Topic: 1 millon for a Bitcoin is this fiction or reality? - page 2. (Read 3008 times)
Why nobody thinks about the reverse side of the medal? Bitcoin can go up in price. Or we build a pyramid, and someday the price will fall to the bottom or by the growth of bitcoin prices, we see prices falling dollar. So I am skeptical about rising prices. I think that this is a deferred payment, and someday we will have to pay the full price.
The Winklevoss twins (those originally behind the Facebook idea) also predict great future for Bitcoin, $100K value per coin.
Sounds great.I can only tell from my experience, but I was recently working in the sportsbetting industry, and many governments in Europe regulate and control the gamblers more than ever before.
In Greece, some banks forbid a bank transfer to foreign banks. In Turkey, kind of the same. Banks now contact us for transfers as small as 300 Euros.
Result is: more and more bettors (and from perspective I could see it) use bitcoin. As sports betting is getting very big, betting in Bitcoin should be very normal in the future. The demand will grow for sure.
Possible but right now that is a long way off so it's just fiction right now, even $100,000 is a bit of a dream right now. Let's ask this question again this time next year and it might seem a bit more attainable.
The Winklevoss twins (those originally behind the Facebook idea) also predict great future for Bitcoin, $100K value per coin.
It is important to have a realistic target.
I would aim at 100,000 in the long term. Here is an article that explains how it could reach 100K:
https://www.cnbc.com/2017/05/31/bitcoin-price-forecast-hit-100000-in-10-years.html
How will bitcoin hit $100,000
Here's how he came up with his price target in 10 years.
Van-Petersen is assuming cryptocurrencies in general – not just bitcoin – will account for 10 percent of the average daily volumes (ADV) of fiat currency trade in 10 years. Foreign exchange ADV currently stands at just over $5 trillion, according to the Bank for International Settlements.
Ten percent of $5 trillion is $500 billion. This is the ADV that cryptocurrencies could have. Bitcoin will account for 35 percent of that market share, which would that $175 billion of the $500 billion figure, he said. This would mean that $175 billion worth of bitcoin would be traded every day
Also, Van-Petersen then implies that bitcoin's market capitalization would be ten times the average daily volume, giving a figure of $1.75 trillion for the market cap. The current figure is around $37.8 billion, according to data from industry website CoinDesk.
Bitcoin has a limited supply of 21 million which is expected to be reached by the year 2140. In 10 years, the analyst thinks that there will be 17 million bitcoin in circulation, up from the current 16.3 million figure.
If the potential 17 million of bitcoins in supply is divided by the $1.75 trillion market cap estimate, then each bitcoin would be worth just over $100,000.
Bitcoin 'not a fad'
Van-Petersen – who owns bitcoin – emphasizes that this is a rough calculation but that his growth predictions could be "conservative" given that in the year 2013 alone, bitcoin's price grew over 5,000 percent. The analyst said that cryptocurrencies will survive in the long run.
"This is not a fad, cryptocurrencies are here to stay," Van-Petersen told CNBC in a phone interview.
"There will emerge two to three main ones. Bitcoin will be one of those. And the reason is the first-mover advantage, the scale and the pioneering."
Bitcoin's bad reputation
The bitcoin industry has had its fair share of problems and reputational damage. The digital currency has often had an image of being used for illegal means such as buying drugs online. The collapse of Mt.Gox in 2014, once the world's largest bitcoin exchange, is still fresh in the minds of users. Some members of the exchange are still waiting for compensation.
More recent issues include some exchanges not allowing people to withdraw their money in fiat currency. On top of this, the view of bitcoin as a currency for criminals is still prevalent after the major WannaCry ransomware cyberattack saw hackers lock peoples' files and ask for bitcoin in exchange to unlock them.
Still, Van-Petersen says that the industry is still extremely young and big improvements will come. A few factors will boost bitcoin adoption including better wallets, easier methods to buy the digital currency, use of it for money transfers in areas like remittances, as well as citizens of countries with volatile economies and currencies buying it.
"Volumes are going up, volatility is going down. A lot of people talk about the volatility, but if you are in Zimbabwe or Venezuela, this volatility is nothing. This is the interesting thing to me. I think in the West, a lot of people view it is as speculative, but emerging markets will get it, their needs will be different," Van-Petersen added.
While Van-Petersen is offering one way to value bitcoin in the future, others say that there are other factors to take into consideration.
"It's one way of slicing the pie to try and predict future prices which always relies on a lot of assumptions," Charlie Hayter, CEO of industry website CryptoCompare, told CNBC by email.
"Equating volumes to price value is one method of attempting a valuation, but it doesn't take into account the fundamentals of the ecosystem."
The fundamentals of what bitcoin is capable of from a technical point of view and how regulation is molded around its use will determine its value too, Hayter added.
I would aim at 100,000 in the long term. Here is an article that explains how it could reach 100K:
https://www.cnbc.com/2017/05/31/bitcoin-price-forecast-hit-100000-in-10-years.html
How will bitcoin hit $100,000
Here's how he came up with his price target in 10 years.
Van-Petersen is assuming cryptocurrencies in general – not just bitcoin – will account for 10 percent of the average daily volumes (ADV) of fiat currency trade in 10 years. Foreign exchange ADV currently stands at just over $5 trillion, according to the Bank for International Settlements.
Ten percent of $5 trillion is $500 billion. This is the ADV that cryptocurrencies could have. Bitcoin will account for 35 percent of that market share, which would that $175 billion of the $500 billion figure, he said. This would mean that $175 billion worth of bitcoin would be traded every day
Also, Van-Petersen then implies that bitcoin's market capitalization would be ten times the average daily volume, giving a figure of $1.75 trillion for the market cap. The current figure is around $37.8 billion, according to data from industry website CoinDesk.
Bitcoin has a limited supply of 21 million which is expected to be reached by the year 2140. In 10 years, the analyst thinks that there will be 17 million bitcoin in circulation, up from the current 16.3 million figure.
If the potential 17 million of bitcoins in supply is divided by the $1.75 trillion market cap estimate, then each bitcoin would be worth just over $100,000.
Bitcoin 'not a fad'
Van-Petersen – who owns bitcoin – emphasizes that this is a rough calculation but that his growth predictions could be "conservative" given that in the year 2013 alone, bitcoin's price grew over 5,000 percent. The analyst said that cryptocurrencies will survive in the long run.
"This is not a fad, cryptocurrencies are here to stay," Van-Petersen told CNBC in a phone interview.
"There will emerge two to three main ones. Bitcoin will be one of those. And the reason is the first-mover advantage, the scale and the pioneering."
Bitcoin's bad reputation
The bitcoin industry has had its fair share of problems and reputational damage. The digital currency has often had an image of being used for illegal means such as buying drugs online. The collapse of Mt.Gox in 2014, once the world's largest bitcoin exchange, is still fresh in the minds of users. Some members of the exchange are still waiting for compensation.
More recent issues include some exchanges not allowing people to withdraw their money in fiat currency. On top of this, the view of bitcoin as a currency for criminals is still prevalent after the major WannaCry ransomware cyberattack saw hackers lock peoples' files and ask for bitcoin in exchange to unlock them.
Still, Van-Petersen says that the industry is still extremely young and big improvements will come. A few factors will boost bitcoin adoption including better wallets, easier methods to buy the digital currency, use of it for money transfers in areas like remittances, as well as citizens of countries with volatile economies and currencies buying it.
"Volumes are going up, volatility is going down. A lot of people talk about the volatility, but if you are in Zimbabwe or Venezuela, this volatility is nothing. This is the interesting thing to me. I think in the West, a lot of people view it is as speculative, but emerging markets will get it, their needs will be different," Van-Petersen added.
While Van-Petersen is offering one way to value bitcoin in the future, others say that there are other factors to take into consideration.
"It's one way of slicing the pie to try and predict future prices which always relies on a lot of assumptions," Charlie Hayter, CEO of industry website CryptoCompare, told CNBC by email.
"Equating volumes to price value is one method of attempting a valuation, but it doesn't take into account the fundamentals of the ecosystem."
The fundamentals of what bitcoin is capable of from a technical point of view and how regulation is molded around its use will determine its value too, Hayter added.
Well the fact it hasn't happened yet shows that it's fiction. And realistically the likelihood if it ever happening is minute at best, that isn't to say however that it can't happen. It would just require everything to go pretty much perfectly in terms of bitcoin progression and adoption.
Absence of proof is not proof of absence. There are a lot of people who claim that Bitcoin will eventually be worthless. But they can nec3r be proven wrong because there is no timeframe which has been specified.
Well the fact it hasn't happened yet shows that it's fiction. And realistically the likelihood if it ever happening is minute at best, that isn't to say however that it can't happen. It would just require everything to go pretty much perfectly in terms of bitcoin progression and adoption.
I'm pretty sure it WILL happen, though I doubt any of us would be alive by then.
In such reality bottle of Cola will be 100$. But anyway it is possible if BTC will be #1 currency and USD hugely dropped.
Oh, I think hyperinflation is coming.
The increase in dollar/BTC value will include some factor of hyperinflation.
The increase in value will also be in the preservation of value in a collapsing dollar. (maybe same thing as above)
And the increase in dollar value of BTC in dollars will also be in the world wide attempt to preserve and protect wealth as would be done with the investment of gold. The "petrodollar" is doomed. The world reserve currency is no longer going to be the USD.
Probably some combination of all, and this is just another factor in the blast off we have seen this last 16 months in the price of BTC.
The cold hard truth is that those with the balls to HODL will probably be the one's calling the shots in 10 years.
In such reality bottle of Cola will be 100$. But anyway it is possible if BTC will be #1 currency and USD hugely dropped.
People says 1 BTC will be cost 1 Million do you believe in that?
This is going exponential. It just might make it to a million per bitcoin, and sooner than anyone thinks.
We are potentially at the beginning of the wave that will sweep our lives and culture like the internet.
Maybe we will lose it all.
Maybe it will just break even.
... And Maybe it will make anyone with just one bitcoin a multi millionaire.
This can possibly happen if full acceptance of the government will be given to bitcoin, if the country will have bitcoin as their main currency or even major currency of the world then bitcoin needs to sustain the growing demand and must have enough supply, and knowing the fact that bitcoin has only limited numbers in the circulation the only way it can provide for supplies is to increase the demand which can possibly a cause for 1 BTC = 1M
That is really possible but it happening soon or sooner than we expect is highly unlikely. Btc will probably take decades more before reaching that price. For now it is a fiction and acceptance of government and people is not enough to make it a reality. It also does not need to be the main currency to achieve that price. Instead it only needs to be as a substitute for credit cards and must have a constant stream of demand in order for the speculated price to be seen in reality.
I won't say that $1M/bitcoin will never happen, but if it ever does, it's going to be a very long time from now. I think bitcoin still has a lot of potential to rise a lot over the next few years, but at a certain point, it becomes harder and harder to keep bidding up the price because there's only so much money in the world. $1M/bitcoin would mean a market cap of $1M/bitcoin x ~20M bitcoins = $20T. That's a little more than the GDP of the entire United States. The only two ways I can reasonably see that happening (other than waiting hundreds of years) is 1) a large enough country actually adopts bitcoin as its official currency, which I don't think is going to happen, or 2) the USA goes through a period of extreme hyperinflation, which results in a much weaker dollar and thus a much higher bitcoin-USD exchange rate.
You are basing that like you said on United States alone which we both know is impossible since the adoption is going extremely viral worldwide and so many decisions by the top guys will definitely cause a huge spike more than we can imagine.Even though I am sure Goldman sach has been trading bitcoin even though it is solo, but do you know what the announcement of making it official would be like for the community, and also create some awareness for a whole lot countries globally?
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Well the fact it hasn't happened yet shows that it's fiction. And realistically the likelihood if it ever happening is minute at best, that isn't to say however that it can't happen. It would just require everything to go pretty much perfectly in terms of bitcoin progression and adoption.
Hasn't happened doesn't mean it's fiction, for a flash information here's the exact meaning of "fiction"Quote
literature in the form of prose, especially short stories and novels, that describes imaginary events and people.
If you see above, fiction is basically an imaginary event, but, bitcoin still have the chance to worth $1 Million dollars, why? because it hasn't happened yet, that's it. There are still many possibilities for that to come and by seeing the significant growth of bitcoin as well. By that, you can conclude that bitcoin to worth $1 Million is not an imaginary even unless there's no chance left. 
Thee are 17 million millionaires and 2000 billionaires so given 100% adaptation by those people and $1M per BTC isn't ridiculously high.
But my gut feeling says it will take at least a decade to get there.
But my gut feeling says it will take at least a decade to get there.
Well the fact it hasn't happened yet shows that it's fiction. And realistically the likelihood if it ever happening is minute at best, that isn't to say however that it can't happen. It would just require everything to go pretty much perfectly in terms of bitcoin progression and adoption.
People says 1 BTC will be cost 1 Million do you believe in that?
Good question, is it fiction or reality? We need to stop and think about it, cause this question opens many others.
Yesterday I saw post on Twitter, someone with name Warren Buffet is making predictions about bitcoin, altcoins, and yesterday Twit is about bitcoin will be for saving, ETH will replace all smart contracts, and ltc will be currency. Now when I connect this two posts maybe 1 million dollars for 1 bitcoin is possible if all the people start to save in bitcoins, that is possible theoretically.
Well take my post with reserve, I'm just thinking out loud here. For me that price can be reality in the future, if all the things arrange in the right way.
People says 1 BTC will be cost 1 Million do you believe in that?
There is a possibility of it happening but in reality, the chance of it to happen in the future is very low. Even with acceptance of government, I doubt if bitcoin would ever reach 1 million dollars per btc. If it will happen, it would take centuries more where supply of bitcoin is scarce because of many lost bitcoin that can't be recovered. It would probably take 2 or more decades for it to happen. 
It may be possible. Just this year, I didn't think that the bitcoin price would reach up to this point so anything may be possible even if it doesn't seem like it. If this were to happen, then those who were able to acquire bitcoins in the past are very lucky and in contrast, it would be very hard for people to earn even just one bitcoin at that rate. As of this moment, I already find it hard to acquire 1 BTC (unless you are rich) so what more when it has the value of 1 million.
It's so amazing to become one of those millionaire with bitcoin, and that riches might be able to provide us good future in terms of finances. So those those who holds their btc balances might be able to gain and acquire this great opportunity that bitcoin has nowadays, specially the price now is at nearly $5k.
I think it is possible but highly unlikely, bitcoin would have to be the currency of the world which would mean that USD would be rendered somewhat useless and would then depreciate meaning the price of bitcoin relative to the dollar goes upwards and eventually to $1m usd
People says 1 BTC will be cost 1 Million do you believe in that?
Technically it is possible that 1 Bitcoin could eventually be worth 1 million dollars, I doubt it would be in our lifetime. If you think about how the US dollar can buy less every year because of inflation, this means the US dollar drops in value every year. At the same time that the dollar drops in value, Bitcoin theoretically will increase in value every year because there is a limit to how many there will be in existence and the mining is getting harder. Also, Bitcoins are constantly lost and can't be recovered. So over time, Bitcoin should continue to increase in value compared to the US dollar. If they are both around long enough, 1 Bitcoin should eventually be worth 1 million dollars.
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