1BTC Reaching 1million Still Unrealistic

KTChampions

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Quote from: arwin100 on February 08, 2021, 04:56:12 AM

Quote from: KTChampions on February 07, 2021, 06:58:54 PM

You are too pessimistic about what we can see in our lifetime) Progress in all areas is accelerating, plus if we consider that there will be some revolutionary transitions ahead, such as a quantum computer or technological singularity, then we can see in 20 years how the whole world will change completely, and not some individual areas.

Those guys who dump their thousands of BTC for a pizza and other cheap things think that bitcoins will not go far at the current rate so I believe everything by now have possibilities especially the one said and if there is a transition to digitalization on economic system for sure bitcoin will get benefited if that scenario happens. I believe many years from now we will go to a revolutionary digital financing system and since bitcoin exist by now this one will be the possible option to be adopted by government so this one could possibly lift up the price unto that figures.

In those days, it was unrealistic to understand the prospects for bitcoin so we shouldn't blame those people. As for digitalization and the further departure of most of the economy to the digital world, this will undoubtedly strengthen the position of cryptocurrencies, however, governments will try to control this process, which means the transition will not be as easy as we would like.

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Quote from: Murpheus on February 04, 2021, 07:54:49 AM

If 1BTC is worth $1,000,000

Therefore 21,000,000BTC will equal
21,000,000 × 1,000,000 = $21,000,000,000,000

Thats what $21trillion, almost 8% of all the wealth in the world??

Wealth measures the value of all the assets of worth owned by a person, community, company, or country. Wealth is determined by taking the total market value of all physical and intangible assets owned, then subtracting all debts.

So if BTC takes all 8% to itself, what about real estate and all the other sectors??

It is definitely "unrealistic", that is the right word for it. People who think it could happen do not realize that we are not talking about price being 1 million dollars is impossible, it is not impossible, it could very well happen, hell I didn't expected 40k neither but it happened anyway, so this is not about being impossible.

It is about being unrealistic because we are talking about 40k to 1 million dollars which is 25 times higher, that would make bitcoin bigger than gold and nasdaq combined, and let's be honest bitcoin is great and could go up high but bitcoin to be bigger than gold and nasdaq combined is not really something I would expect anytime soon, probably ever. Which means 1 million dollar per bitcoin will not happen anytime soon, maybe in 10+ years it could be realistic, even happen, but not anytime soon because it would be "unrealistic" to expect that.

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Quote from: Renampun on February 06, 2021, 05:00:12 PM

I don't think you need to waste a lot of energy on this...
no one will know tomorrow how much Bitcoin will cost. If we went back 10 years ago billions of people would not believe 1 Bitcoin would be worth $ 40k. still with the old belief 'nothing is impossible in this world'.

1million is long away from what is the current price and, we need to understand the fall in between it could happen and years if it takes to recover the drop and bounce back. The current rise which always happens after the halving and will need to see in 2022 how does it grows from there on. The current year still may see above 50k but could it sustain for very long is the big thing which bothers met at time.

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Quote from: hatshepsut93 on February 07, 2021, 07:47:12 PM

Total wealth is already 400 trillion and keeps growing. Right now 21 trillion would be ~5%, in some years it would be even less. It's not outside of realm of possibility of Bitcoin touching this price levels, all you have to do is get people to refuse to sell, then the demand would easily send Bitcoin to the moon just like it's happening now. Bitcoin being stable at 1 million is a whole different thing, we currently only achieved stability at $10,000 so maybe stability at 1 million would really never happen.

Easy to convince people on paper but convincing people not to give in to their greed is a difficult thing to do. If they see an increase, they will see it as an opportunity to sell because they believe that a high price means a crash is imminent, as if they are trying to relive what happened back in 2017-2018. The solution is to have more people to buy, introduce it to a bigger market, have the regressive government lift the ban on cryptocurrency and more people becomes free from buying cryptocurrency which increases the demand which in turn a reason for increase in the prices. 1 million USD per 1 bitcoin is the current dream but I think that we have a lot of things to think of before crossing that 2 comma club.

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Quote from: KTChampions on February 07, 2021, 06:58:54 PM

Quote from: Oilacris on February 07, 2021, 01:49:31 PM

Dump is inevitable on a market and we cant just see a market that would really continue to rise and this what makes even more harder for to believe on that Bitcoins price will able to hit 1 million.

If we can imagine on how big we do need in terms of adoption or recognition this is something particularly talks about full adoption. Market will be facing up lots of pumps and dumps on suchcase.

I agree on the fact that 1 million prediction is still unrealistic or even it do happen but this would surely not happen in our lifetime but well, who knows? Bitcoin had never failed to impress us
from time to time and lets see on how far we would able to go.

You are too pessimistic about what we can see in our lifetime) Progress in all areas is accelerating, plus if we consider that there will be some revolutionary transitions ahead, such as a quantum computer or technological singularity, then we can see in 20 years how the whole world will change completely, and not some individual areas.

Those guys who dump their thousands of BTC for a pizza and other cheap things think that bitcoins will not go far at the current rate so I believe everything by now have possibilities especially the one said and if there is a transition to digitalization on economic system for sure bitcoin will get benefited if that scenario happens. I believe many years from now we will go to a revolutionary digital financing system and since bitcoin exist by now this one will be the possible option to be adopted by government so this one could possibly lift up the price unto that figures.

pooya87

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Prices that are far away from the current price have always seemed unrealistic to certain people from the day bitcoin was created. You think people thought $1 was "realistic" back in 2009? Of course not. What do you think about $1 price right now Wink

$1 million is not any different from all the prices that we have passed in the past 12 years and seemed unrealistic before they were reached.
Not to mention that the rate inflation is increasing and with all the money that governments specially the big ones have been printing, $1 million is going to be the start not the end.

hatshepsut93

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Total wealth is already 400 trillion and keeps growing. Right now 21 trillion would be ~5%, in some years it would be even less. It's not outside of realm of possibility of Bitcoin touching this price levels, all you have to do is get people to refuse to sell, then the demand would easily send Bitcoin to the moon just like it's happening now. Bitcoin being stable at 1 million is a whole different thing, we currently only achieved stability at $10,000 so maybe stability at 1 million would really never happen.

KTChampions

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Quote from: Oilacris on February 07, 2021, 01:49:31 PM

Dump is inevitable on a market and we cant just see a market that would really continue to rise and this what makes even more harder for to believe on that Bitcoins price will able to hit 1 million.

If we can imagine on how big we do need in terms of adoption or recognition this is something particularly talks about full adoption. Market will be facing up lots of pumps and dumps on suchcase.

I agree on the fact that 1 million prediction is still unrealistic or even it do happen but this would surely not happen in our lifetime but well, who knows? Bitcoin had never failed to impress us
from time to time and lets see on how far we would able to go.

You are too pessimistic about what we can see in our lifetime) Progress in all areas is accelerating, plus if we consider that there will be some revolutionary transitions ahead, such as a quantum computer or technological singularity, then we can see in 20 years how the whole world will change completely, and not some individual areas.

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Quote from: 7788bitcoin on February 07, 2021, 01:51:27 PM

We might see inflation but there is no way the major countries will be affected with hyper inflation like Zimbabwe , you need to come up with such policies constantly for us to see hyperinflation and if US is affected then Euro will be used as the global currency.

You should better read and study more about hyperinflations and you would see that it was not only Zimbabwe that had hyperinflations but also many other countries including Germany, and every single fiat currency that ever existed in the world collapsed at some point, so why would dollar be any different?

Bitcoin is only volatility as you say because printing is out of control and you live in illusion that fiat currencies are stable and you are not looking at prices and cost of living.
I could buy much more things with 100 dollars 10 years ago than now, and I can buy much more things with 100 Bitcoin now then 10 years ago.

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Quote from: notblox1 on February 06, 2021, 06:02:35 PM

Anything is possible with global hyperinflation and Bitcoin can even be one million if dollar and all other fiat currencies goes wild like we saw in Zimbabwe and other parts of the world.

We might see inflation but there is no way the major countries will be affected with hyper inflation like Zimbabwe , you need to come up with such policies constantly for us to see hyperinflation and if US is affected then Euro will be used as the global currency.

Quote from: notblox1 on February 06, 2021, 06:02:35 PM

That would be much different world than we know now and it would be only temporary until some new currencies arise, and we know from history that all fiat currencies will collapse sooner or later.
Maybe we need to start and calculate wealth in Bitcoins instead of dollars.

Historically there will be major power shift but we might not see a power shift in the near future and it is impossible to start calculating your wealth in bitcoin simply because of the volatility.

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Quote from: BrewMaster on February 07, 2021, 01:26:52 PM

Quote from: Murpheus on February 07, 2021, 10:07:50 AM

There is going to be a dump no doubt... but when is the big question,

some things can only happen in pair and never alone. for a dump to be there has to be a pump first. you can't expect a dump without it, same as you can't expect the lack of a dump without a pump.

so far all we had was price going up and that doesn't mean "pump" and there is no reason for a "dump" either. we first have to see price go up like in 2017 (that is 100% in 3 weeks) then we can talk about how "dump" is guaranteed!

Dump is inevitable on a market and we cant just see a market that would really continue to rise and this what makes even more harder for to believe on that Bitcoins price will able to hit 1 million.

If we can imagine on how big we do need in terms of adoption or recognition this is something particularly talks about full adoption. Market will be facing up lots of pumps and dumps on suchcase.

I agree on the fact that 1 million prediction is still unrealistic or even it do happen but this would surely not happen in our lifetime but well, who knows? Bitcoin had never failed to impress us
from time to time and lets see on how far we would able to go.

BrewMaster

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Quote from: Murpheus on February 07, 2021, 10:07:50 AM

There is going to be a dump no doubt... but when is the big question,

some things can only happen in pair and never alone. for a dump to be there has to be a pump first. you can't expect a dump without it, same as you can't expect the lack of a dump without a pump.

so far all we had was price going up and that doesn't mean "pump" and there is no reason for a "dump" either. we first have to see price go up like in 2017 (that is 100% in 3 weeks) then we can talk about how "dump" is guaranteed!

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Quote from: The Sceptical Chymist on February 06, 2021, 02:36:40 PM

Quote from: Murpheus on February 04, 2021, 07:54:49 AM

P.S I didn't do economics anyways

I have taken university-level economics courses, and I'll be damned if I could tell you for sure whether it's impossible for bitcoin to reach $X, whatever X is. With all the money that's now in circulation, I'd say pretty much anything could happen.

It's not just bitcoin that's on fire. The stock market is and has been soaring for over a decade now, and I have this gut feeling that we're in for a reckoning--a crash or at least a serious correction in a few markets, bitcoin being one of them. There's been a lot of institutional buying going on, and that's helped to bump bitcoin up to where it is now, but there's no telling when those corporate whales are going to start selling. Believe me, if they sense danger in bitcoin they'll jump ship with no regard for anyone but themselves. That could turn out to be a scary situation for anyone holding BTC for the long-term.

There is going to be a dump no doubt... but when is the big question, I dont think the big whales will tap out any sooner, I mean am sure they knew what they were jumping into, like they always say when one door is closed another is opened, there will always be new whales cashing in when the old ones tap out

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Anything is possible with global hyperinflation and Bitcoin can even be one million if dollar and all other fiat currencies goes wild like we saw in Zimbabwe and other parts of the world.
That would be much different world than we know now and it would be only temporary until some new currencies arise, and we know from history that all fiat currencies will collapse sooner or later.
Maybe we need to start and calculate wealth in Bitcoins instead of dollars.

Renampun

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I don't think you need to waste a lot of energy on this...
no one will know tomorrow how much Bitcoin will cost. If we went back 10 years ago billions of people would not believe 1 Bitcoin would be worth $ 40k. still with the old belief 'nothing is impossible in this world'.

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Quote from: Reid on February 06, 2021, 03:35:18 AM

But, did anyone really expect $40k accurately? Everyone had their own prediction before but most of them are happy with a 4 digit value.
Hell! I am even happy when it reaches $900 from $300. Grin

It sounds impossible but it can. But time will tell.
Maybe we won't even see it or maybe yes.
Buying power won't be a problem since you can do it in decimals. Someone will still buy at .001 or even lower.
Then, it becomes addictive when you see growth.

No one did really expect that basing off on value then it can really go into those digits and the entire cap wont really be that too big compared
if we do talk about 1 Million price and imagine on how big it is when it comes to cap which do simply shows that this will be needing that
full-scale adoption which every people would really be using it which we can say that it would really be that impossible to happen.
Adoption is on the move but it wont really be reaching into that point but well, its just also my own opinion though.

The Sceptical Chymist

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Quote from: Murpheus on February 04, 2021, 07:54:49 AM

P.S I didn't do economics anyways

I have taken university-level economics courses, and I'll be damned if I could tell you for sure whether it's impossible for bitcoin to reach $X, whatever X is. With all the money that's now in circulation, I'd say pretty much anything could happen.

It's not just bitcoin that's on fire. The stock market is and has been soaring for over a decade now, and I have this gut feeling that we're in for a reckoning--a crash or at least a serious correction in a few markets, bitcoin being one of them. There's been a lot of institutional buying going on, and that's helped to bump bitcoin up to where it is now, but there's no telling when those corporate whales are going to start selling. Believe me, if they sense danger in bitcoin they'll jump ship with no regard for anyone but themselves. That could turn out to be a scary situation for anyone holding BTC for the long-term.

Quote from: Reid on February 06, 2021, 03:35:18 AM

But, did anyone really expect $40k accurately?

I doubt it. I sure as hell didn't expect bitcoin to be this high this soon.

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I think that mostly depends from time frame. we are sure that in 100 200 years the inflations has not already pumped the amount of cash in circulation?
I have seen with Italian Lira ---> Euro. In the earliest of the 90' centuries it was fine get 1000 lire each month (around 50cent of euro nowadays).
Its clear that there is a strong inflation in western countries.
This is why in a "long term" prediction, (obviously if bitcoin "will survive") even 1 million USD I think isn't too much unrealistic.

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Quote from: Reid on February 06, 2021, 03:35:18 AM

But, did anyone really expect $40k accurately? Everyone had their own prediction before but most of them are happy with a 4 digit value.
Hell! I am even happy when it reaches $900 from $300. Grin

It sounds impossible but it can. But time will tell.
Maybe we won't even see it or maybe yes.
Buying power won't be a problem since you can do it in decimals. Someone will still buy at .001 or even lower.
Then, it becomes addictive when you see growth.

I am at the same place, I can't believe it is 40k and its definitely something I hoped for in the way way down the future, but not this quickly for sure. In march when the price went down to low levels I wanted to buy, I didn't had money during 4k prices but I had some during 6.5k and I bought it, I was upset that I missed the increase from 4k to 6.5k because that was over 50% profit that I was hoping to get. My idea was that I will sell at around 13k and that would be about 2x profit which I was really hoping for.

Thankfully I never sold so I am doing great now but I can't believe that something I bought at 6.5k and was "hoping" to reach 13k actually went to 40k, that is really not something I would have expected, it was something I really didn't see coming at all. Don't get me wrong I believe bitcoin will be even higher, I just never believed it would be so soon.

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But, did anyone really expect $40k accurately? Everyone had their own prediction before but most of them are happy with a 4 digit value.
Hell! I am even happy when it reaches $900 from $300. Grin

It sounds impossible but it can. But time will tell.
Maybe we won't even see it or maybe yes.
Buying power won't be a problem since you can do it in decimals. Someone will still buy at .001 or even lower.
Then, it becomes addictive when you see growth.

Topic: 1BTC Reaching 1million Still Unrealistic (Read 501 times)