Topic: BTC = $47,619, a better play than spending $700 on gambling something to look at (Read 380 times)

To:

1. Diversify their portfolio and speculate on bitcoin price... millionaires are usually looking to make their money grow, and this is one of the most attractive speculative vehicles at the moment.

2. Protect themselves from currency inflation... if you're a Chinese millionaire I think it's worth holding a bit of your wealth in bitcoin

3. To escape capital controls, or hide/protect your money... you've heard of how much $$ was hidden in offshore accounts revealed by the Panama papers right? There is demand for these offshore accounts, and bitcoin is another use case for this used properly

 

Shopping with bitcoin is an utility that will become convenient later, right now it's not imo, but greater adoption and acceptance, the implementation of segwit/LN, more platforms, etc will make the experience better and give people greater incentive use bitcoin over cash/credit card. Right now I think shopping via bitcoin is one of the least important use cases for bitcoin, which newbies typically think is all bitcoin is used for.

Its a nice idea but i always think that if i won the lottery then chances are there would be no need for me to buy any bitcoin unless the goods i need to buy can only be bought with bitcoin, If millionaires think the same way since they obviously have enough money then why would they ever even bother buying into bitcoin?

Very nice I like it! Similar except with using millionaires as an example. I dig it So even more reason to place your bets since even if rich people just hedged 1% of their wealth, the btc price would sky rocket.

I think I did a better estimate below that assumes Bitcoin isn't even adopted by the mainstream, but just as a tool for rich people to hedge 1% of their wealth:

https://bitcointalksearch.org/topic/incoming-163000000000-market-cap-and-7700-coins-1235466

1000 Billion $ in circulation (http://www.federalreserve.gov/faqs/currency_12773.htm rounded for easier calculation)
7 Billion people
= $142.85 per person

If 21 million coins are fully out and mined / 7 billion people
= 0.003 Bitcoins per person

So if instead the market cap was 1000 billion $ into bitcoin / 21 million coins
1 btc = $47,619

Or in other words doing it backwards $142.8571429 / 0.003 BTC = $47,619

If everything is priced in bitcoin, then the new "$20 worth of stuff" is then 0.0004 BTC

This is just replacing the national currency, not world currency in circulation, or store of value, or remittances etc. which would bump it up a lot higher as others on the forum have already said and also in videos done by Stefan (https://www.youtube.com/watch?v=Cs6F91dFYCs) and James Angelo (https://www.youtube.com/watch?v=g2nXgK34HIM) have also reported.

Most of you probably already know these calculations so its basically a repost I guess, but i just wanted to help noobs coming in here to know how much they should risk. The question you should ask yourselves is if bitcoin goes mainstream and reaches 1000 Billion market cap, each bitcoin you purchase is a chance for it to reach $47,619. So to people out there still thinking about buying bitcoin, think about it. You can spend $700 or so and lose that all in 1 night binary outcome on blackjack or roulette, or you can do another bet and pick up 1 bitcoin that may not be a binary outcome (others may argue it is) and at least fluctuate in price between $1 - $47,619+ over the next 10 years instead of a single night that you double your 700 to 1400 or it goes to 0. No in between.

So even if you do not know anything about bitcoin, this play should be both fun and interesting to look at to just secure 1 bitcoin and forget about it period.

(btw when I refer to 700, i'm just rounding up the current price of bitcoin the past week at the time of this post)