[2014-06-10] Bitcoin price 'to hit $2000' by end of the year - page 2.

Carlton Banks

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Quote from: Kprawn on July 11, 2014, 01:38:19 AM

There are simply not enough Bitcoins to go mainstream or to take over the fiat currencies of the world.

There are less than 13 000 000 bitcoins availlable but not all are in circulations. Currently with the price of bitcoin circling at $600 US it's total value is about $7.8 Billion US. {If my calculations are correct}

As Bitcoin Jesus said in that article, there are not enough bitcoins to give each person in the UK even 1. {If you consider, that the monthly salary of the average UK worker is way above the current value of bitcoins, you would need to push the price per bitcoin up by 10 times, just to cover wage benefits, and that would amount to a bitcoin price of $ 6000 US per bitcoin.}

Then multiply that with 1000 if other countries also adopt bitcoin as a alternative and you get to a bitcoin price of $ 60 000 per bitcoin. {Now salaries are covered, what about the rest}

These are gross over exageration of figures, just to make a point, as to what has to happen, if bitcoin are accepted as a fiat substitute.

Think of it as 1.3 quadrillion. I paid 0.034 BTC for take-out the other day, Bitpay seem to be happy with the bit pennies I gave them

Kprawn

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There are simply not enough Bitcoins to go mainstream or to take over the fiat currencies of the world.

There are less than 13 000 000 bitcoins availlable but not all are in circulations. Currently with the price of bitcoin circling at $600 US it's total value is about $7.8 Billion US. {If my calculations are correct}

As Bitcoin Jesus said in that article, there are not enough bitcoins to give each person in the UK even 1. {If you consider, that the monthly salary of the average UK worker is way above the current value of bitcoins, you would need to push the price per bitcoin up by 10 times, just to cover wage benefits, and that would amount to a bitcoin price of $ 6000 US per bitcoin.}

Then multiply that with 1000 if other countries also adopt bitcoin as a alternative and you get to a bitcoin price of $ 60 000 per bitcoin. {Now salaries are covered, what about the rest}

These are gross over exageration of figures, just to make a point, as to what has to happen, if bitcoin are accepted as a fiat substitute.

Ron~Popeil

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Quote from: bitsmichel on July 10, 2014, 07:02:59 PM

Quote from: Chef Ramsay on July 10, 2014, 05:35:18 PM

If you think of the current adoption rate and where that would land on the S curve then there's plenty of room for pricing to expand. The USD is living on borrowed time so even when you have a BTC that is X thousand of dollars, it could literally buy you what it does today. However, if and when the USD experiences that kind of hyper inflation the sky is the limit for USD pricing. I'd imagine there will eventually be a North American currency at some point and that will be driven into the ground to force global fiat on the scene. This could be happening in the next 5 to 20 years unless the likes of Rand Paul gets elected President and the debt is radically reduced and we have an austerity period w/ economic growth that can bail us out. Either way, I expect BTC to do what is what made for and that is allowing someone to have as much control over their own finances as they're willing to have. The more people that want more of this control will mean a stronger mankind.

How would Rand Paul solve the problem? Of course one could print a banknote that says '9 trillion dollar', but I'm not sure how the Chinese would react to that; 5 to 20 years is a very short time, do you think the US will be in a critical situation then? Perhaps one day we'll see a crypto-currency accepted anywhere as world currency.

You would have to call it 9 trillion dorra to get a response. Grin

Seriously though I have a feeling that America is finally ready for the liberty movement. The last 16 years of bad leadership paved the way. Ron Paul shook up the establishment last time around. His son might be a little more palatable for the GOP establishment desperate for a winner.

colinistheman

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Quote from: bitsmichel on July 10, 2014, 07:02:59 PM

Perhaps one day we'll see a crypto-currency accepted anywhere as world currency.

It's not a matter of "perhaps" or "if". It's how soon. Digital currency is definitely replacing fiat.

Just look at Star Trek. Have you ever seen them carry about a bunch of dollar bills? Gold Pressed latinum is about it, but the rest is digital :p Heck, they're probably using Bitcoin

bitsmichel

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Quote from: Chef Ramsay on July 10, 2014, 05:35:18 PM

If you think of the current adoption rate and where that would land on the S curve then there's plenty of room for pricing to expand. The USD is living on borrowed time so even when you have a BTC that is X thousand of dollars, it could literally buy you what it does today. However, if and when the USD experiences that kind of hyper inflation the sky is the limit for USD pricing. I'd imagine there will eventually be a North American currency at some point and that will be driven into the ground to force global fiat on the scene. This could be happening in the next 5 to 20 years unless the likes of Rand Paul gets elected President and the debt is radically reduced and we have an austerity period w/ economic growth that can bail us out. Either way, I expect BTC to do what is what made for and that is allowing someone to have as much control over their own finances as they're willing to have. The more people that want more of this control will mean a stronger mankind.

How would Rand Paul solve the problem? Of course one could print a banknote that says '9 trillion dollar', but I'm not sure how the Chinese would react to that; 5 to 20 years is a very short time, do you think the US will be in a critical situation then? Perhaps one day we'll see a crypto-currency accepted anywhere as world currency.

Minecache

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Vave.com - Crypto Casino

While our unsavoury friends in the Islamic State rage a holy war against the righteous and fund it entirely through the bit coin system I dont see it happening.

Chef Ramsay

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If you think of the current adoption rate and where that would land on the S curve then there's plenty of room for pricing to expand. The USD is living on borrowed time so even when you have a BTC that is X thousand of dollars, it could literally buy you what it does today. However, if and when the USD experiences that kind of hyper inflation the sky is the limit for USD pricing. I'd imagine there will eventually be a North American currency at some point and that will be driven into the ground to force global fiat on the scene. This could be happening in the next 5 to 20 years unless the likes of Rand Paul gets elected President and the debt is radically reduced and we have an austerity period w/ economic growth that can bail us out. Either way, I expect BTC to do what is what made for and that is allowing someone to have as much control over their own finances as they're willing to have. The more people that want more of this control will mean a stronger mankind.

bitsmichel

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Quote

The price of one bitcoin will reach $2000 by the end of 2014, a venture capitalist has predicted - a 226pc increase from the virtual currency's present value.

"I actually think $2000 is a pretty conservative estimate," he told The Telegraph. "We don't know for sure if it's going to happen in this year, but there's no doubt in my mind that Bitcoin's price is going to be thousands of dollars and, almost for sure, tens of thousands of dollars for one."

Source : http://www.telegraph.co.uk/finance/currency/10960012/Bitcoin-price-to-hit-2000-by-end-of-the-year.html

I think it's an interesting prediction. What do you think? will we hit $2000 by the end of 2014 ?
Personally I think we'll see $4000 per bitcoin one day

Topic: [2014-06-10] Bitcoin price 'to hit $2000' by end of the year - page 2. (Read 2278 times)