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Author Topic: Bitcoin at $1 million this cycle really possible?  (Read 742 times)
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July 23, 2021, 05:23:30 PM
 #81

Why wouldn't it be possible? In the end, there is no limitation for Bitcoin price to be able to reach. I think that we will see this price in 10-15 years. Bitcoin price will increase gradually before reaching 1 million dollars. But who knows, maybe I'll get wrong and it'll happen way sooner.

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July 28, 2021, 07:49:23 AM
 #82

Inorder for Bitcoin to have such a huge unit price (which would translate in to a market cap of around $18 trillion), it needs to expand the user base by 10-20 times from the current level. For example, Gold is having a market cap of around $12 trillion right now, and it is being used by close to 5 billion people. For Bitcoin, the number of active users, even from a liberal standpoint is only around 1%-2% of that number. So if we want to go beyond the $1 trillion mark, then not just the user base, but the acceptability also needs to increase.



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July 28, 2021, 08:54:01 AM
 #83

Why wouldn't it be possible? In the end, there is no limitation for Bitcoin price to be able to reach. I think that we will see this price in 10-15 years. Bitcoin price will increase gradually before reaching 1 million dollars. But who knows, maybe I'll get wrong and it'll happen way sooner.
It might not even take a decade for this kind of price to really happen because if you think about it and see the price increase, it's an exponential increase meaning that there's a possibility that it can happen in about 2 or 5 years which is why we need to hodl on to our bitcoins because we know that there's an endless potential and you don't want to miss out on the opportunity.



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July 28, 2021, 09:38:59 AM
 #84

is the really possible what looks like a dream - $ 1 million for bitcoin this cycle? We all know the factors and events around BTC lately. In addition Raoul Pal said in an intervew Bitcoin can hit that target price. only 15x and we are there.
Yes really possible, you must know that the price bottom of Bitcoin always increases, and today the current price is $55K but someday $55K will be the bottom price of Bitcoin. Bitcoin is a real investment that will keep increasing

If you in 2007 and already know about Bitcoin which worth nothing, maybe your question will Bitcoin at $55K this cycle really possible?

So Hold it and you will meet it

I am guessing that when OP said "In this circle" would mean that before we see the next Bear market or Bitcoin hitting a new ATH of $1m from where we are now  Grin I don't think that is possible now and not that Bitcoin cannot do it but not in this circle.
Think about it, from the last ATH of 2017 of about $19,655 per Bitcoin, how many X has Bitcoin done to this new ATH of $$64,804.72?
So doing 15x is not, JUST. that's a whole lot of funds from investors to push Bitcoin to that amount and that is not going to be a quick thing but over a time period.

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July 28, 2021, 11:47:32 AM
 #85

is the really possible what looks like a dream - $ 1 million for bitcoin this cycle? We all know the factors and events around BTC lately. In addition Raoul Pal said in an intervew Bitcoin can hit that target price. only 15x and we are there.

The late John McAfee starting this goal he really thinks Bitcoin will reach but on a wrong year he thought last year, it's possible for Bitcoin to reach $1 million but it will take two or three halvings before it happens so it's better to allocate Bitcoin however small it is, it will make a big difference in the next two halvings.

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July 28, 2021, 12:17:44 PM
 #86

I think it's possible but probably it will happen around the end or just before the end of the cycle but I think that something unexpected might even happen, I mean we didn't expect bitcoin to reach 50k around November 2020 because we were still talking about it going up to 20k and then going back down after going up that high.

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July 28, 2021, 12:55:02 PM
 #87

is the really possible what looks like a dream - $ 1 million for bitcoin this cycle? We all know the factors and events around BTC lately. In addition Raoul Pal said in an intervew Bitcoin can hit that target price. only 15x and we are there.
Yes really possible, you must know that the price bottom of Bitcoin always increases, and today the current price is $55K but someday $55K will be the bottom price of Bitcoin. Bitcoin is a real investment that will keep increasing

If you in 2007 and already know about Bitcoin which worth nothing, maybe your question will Bitcoin at $55K this cycle really possible?

So Hold it and you will meet it

The last cycle of price growth, which began in October last year and ended in May this year, ended with bitcoin rising above $ 64,000, after which it fell more than 50 percent to $ 30,000 and below. We see that each cycle of price growth ends in a significant fall and this greatly hinders the achievement of high price growth in bitcoin. Therefore, it is too early to talk about Bitcoin reaching a price of one million dollars. At this stage, such a price is absolutely unrealistic. So far, no one can even say whether such a price is possible at all.

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July 28, 2021, 08:08:24 PM
 #88

I am guessing that when OP said "In this circle" would mean that before we see the next Bear market or Bitcoin hitting a new ATH of $1m from where we are now  Grin I don't think that is possible now and not that Bitcoin cannot do it but not in this circle.
Think about it, from the last ATH of 2017 of about $19,655 per Bitcoin, how many X has Bitcoin done to this new ATH of $$64,804.72?
So doing 15x is not, JUST. that's a whole lot of funds from investors to push Bitcoin to that amount and that is not going to be a quick thing but over a time period.
Even if we take the next 2 years as indicator on "this cycle" I have to say it will not be a million dollars. That is around 25x increase on bitcoin, which already had nearly a 10x increase already compared to last years bottom. So, it is obvious that we will not see it, that is way too much money and we are talking about like ALL big banks going into crypto levels of money (or hedge funds or whatever) and we do not have that type of hype right now, we probably won't have one in a long time as well.

I have to say 100k or even 200k could be reached in the upcoming year or two but that's about it, we need to be calm about the increases because if we aim at 1 million and it reaches 100k then we will not be happy, in order to be happy about every increase, we should be happy with lower than what it is right now. For example I am happy with anything above 25k, which means if it ever reaches 100k that's 4x more than I want but only 10% of what you want, that is going to have different effects on us.

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July 28, 2021, 08:26:21 PM
 #89

I have to say 100k or even 200k could be reached in the upcoming year or two but that's about it, we need to be calm about the increases because if we aim at 1 million and it reaches 100k then we will not be happy, in order to be happy about every increase, we should be happy with lower than what it is right now. For example I am happy with anything above 25k
Lots of happiness, isn't it?

Hate to make this comparison, but people in a pyramid scheme are getting happier and happier as long as newcomers enter the market. The more the newcomers, the more the money in circulation. While I don't think that Bitcoin is a ponzi (except if we assume everything is), I do observe a “pyramidic” behavior from its users speculators. The damn thing reached one trillion market cap and people aren't satisfied yet; you know what? Because the unsatisfied ones are newcomers who want to become rich. Ask any old bug who held his BTC for more than 5 years and you'll find him excellently satisfied.

So, if you ask me, I find it extremely likely for Bitcoin to reach another crazy ATH (not $1M necessarily), because it will have newcomers; it doesn't stop there as long as new people acknowledge its importance.

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July 28, 2021, 11:59:41 PM
 #90

is the really possible what looks like a dream - $ 1 million for bitcoin this cycle? We all know the factors and events around BTC lately. In addition Raoul Pal said in an intervew Bitcoin can hit that target price. only 15x and we are there.
Mind off first on how we gonna break $60k before considering a million per coin.We should be at least realistic on our goals or target in mind because it would just frustrate you once bitcoin wouldn't
able to reach out that level.

Be mindful rather on how we reach $100k and then consider on gradual phase of increase before hitting up even half a million would really be hard on this years or might take time or wont
really be achieved at all.

Better to stick out or mind off about your investment for long term and would accumulate as much as you can.

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July 29, 2021, 06:24:38 AM
 #91

is the really possible what looks like a dream - $ 1 million for bitcoin this cycle? We all know the factors and events around BTC lately. In addition Raoul Pal said in an intervew Bitcoin can hit that target price. only 15x and we are there.
Mind off first on how we gonna break $60k before considering a million per coin.We should be at least realistic on our goals or target in mind because it would just frustrate you once bitcoin wouldn't
able to reach out that level.

Be mindful rather on how we reach $100k and then consider on gradual phase of increase before hitting up even half a million would really be hard on this years or might take time or wont
really be achieved at all.

Better to stick out or mind off about your investment for long term and would accumulate as much as you can.

thinking about something that doesn't need to be thought about, makes people who read it dizzy thinking about it. the current condition of bitcoin is still at $39,000 to be able to move at $50,000 I think it's lucky. why think when bitcoin can reach $1 million a coin.
maybe bitcoin hit such a price, but how many assets have you amassed to reach that peak?

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July 29, 2021, 07:22:16 AM
 #92

thinking about something that doesn't need to be thought about, makes people who read it dizzy thinking about it. the current condition of bitcoin is still at $39,000 to be able to move at $50,000 I think it's lucky. why think when bitcoin can reach $1 million a coin.
maybe bitcoin hit such a price, but how many assets have you amassed to reach that peak?

The ATH stands at $64,000 (April 2021), so that should be our baseline scenario. Since the user base and acceptability is always increasing, theoretically at least there is no reason to believe that those levels won't be achieved again. Personally I am not worried about achieving a particular level within this cycle. I first invested in Bitcoin almost 5 years back (January 2017). And since then, I have witnessed several cycles. I am holding most of my coins ever since I made my first investment, and I don't have any issues in holding them for another 5 years (if that is required).

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July 29, 2021, 07:36:42 AM
 #93


there's only 20M BTC left since 1M belongs to satoshi which he already forgot, probably considered it donated to the world. now it's gone.

with more are lost from people who forgot their keys which there is no way of accessing them. 20M is very few for the 8B people in the world where 1 person today does own more than thousands. Bitcoin is very rare. maybe in the next 10 to 20 years, it could be a million. they were saying it could be $300K next year.


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July 29, 2021, 12:28:38 PM
 #94

there's only 20M BTC left since 1M belongs to satoshi which he already forgot, probably considered it donated to the world. now it's gone.
At the moment, there are less than 19 million coins. You should also count the OP_RETURN-ed coins which are burnt for good and the intentionally sent bitcoins to burning addresses. They are also burnt for good, because it is extremely unlikely to find a private key given only the RIPEMD-160 bits.

Some studies say that around 4 million coins are gone including Satoshi's. Fun fact, but Hal Finney calculated the world's wealth with 20 million coins instead of 21. He probably guessed or took for granted that around 4.7% of the coins will be lost from circulation. 


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July 29, 2021, 06:21:55 PM
 #95

At the moment, there are less than 19 million coins. You should also count the OP_RETURN-ed coins which are burnt for good and the intentionally sent bitcoins to burning addresses. They are also burnt for good, because it is extremely unlikely to find a private key given only the RIPEMD-160 bits.

Some studies say that around 4 million coins are gone including Satoshi's. Fun fact, but Hal Finney calculated the world's wealth with 20 million coins instead of 21. He probably guessed or took for granted that around 4.7% of the coins will be lost from circulation. 
Even with all of that, 1 million per bitcoin is "possible" but not anytime soon. That was the consideration for this topic, "this cycle" and it doesn't matter how many bitcoins are gone for the short period of time, whenever a coin is gone that matters overall but it doesn't change the price right now. Like I could burn 1 bitcoin right now and it will not help as much as buying 1 bitcoin, that is the key factor here.

I end up thinking what I can do with it, and at the end of the I rather see people buying rather than see people burning for now, but since I am a long term investor, coins being burned is a lot better for me in the long run, like if you burn 10k bitcoins today, it will have a huge impact 10 years later down the line, it really does matter. One of the biggest examples of this is that whenever there is a halving, we end up seeing price going up.

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July 29, 2021, 07:15:12 PM
 #96


there's only 20M BTC left since 1M belongs to satoshi which he already forgot, probably considered it donated to the world. now it's gone.

with more are lost from people who forgot their keys which there is no way of accessing them. 20M is very few for the 8B people in the world where 1 person today does own more than thousands. Bitcoin is very rare. maybe in the next 10 to 20 years, it could be a million. they were saying it could be $300K next year.


Presuming with the overall supply excluding those coins that lost forever then we can say that it is really scarce and it all matters with the demand if it would able to reach out that high in near future

then we would really expect that there would be some huge increase but i dont really believe that it would reach out a million in price but who knows right?

Bitcoin had never failed to impress the community on where it could just make out some price pump basing off with those sentiments.




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July 29, 2021, 07:20:05 PM
 #97

$1,000,000 this cycle is too soon, I think we will get over $100,000 this year but $1,000,000 is too much. We might hit that kind of number in 2025 though or more realistically 2029 after the next two halvings.


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