Topic: BTC to 5000$ soon - page 41. (Read 36740 times)

You must be kidding me. Seriously? That's your reply?

"There is NO real evidence that we will reach $5000 anytime soon"  

"not really backed by real life events and paradigms"

You have to learn what the speculation subforum is in its essence, young padawan.

The problem with Opening post is that it is pure speculation, not really backed by real life events and paradigms. So what if gold market cap is xxx and bitcoin is xx?
These two commodities are not related in direct way whatsoever and while I (as probably everyone here on bitcointalk) agree that bitcoin price is underwhelming atm.
There is NO real evidence that we will reach $5000 anytime soon, and certainly not before 2020. (I wish I was wrong on this...)

Bitcoin will probably never get to 5000 imo. We're not even close to 1% at all, and if that were to happen, people would dump the price down to oblivion. There will always be a guy who dumps his bitcoin and kills the price. Of course I could be completely wrong and end up with a few thousand dollars in a few years. Only time can tell.

it will take years and years before we see the market cap of bitcoin being just 1% of the total gold market cap. if we somehow manage to realize this, then it can be considered a great achievement for sure! we only don't know what will happen in the future. we don't know if bitcoin gets replaced by something better after 10 to 20 years. everything is possible.

We have seen the surge in the gold's market cap lately. This is just the beginning, the first cracks in the current financial paradigm. The problem with gold is that it is physical and thus poses a psychological problem to mainstream investors when it becomes scarce due to extreme demand. The investors will see that they could physically only acquire a miserable and pathetic looking amount of gold (as it has become "too expensive") so they will run into silver. But silver too, has the same intrinsic problem.

So far, bitcoin's deception has lied in the fact that we are presented the idea that one bitcoin is divisible up to 8 decimal places which gives the false image of a bitcoin being a floating point number. In reality block rewards are represented by unsigned integers. Thus instead of 1 bitcoin one has 100 000 000 satoshis. To break the psychological barrier of 1 bitcoin costing too much we should just switch to satoshis. The latter will be plausible when BTC rises in value.

The market cap of gold is $7,252,708,420,909.
The market cap of bitcoin is $ 6,549,170,380 (0.082% of gold's).

I can say that gold is already psychologically too expensive for an average Joe on the street. Imagine when it grows 5x as it has done previously during financial collapses. Owning a gram of gold doesn't make you feel good about it, it feels sad as it is just a tiny speck. So, naturally, other stores of value will gain popularity. If bitcoin was only 1% of gold's market cap, it would already cost more than 5000$ per BTC. If 1 bitcoin costed 5k, then 1 satoshi would be 0.00005$. The world's least valuable currency Iranian Rial trades at 0.00004$ . So after 5k $ bitcoins it would be nothing new to this world to have satoshis for the main units to represent the value of your bitcoins. The world has already seen such a situation in Iran.

Daily recommended minimum amount of money for food per person is 10.72 $. With 5000$ BTC, a daily meal would then cost 214400 satoshis. Let's be honest, 200 000 is not that big of a number any more to be uncomfortable to use in daily basis. This is also the reason why poor countries could adopt bitcoin more easily. They are already used to making transactions of such order of magnitude in their currency units.