use) and staying there, it actually continues to grow, with 10% more people adopting it every year. In this case, Bitcoin will be worth $1mil in 56 years, at which point it will be worth about $100,000 in today's dollars, having a market cap of about $1.7 trillion dollars. I don't know what percentage of the total world wealth that will be, since we don't know how much the world economy will expand by then.

If inflation is the same 4%, but bitcoin grows at the same average rate it has over the last few years, about 2x to 3x, or, say, 250%, it will reach $1mil in just 5.9 years, where its worth will be $810,000 per coin. HOWEVER, if that happens, it will have a market cap of about $11 trillion dollars, which tells me that it's pretty much not possible for bitcoin to consistently double or triple every year for the next 6 years. (Sorry latecomers, you may still have a massive return, but there are not many of those left)

So, where about is a reasonable number? No one knows, especially since bitcoins growth is expected to be rapid over the next few years, then level off to something more sustainable years from now, and dollars will continue to decline. While I can set up such a model, the extra detail provided by the variables will not counter the fact that all these numbers are coming out of my ass. But, if we wanted to rough it, and I know you guys want at least some estimates after reading all this, then:

Using 3.5% inflation, and 40% annual bitcoin growth (very reasonable, considering Small Cap stocks give 16%, and we're talking global adoption for currency, transactions, and investments here), gives us a $1million Bitcoin in 21 years, with bitcoin market cap of $8 trillion dollars, which right now is maybe half of all the world's wealth, but 20 years from now may be a fairly small (reasonably believable) part of it.

So there you have it folks. About 20 years for bitcoin to hit $1,000,000, if bitcoin continues being adopted and doesn't fail or get replaced along the way (with an error rate of plus or minus 10 years). For those wondering if you will ever see it in your lifetime, you have your answer.

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August 28, 2014, 03:47:57 AM
 #249

..with bitcoin market cap of $8 trillion dollars, which right now is maybe half of all the world's wealth..
good work, but I think gold is worth close to $8 trillion. World wealth is more like $250 trillion (from memory).

edit: last Oct http://www.cnbc.com/id/101105809 puts it at $241T
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August 28, 2014, 03:59:59 AM
 #250

..with bitcoin market cap of $8 trillion dollars, which right now is maybe half of all the world's wealth..
good work, but I think gold is worth close to $8 trillion. World wealth is more like $250 trillion (from memory).

edit: last Oct http://www.cnbc.com/id/101105809 puts it at $241T

You're right, I was thinking fiat, not wealth. I wonder how much of that $241T is real, and not unbacked debt?

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August 28, 2014, 04:32:41 AM
 #251

..with bitcoin market cap of $8 trillion dollars, which right now is maybe half of all the world's wealth..
good work, but I think gold is worth close to $8 trillion. World wealth is more like $250 trillion (from memory).

edit: last Oct http://www.cnbc.com/id/101105809 puts it at $241T

You're right, I was thinking fiat, not wealth. I wonder how much of that $241T is real, and not unbacked debt?
that'd be real or you'd be delving into derivatives and the over $1quadrillion world.
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August 28, 2014, 05:28:05 AM
 #252

Huh. If that's the case, $1,000,000 is a definite possibility. And I always thought that $100,000 was the most likely ceiling.

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August 28, 2014, 08:15:25 AM
 #253

what we concern is the concept of decentralization .there is no doubt that the high price will attract more investment
BitcoinFr34k
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August 28, 2014, 03:34:34 PM
 #254

I do not really believe if bitcoin reach $ 1 million
I would be happy if it happens
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August 28, 2014, 04:31:22 PM
 #255

if bitcoin become a worldwide currency and replace fiat $ 1.000.000 / BTC is possible, but it's still far away from that value..if it reach $ 10.000 i believe it will, now BTC look like stable around $500 / btc..

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Hustle2survive
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August 28, 2014, 05:36:51 PM
 #256

We need 10K first, please make it happen soon  Embarrassed
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September 14, 2014, 04:43:58 PM
 #257

We need 1K first, please make it happen soon!  Wink
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September 14, 2014, 11:49:37 PM
 #258

Well, you do the math:
There can only ever be 21 million people on this planet that will be able to hold 1 whole BTC. If you consider the large exchangers, early miners and whales (just the top 500 addresses hold 4 million BTCs alone, that's not counting the big holders who split into many addresses) I imagine the general public will only be able to get a hold of maybe maybe 8 million BTCs AT MOST. Of those, many will hold more than one. So, I imagine only 3-5 million people on earth will ever hold at least 1 BTC - ever. Considering 7 billion people, you're going to be one of the lucky ones.

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September 15, 2014, 04:34:57 AM
 #259

Well, you do the math:
There can only ever be 21 million people on this planet that will be able to hold 1 whole BTC. If you consider the large exchangers, early miners and whales (just the top 500 addresses hold 4 million BTCs alone, that's not counting the big holders who split into many addresses) I imagine the general public will only be able to get a hold of maybe maybe 8 million BTCs AT MOST. Of those, many will hold more than one. So, I imagine only 3-5 million people on earth will ever hold at least 1 BTC - ever. Considering 7 billion people, you're going to be one of the lucky ones.


Your math is wrong, what makes you count 7 billion people, many of whom don't even have access to electricity, much less to computers and Internet and are uneducated? Even if the so called educated people in the west, to understand why they need Bitcoin they really need to understand much more than what the dumbing down school system gives them. There is a high chance that the price of Bitcoin will rise, but not as quickly and not as high as some here dream. You need to have realistic assessments of the world situation, not wishful thinking.
101111
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September 15, 2014, 06:43:34 AM
 #260

Well, you do the math:
There can only ever be 21 million people on this planet that will be able to hold 1 whole BTC. If you consider the large exchangers, early miners and whales (just the top 500 addresses hold 4 million BTCs alone, that's not counting the big holders who split into many addresses) I imagine the general public will only be able to get a hold of maybe maybe 8 million BTCs AT MOST. Of those, many will hold more than one. So, I imagine only 3-5 million people on earth will ever hold at least 1 BTC - ever. Considering 7 billion people, you're going to be one of the lucky ones.


Your math is wrong, what makes you count 7 billion people, many of whom don't even have access to electricity, much less to computers and Internet and are uneducated? Even if the so called educated people in the west, to understand why they need Bitcoin they really need to understand much more than what the dumbing down school system gives them. There is a high chance that the price of Bitcoin will rise, but not as quickly and not as high as some here dream. You need to have realistic assessments of the world situation, not wishful thinking.
So what's your 'realistic assessment' of adoption rates? I'm not being antagonistic here, just curious what you think.
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