Topic: Bitcoin succeeds (Read 141 times)

It will be very unattainable for anyone to imagine 1 BTC will be equal to 1 million dollars in 90 days. No one would ever concur to such an outrageous speculated price even if bitcoin is given 10 years to reach that price.

There are speculated prices that can easily be accepted by many. Like a $100k price tag of bitcoin in the next bull run. It can be possible or not during the bull run, but a 1 million dollar price will hardly come by based on bitcoin is still at its early stage and not yet widely accepted globally

This could be sugarcoating to hide the fact that Balaji Srinivasan made a ludicrous prediction that BTC will reach $1m in 90 days. Inflation and  Hyperinflation are so obvious that we don't have to reiterate it.  There had been lots of articles about Bitcoin and fiat and how Bitcoin will take advantage when fiat currency took its dip due to uncontrolled inflation. 

Yes I take it as a marketing ploy but I don't think there is a need to sugarcoat that foolish bet.

Even Balaji Srinivasan knew that his predictions were wrong but nobody knew why he made such a comment. It might be that he wanted to create media hype that will attract more people to the Bitcoin space or he just wanted to attract attention. Currently, the Bitcoin space is affected by some unpredictable economic factors. We saw how the war in Ukraine and the increase in the price of power affected the price of Bitcoin last year. These factors have made the price of Bitcoin unpredictable. But I am not sure that Bitcoin will go below $20k before the bull session. Regardless of the attacks and challenges, I agree with your heading that Bitcoin will definitely succeed. I don't have confidence in social media bitcoin price forecasts because many of them have failed, making them unreliable.

And you do absolutely right to inform yourself before taking any step, price forecasts are never reliable especially if they are in a very distant future perspective.

Price prediction are just analyzed possible price of bitcoin in the future and one thing that they don’t take into
Consideration are the event that can having in the future before the said date of the price prediction.

The market can be affected by lots of factors. Factors like demand and supply and even external factors like Crypto-currency happenings, News , Governments threat or plans, whales manipulation and so much more. I always try to read up a smart price prediction but I don’t let it fully determine my next crypto-currency move without do my own research.

bitcoin price predictions, such as that of Balaji Srinivasan, are never certain and should not be regarded as such.  The cryptocurrency market is extremely volatile and prices can fluctuate greatly in a short period of time, even without any specific forecast or news.  Therefore, investment decisions should be made on the basis of a detailed and thoughtful assessment of all relevant factors, such as the economic, political and technological situation, as well as an assessment of personal risk and profit opportunities.

The rise of BTC price is surely a desirable thing! That sounds good! The only problem is the possible fiat inflation... I mean, BTC and other stablecoins can become more expensive due to the decline in dollar and other fiats values. This process is able to bring the whole financial market to a little or big mess...

We all know that it doesn't happen that way and this kind of statement is just for a show.
Those who have been in crypto for so long would know or at least heard those kind of words so many times before, but if you would look at the current price and chart of Bitcoin you would know that reaching that high would be impossible in just 90 days I think even in 1 or 2 years.
It didn't even touch $100K yet and for how many years and they are already stating million in just 90 days?

1- you think BTC is going to 1 mln $
2- you have 1 mln $
3- you buy 30 BTC @ 30k$/BTC and wait
4- you enjoy 29 mln $ profit

That's what normal people do. Coinbase CTO go to twitter to made a bet, risking the same 1 mln $, but to earn 1 mln $ intead of 29 mln $.

So it was the dumbest bet in a history of dumb bets maybe ever... betting against the CTO of Coinbase, all you had to do was hedge the bitcoin exposure and enjoy almost free money.

It was just pure marketing.

Having predictions of this magnitude reflects the vast imagination of its owner, who apparently aspires to become one of the biggest world influencers with their expectations like Trump and Elon Musk.

Balaji already publicized the fact that the bitcoin-to-1m-in-90-days thing is a marketing stunt. (which should've been expected anyway.)

Notable tweets:

"I just burned a million to tell you they're printing trillions."
https://twitter.com/balajis/status/1653449321185169409

"I said 10% chance fiat crisis happens in months, 70% chance in years, 19% chance in decades, 1% in centuries.
But 10% is very high, and worth drawing attention to."
https://twitter.com/balajis/status/1651987152916316160

The prediction of bitcoin's price made by Balaji Srinivasan, a former CTO of Coinbase (1 btc = 1 million USD), is unattainable for the majority of individuals. Some people view these actions as a strategy for his personal campaign. Others see this as a reflection of his long-held opinions towards bitcoin. But it is simple to see how Srinivasan's ambitious estimate of 1 million in 90 days would have a significant effect on the Bitcoin market. I think it doesn't matter how much Bitcoin can rise in value over the next 90 days because those that believe in it don't hold onto it for a short time. According to Srinivasan's prediction, Bitcoin is probably going to soar to unprecedented heights. Balaji Srinivasan, the former CTO of Coinbase, should show respect for his latest opinion about bitcoin.

Although Srinivasan recently made a prediction that some may find ludicrous, in the long run, it turned out to be a pretty accurate prediction. It is challenging to discount his prognosis because it was based on the US banking system and hyperinflation. Generally speaking, we are aware that a market cap has the power to push Bitcoin's valuation to previously unheard-of heights. The market capitalization of Bitcoin has recently increased due to a variety of institutional investments. Billions of dollars are now being invested in Bitcoin by publicly traded companies including Tesla, Voyager Digital LTD, and MicroStrategy, which inevitably increases the currency's acceptance as legitimate.

According to the current price of bitcoin, if one bitcoin is valued at $1 million, then a market cap of roughly $20 trillion is needed. Even while it could appear to be more right now, a crypto revolution could potentially cover it. The domination of Bitcoin's market is yet another significant factor that will help it rise in the next days. As of right now, we can see that Bitcoin accounts for around 45 percent of all market investments. The price of altcoins on the market will alter substantially, and the market value will climb sharply, as long as Bitcoin maintains a rise of at least 65 percent.

The last thing I'll say is that people are starting to understand the value of Bitcoin, so even if it doesn't happen in 90 days, we will be able to do it soon.