Topic: [2017-05-24]Bitcoin Will Hit $1 Million in 5-10 Years, Says PayPal Director (Read 26669 times)

My prediction with a simple calculation that compares the bitcoin market cap bitcoin and gold market cap.
current bitcoin market cap = $ 199 B
current gold market cap = $ 8.2 T
current bitcoin price = $ 11,872
$ 8.2 T / $ 199 B = 41.2
bitcoin need 41.2 times current market cap to reach the gold market.
Possible price is
41.2 x 11.872 = $ 489,197
With very fast bitcoin growth, $ 1M / btc may still be practically reasonable.

You are right. We just don't have enough cap in the world to beat this target.

This prediction is absolutely outrageous and seem unrealistic to me, mathematically his predictions is liked or based on exponential increment in the price of bitcoin although in 5 to 10 years the price will surely increased but cannot hit the $1 million predicted mark even with more global adoption of bitcoin.

Since the global adoption is still low, the chances is very high. We seldom see "crypto accepted here" globally at majority of the shop around us... The rate already raise from few cents to more than $20,000.

If this where possible it could mean very few people would be using bitcoin and am afraid such high prices could close buying opportunities for small investors and  those that cant afford to buy the btc will be forced to use other cryptocurrencies.

I also think 10 Years is not enough time for the btc market to grow to a million dollars as we are only one hundredth of the prediction

Hello guys!
So what is your forecast about replacing all money with Bitcoin?
What will be the price then?
Is it possible? Do you have an interest in it for now?

If only this would be true.  I could set my entire family FREE giving a bitcoin to each member.

Very aggressive predictions...I do hope it will be true. this way i can retire and travel the world!

Anything is possible. Bitcoin is an item of interest now. More and more people talk about it. So, let's see where the story goes. Who knows? This is what the world is waiting. Can Bitcoin fight corruption? Can Bitcoin improve the quality of education? Answer yes to these questions and there's no doubt in my mind a bitcoin is worth more than a million.

Yes, I would also agree if it happened. But I doubt that any asset can reach such a high price. Even with the fact that the number of coins is limited now it seems unlikely that bitcoin will once be so expensive

Very nice post with calculations. Shows have ridiculous hes claims are.
One would await better thought out press releases from upper management of  huge modern company.

On other note, hate their (PayPal) guts because of their policies and customer - support relation .

lol, wish this come true, I can retire 10 years before planned, will be a wonderful thing to happen

In don't know whether the guy is serious or not. Now let me ask a counter question. Since he is so confident about Bitcoin, is he ready to convert 90% of his investment portfolio in to crypto-currency? Because if what he claimed is true, then no other asset will give him the sort of returns that BTC is going to provide.

I wish this will be true, lmao, I'd be so happy if it happens. Regardless, the bitcoin is in an ascending phase, and it is just the beginning, so it's always good to hold on to it.

I would be very happy if it happened. But, unfortunately, so much the price is unlikely to rise.
Although, the crypto currency is difficult to predict. I'm sure that for several years nobody thought that the price of bitcoin could reach 3000 dollars

And by today current price, that 2 bitcoin a week would be huge. I guess you have save some don't you? 

Well I'm still optimistic that bitcoin price could go high in the near future but realistically, I doubt it can even reach 1 Million. But I would say that like $10,000 up is more of a ceiling price for bitcoin. I like his prediction though and I want that to happen, but for me its too far fetch to touch that price in the future.

I realise why it's worth mining at a loss. I was only breaking even in jan 2014 with my home mining rig mining litecoin and exchanging to bitcoin. If I had only kept going. I was disappointed to only be making 2 bitcoin a week! on reflection that wasn't too bad.

Such forecasts are very unrealistic. They are more likely to scare off investors than attract. Often behind the loud headlines is a dummy.
Despite the fact that I am a bitcoin optimist, I do not believe that the price can reach such a high level

Reality Is there any statement such people do this already can be accurately told who and how Bitcoin survived a good investment. And it seems to me that their long-term prospect of earning more revenue already wants in the near future, because such short terms would not be sounded.

Based on what such conclusions? No one can predict the price of bitcoin a year from now, and then 5-10 years, and such a price. I think someone has invested a large sum of money in bitcoin and such predictions is trying to heat up the market.

$1 Million in 5-10 Years wow these are some serious numbers, how do we take him serious with his guesstimates!

To be honest I only see this as public motivation to get more investors to show an interest in cryptocurrencies and IMO he is doing a great job  in his capacity as CEO of Xapo of preaching the bitcoin gospel.

Even with halving and global adoption, I do not think Bitcoin will reach $1m at the end of one decade.  It is quite exaggerated in my opinion because at this point bitcoin only reached $2800 at most.  I think $50,000 is way realistic than $1m and it is achievable in a decade from now.

Well, nothing wrong with being too optimistic about Bitcoin as it is really going upwards in value. But the road to that 1 million is paved with bumps and checkpoints along the way. I would be so happy to one day wake up and realized that I already have a million worth of Bitcoin in my wallet...now am also hoping that my wallet provider can be alive ten years from now.

You are right. Since 2009, 2010, 2011 thinking that way has paid off.  $1 million is quite high, but people said the same at $1,  $3, $10, $100, $1300, $2790 etc

In case he's wrong, it will likely not hurt considering he keeps holding at least a small portion of his total stash till that time. Being conservative, or an extreme fantasy filled bull, in some cases it doesn't matter whether you're right or wrong, the main point is that you keep holding your coins for the far long term.

But what if your premises are wrong?

I agree it won't harm to think exponential but we must be realistic too.  Thinking won't harm but expectation do.  No matter how hard I think, I still cannot see Bitcoin reaching 1m in that span of time, even if we account the halving, it still does not give a valid support for 1m  Bitcoin for the next 10 years.

Only a small number of people think exponential. Be one of them.

One example from June 2011 (almost exactly 6 years ago), talking about thousands to 10s of thousands. There were others:
https://bitcointalksearch.org/topic/i-am-pretty-confident-we-are-the-new-wealthy-elite-gentlemen-12156

6-7 years ago, is there a someone who predicted the future price of bitcoin? I don't think. Some people may be sensed the potential and made some investment but even them they didn't predict the actual price of today. $1 million is a disputable predict but also be possible the growth of this crypto money industry looks logarithmic.

I'm a gree with that. 

People are equally as volatile as the price is. If the price is rushing up, people get excited and believe that we'll never ever see sub $2000 prices again. But if the price happens to go down significantly, people miraculously lose all faith and start coming up with all kinds of doom scenarios. That's exactly why you should always follow your own research, and ignore that what others are saying. It was like that years ago, and it's still the case today....

Now the growth stopped and the fall began. Now not many will say that in the near future the price of bitcoin will rise high. It seems to me that panic began among the newcomers and skeptics.

I think you are right, $50k would have to come first and bitcoin will have to continue to prove itself to get mass adoption.

But, it really depends on the use cases. If use cases continue to expand and markets too, then anything is possible.   One huge use case is protecting your wealth from authoritarians who want capital controls or are inflating the value of the currency away - essentially at lot like gold's use cases except that it is also completely portable if you need to leave, e.g., Venezuela, China, Iran, Argentina, etc without having your gold/silver etc confiscated at the border.  Or even if you want to stay and just protect your wealth from the ravages of inflation in 3 of those countries. 

Obviously bitcoin has many more like remittances, micro-payments (if LN is available), etc, but the digital gold use case alone is a huge.

 

It is all fun and jokes while everything is going up but I also want to believe those people are not spewing numbers out of their asses randomly.

1million dollars/btc is just too high. Even in 10 years.

Price: $2674,83           Market cap: $43.736.244.299,00

Price: $1.000.000,00    Market cap: $16.351.037.000.108,42

A whooping 16 Trillion USD market cap.



Total Gold market is 8 Trillion USD. Is that realistic to you? Not to me. A realistic target should be around 50k$/btc at first, then we talk.

People like this can talk up Bitcoin's price, adding some momentum. A headline like that make people think that he is talking about Bitcoin's potential in his official capacity as Paypal Director.

No, I don't want to bet against you because you are probably right. We are over $2,700 already and the rising continues. Maybe we'll see $5k even earlier than in 6 weeks. Some people say it's a bubble which is going to burst soon, but I don't think they are right.

I think you should put more effort into quoting the right person, lol. It's TMAN that has put up the bet, and not me. 

See;


Either way, TMAN, if you are so sure of yourself, then buy yourself some extra coins in order to benefit from the eventually doubled price from current levels.

These comments should be serving simultaneously as Wences Cesares' resignation letter to PayPal, because in a world where 1 BTC was worth $1 million, guess how much PayPal will be worth?

I'll take on that bet. 0.01 BTC. If we hit $5K/BTC within 6 weeks from agreement, I win. If not, you win - winner takes all (0.02 BTC). As you are new, I require this to be escrowed. If you are good with that, send me a PM. We will need to tip the escrow provider, please don't forget that.

Edit: I'm also good with betting up to 0.5 BTC on the same terms. Your choice

Pretty much this will have a psychological effect on investors.  This may trigger FOMO to people making them panic buy bitcoin.  Thus, pushing the price up and the domino effect will trigger until we known Bitcoin hits 1 million dollar a piece already.  Sometimes it is more effective to throw some insane numbers triggering people's imagination  /

It's not the first outrageous prediction, and definitely not the last. It's a common thing for high level figures to throw around with these mad predictions. I understand that they are trying to convince others to invest, but this isn't doing their credibility any good. I remember the Winklevoss twins to be one of the first with a prediction of Bitcoin reaching $100k at some point. In this case it's also a high prediction, but at least not in the way that it is entirely unrealistic.

1 million, lmao, I am waiting for that date

What he did not tell you, was what the value of $1 will be in the future. { 10 years from now } ..... Fiat currencies are losing value at a alarming

rate, and you might not buy a lot, when Fiat currencies collapse. If I told you 30 years ago, you would not be able to buy a bread with a

$ 1 000 000 Zimbabwean Dollars would you believe me? The same thing can happen to any currency... {Germany was a 1st world country and

it happened to them}  ..... The jokes on us. 

Why would it be unralistic?
BTC is the only hard capped commodity . It could be easy the new gold standard , do you really  think coinbase cares about coffee? if this will happen?
all investors will be very happy and  have huge  gains if BTC becomes a very SECURE store of value!
https://www.youtube.com/watch?v=tKVFE7XF6U8
a hard fork will not happen nobody wants to take the risk.
Because If it fails they will have to hide for the rest of there live chased by very angry not always very caring people!
and no government will be able to protect them.
Miners will activate segwit when mining empty blocks is no longer profitable.
by then it will be very well tested on litecoin.







 

Who cares if it's unrealistic, it's still publicity to bitcoin. If a few famous actors or singers were to say right now that bitcoin is the future, we would see an insane pump even if they don't know or say anything specific because people just listen to other ''important'' people

I won't bet 1BTC, but I'll bet .01, if you're down

$5K in next 6 weeks... willing to wager 1BTC that I am right.. anyone want to bet against me?

We'll be hitting $5-$10K a LOT sooner than that. Just you wait. Things are only just starting to warm up. HODL on tight, people.

I agree with you, $1 Million seems unrealistc, but $10k 5-10 years is quite possible.

But if we let us to indulge in fantasies for a while we can try to imagine what will happen if bitcoin will replace all the money in the world. There are roughly $75 trillion in the world right now. Since it is a very rough estimation say we have 20 million BTC.

75 trillion / 20 million = 3.75 million

So in that case 1 bitcoin will be worth of $3.75 million.

$1 Million USD is far fetch. It maybe possible not in the coming 5-10 years. Not sure what his reasoning is why he made such prediction but if you think about it, how long did it take for Bitcoin to reach $2,000 level? Even if we say there are other countries who will follow the initiative of japan and Australia, it's still far for us to say $1 Million USD is possible in 5-10 years.

If you want people to take you serious, then at least put some effort into making yourself not look like a clown. It's pointless to speculate about such insanely high prices while we haven't even been close to reaching the $10,000 level yet. If he would say that we would reach $10,000 within 10 years, I would strongly support his statement, but how can I do that with $1 million? Other than that, I do agree with his statement that people should allocate a certain percentage of their wealth to Bitcoin. People have been looking at the price reaching $1300, $1400, $1500, $1600, etc, and started thinking it was too late to invest - look where we stand right now, it's never too late!

Wences Casares, CEO of bitcoin wallet Xapo and member of PayPal’s board of directors has made a compelling forecast on bitcoin’s value over the next decade.

Get exclusive analysis of bitcoin and learn from our trading tutorials. Join Hacked.com for just $39 now.
The bitcoin entrepreneur and executive was speaking at the Consensus 2017 conference in New York. Taking the stage at a dinner organized by bitcoin and blockchain advocacy group Coin Center, Casares’ speech was quite the hit.

@wences' speech at the 2017 @coincenter gala dinner will go down in #Bitcoin's history as a true gem. #blockchain #consensus2017 pic.twitter.com/2zlhX0M0fJ

— Juan Llanos (@JuanLlanos) May 23, 2017
While we did not attend and are unable to find a video of the talk, there are a few notable takeaways from scatterings of his speech reported online. Putting bitcoin under the spotlight, Casares opined that “the internet doesn’t have a currency and it desperately needs one”, pointing to the world’s most popular cryptocurrency.

“The biggest mistake [would] be to buy more bitcoin than you can afford to lose. The biggest mistake is [also] not to own any bitcoin,” he told the gathered audience.

“Put 1% of your net worth in Bitcoin and forget about it for 10 years” Casares added, baiting new investors to adopt the cryptocurrency.

His speech also included a prediction for the cryptocurrency, where one bitcoin would hit $1 million before the next ten years.

Whoa. PayPal guy & @xapo @wences : only buy the #bitcoin you can afford… and predicts it will hit $1 million in 5-10 yrs #consensus2017

https://twitter.com/BitCoinSusan/status/866825888813522944

Casares has long been a tech entrepreneur. As the founder of Argentina’s first internet service provider, he is also among the earliest evangelists of Bitcoin. He went on to launch a retail bank in Brazil before eventually launching bitcoin wallet Xapo. In early 2016, Casares joined PayPal’s board of directors, with the payments giant describing him as a “recognized next-generation payment and crypto-currency thought leader.”

Still, Casares’ claim is arguably among the most bullish predictions for bitcoin prices yet. Certainly more than early Snapchat investor Jeremy Liew and Blockchain CEO Peter Smith who predicted bitcoin prices to hit $500,000 by 2030.

It remains to be seen if either of these claims come true. One late 2016 prediction that has already proved right saw Danish investment bank Saxo predict bitcoin prices to rise by 165% (bitcoin was trading around $750 at the time), to leap beyond $2,000 in 2017. Bitcoin prices broke beyond $2,200 yesterday and are continuing to surge ahead at the time of publishing.
https://www.cryptocoinsnews.com/bitcoin-will-hit-1-million-5-10-years-says-paypal-director/