Topic: Bitcoin needs to be worth $1,000,000 to be a legitimate currency (Read 766 times)

for me it doesn't depend upon the value or price of bitcoin before it can be considered as a legit currency.
I think worldwide acceptance is more influential before it can be considered as a real currency.
The more people who uses it would mean the faster the laws can be drafted by each country accepting the usage of it as legal.

It might happen that bitcoin becomes a legitimate currency by reaching $1 000 000, however, I might take a period of a years to reach that level, say 20 years from now since its something cannot just happen overnight. If you hold your bitcoins, say for a period of 15-20 years, probably you might wake up some day and realise that your bitcoins have exceeded that value or probably closer to that value. For now, just HOLD and HOPE for the best.

I guess it really doesn't matter if the value is high or low to make it officially legitimate currency, its because as we can see there are also several currencies in the world which are low valued but the case is that they were legitimate, how can you conclude that one? maybe i think it really doesn't matter about the price, but in the importance or the usage of a certain currency and what was its sole purpose why is it made and being used by us.

No not at all we have around 200 currencies in this world. How many of them are worth 1 million dollar? Infact dollar on its own does not has such value of 1 million.

Throughout the full text I saw nothing more than a series of arbitrary numbers without a basis on real economic fundamentals. I believe that the possibility of seeing the bitcoin becoming a legitimate currency depends more on a controlled volatility than on reaching a certain value, because it is useless that 1 bitcoin reaches $1,000,000 in next years if in a couple of days its price drops to $800,000.

You need to define what you mean by "Legitimate". Perhaps in your opinion, the United States Dollar is a "legitimate" currency, and Bitcoin is an illegitimate currency. But a lot of people would disagree with you (including me). And another thing is that the price is not related to the legitimacy and legality of a particular currency.

If bitcoin is worth $1,000,000, it will never become a legitimate currency. Dont you think about the fee when it hit that price. The fee of bitcoin transaction may hit $1000. And it is kind insane. Moreover, people will hold their bitcoin instead of spending it. It will give them more money by holding bitcoin.

I feel bitcoin is the most legitimate currency inthe world.its secured and safe.easy to invest.for me it is the best

we seen how adoptions are ongoing and with those issue starting to be resolved I think bitcoin doesn't need to be worth like that before it will become legit
and like you said adoption will play big in terms of success and become a accepted currency in all the services around the globe.

I think it will hit $15,000 next year but $1,000,000 seems too impossible  

I don't agree with it, in my opinion to be a legitimate currency does not have to reach a value of $ 1,000,000.
but what is needed is receiving bitcoin as a means of payment, users (society), and recognition from the government

and I think currently bitcoin has become a legitimate currency personally

In my opinion, the price of crypto currency absolutely does not affect its legitimacy and legitimacy. Now the crypto currency is used practically in all countries of the world and nowhere is it prohibited. And this means that it is legal. States do not accept any document on its legality. In this regard, some of its politicians and officials can express their opinion. The state can impose a certain restriction on its circulation inside the country or even attempt to ban this currency. This decision can be made regardless of its market value.

I won't agree if 1 bitcoin will worth that much. Because that will never happen and if that will ever happen limited people only can afford that. If 1 bitcoin will worth 1000,000 dollars that will be 45,000,000 pesos here in our country

Well, the logic this commentator is using suggests the opposite: that currencies worth several orders of magnitude more are less legitimate than their competitors with less purchasing power per unit, i.e the Italian Lira and the Yen are actually more legitimate than the Euro or Dollar, because they're less valued.



Which illustrates an even clearer way to disprove this nonsense; the Japanese Yen and the Italian Lira were both heavily devalued in order to balance the public finances of their respective governments, stealing from the people holding those currencies to (help) pay for managing their fiscal budget so incredibly poorly. I say "help", as the real insult is that the Italian and Japanese never paid back the money they borrowed, they simply paid enough to make the debt load sustainable.

The real purpose of this commentary is to set Bitcoin an impossible task, but this and other commentators should be careful what they wish for. Worldwide economic circumstances could easily prompt Bitcoin to take such a seemingly fantasy valuation, upon which these sorts of commentards will simply change their magic formula for "legitimacy". But once Bitcoin reaches those heights, the writing may already be on the wall for the established financial system regardless of "influential" people hoping to talk reality out of existence. Nothing can stop an idea whose time has come.

Good luck with your continued talking, gentlemen. Is it not the case that talking appears to be all you've got? Seems a bit like that for some time now

I feel Bitcoin is the most legitimate currency available out there, it's just that banking industry is he'll bent on destroying on the currency and this article doesn't make sense that bitcoin should be priced so high, I feel it's very good. It's secured and safe. It's tax free most of all, and I feel it's reasonably priced, but since government can't track it they keep opposing it, latest example is China, trying to derail it, but as we all know it failed. So for me Bitcoin is best coin.

To be a legitimate local or global currency? Who defines what Bitcoin has to be? Bitcoin has been a perfect store of value at

it's current price for me. I would rather concentrate on the scalability, rather than the price to determine if Bitcoin could be

used as a global currency and as it stands now, I disagree that it does. We need a lot more scaling to go mainstream.  

The author of that article was entitled in his own opinion, but his opinion is baseless without enough knowledge of the world economy, bitcoin would not be fully utilized for that said value and that's too much inflation and determining the real value of currency is through its circulating supply. so a 21 million circulation of bitcoin multiply it to 1 million , that price is too much, unless the coin is self destruct once utilized and then its scarcity justifies its value. so the value is still applies to law of supply and demand.

No way it has to reach that amount to be a legitimate currency. Is the money I have in my pocket worth a astronomical... No if people accept it as a currency it's a currency. No difference using shells or bottle caps as long as people use it as a form of currency.

Disagree with you, it is not necessary for bitcoins to reach at such high level to become a legit currency. Bitcoin is already very popular, which has been increasing by each passing day; many country's governments has already taken few steps to legalize the bitcoins in their jurisdiction. We could see in the next 5 years that, at least 10 or more countries have accepted and recognized the bitcoins as legal currency.

it will reach $1,000,000 within a few years, remember that day you could buy bitcoins in less than 4000k $ and most likely you will tell this stories to your kids.