Topic: Could One Bitcoin Come To Be Worth $1 Billion? - page 2. (Read 3369 times)

I think this will probably happen within the year.

Not everyone uses $$$ as a currency It is in IMF but still so are few other currencies.

Also article says 1million not 1 billion, that's not such a tiny difference.

Yellen

That is actually exactly what I pictured when I first read this...

Yes. There is no guarantee that what happened to the Zimbabwean dollar can't happen to the US dollar as well. As you said, Ben Bernanke seems to be in a competition to print as many bills as possible. Soon we can expect something similar to this:

this is the reverse of Dr' Evils 1 meeellion dollars right?

I could see a top end estimate at maybe $100,000 (even that being a pretty big stretch), but 1 billion is outrageous.

Best bet ever!
Since I met bitcoin, I never went to the casino anymore but spent it all on bitcoin.
Much better winning odds ;-)

Don't forget that the reason so much of the world is poor is because bad money means that non-elites can't save and accumulate capital to move into the middle class.

In a Bitcoin world where such monetary games couldn't happen, we should expect to see the gap in economic prosperity between the "developed" and "developing" countries narrow quite a bit.

That is just personal holdings. If you include the amount of money held by companies that number could be much higher.

Agree.  In terms of equivalent purchasing power to the dollar today, I think:

A.  Bitcoin becomes an accepted store-of-value alternative to gold:

    ~$10^5

B.  Bitcoin becomes a significant global medium of exchange:

   ~$10^6

C.  Bitcoin becomes the unit of account used globally and large organizations hold bitcoin reserves to conduct monetary policy (I don't expect Keynesians to go fully extinct):

   ~$10^7

In fairness, there is also possibility D:

D.  The entire experiment fails:

     $0

I think it's conceivable that 1 bitcoin in the future could have the same purchasing power that $1-10 million has today, with certain assumptions regarding what a world economy would look like with Bitcoin as a universal currency.

That's a good point.  The USD will collapse at some point in time.  The question is: Will that point in time be before or after bitcoin collapses?  If the answer is "before bitcoin," then the USD/BTC ratio will diverge to infinity.  If the answer is "after bitcoin," then the USD/BTC ratio will converge to zero.    

I would say so. We are at around 10.000 paper mark vs 1 gold mark I would say.

bonds are not to be counted twice.

dollars/bank notes are what the reserve prints out in exchange for a bond

imagine government hands the reserve a bond for $50k (small numbers, small minds) the reserve then prints $10x 5000 bank notes.

so you cant include bank notes and bonds as they are the same kettle of fish,, and you are also going to get into the whole debt hoo-haa..

so keeping it simple.. ignoring the government and banks, (debt and bonds)

if the PEOPLE drop the dollar then my maths does stand....

hmmmmmmmmm actually.

if the people dropped the dollar. then the whole 'value of the dollar would collapse. where for instance one loaf of bread would end up costing $1mill.....

so basically if a whole country droppd the dollar. then bitcoins would be worth trillions each as 1 trillion dollars would be the equivalent to a 3 bedroom house

Cant be that high. its not an endless source of energy

FTFY. It will happen this decade.

Are we in 1921-23 right now? Perhaps that peak-end/half crash was 2008..

firstly the OP needs to read the article. it talks about $1million not $1billion, but anyways..

there are 2 topics mentioning this so ill just post my message here too.

I recently researched that the average life savings of people is $44k
That is round figure of other countries converted to dollars. and averages of the rich and poor. all gathered from multiple statistics websites.

so now $44k x 7billion = 308,000,000,000,000

now 21 million bitcoins ever to exist

308Tril / 21mill = $14,666,666.66

so there we have it. if every single person in the whole world dropped their native currency and wanted bitcoin. then the max value of bitcoin is estimated at around $14.66mill

but w al know not everyone will want bitcoin for local, national, social, political reasons. so i think that maybe 1-5% (about the size of a country (currently we are at about 0.017%)).

and even with 1-5% wanting bitcoin they would probably not have every penny as bitcoin, they would diversify by having maybe 10% as ready to use local currency, and an even split between bitcoin gold and silver (atmost 30% bitcoin holdings on average)

yes there may be bitcoin fans that hold all 90% as bitcoin and 10% local currency(as time goes on less likely due to world demand)
yes there may be alot more holding 50-90% local currency with only 10% bitcoin.(as time goes on more likely due to world demand)

so now some context is given.

let say 3% population having 30% bitcoin holding

=210million people with $14k life savings in bitcoin = 2,940,000,000,000 (2.94Tril)
=2.94Tril / 21mill coins = $140,000 per bitcoin

and that is what i predict as the 'mass adopted year 2140 bitcoin price' $140,000

though i do prefer predictions like every 'of age'/adult (5billion) having atleast one months minimum wage salary ($1200) in bitcoin
=$6,000,000,000,000 bitcoin market cap
=$285,714.29 per bitcoin

all of this goes to show that even in context with semi/rough statistics to go by i dont think bitcoin will pass $1billion per coin. and at a stretch there is a SMALL chance it will pass $1million per coin

Of course 1 BTC could be worth $1 billion dollars.  The price of bitcoin when measured in USD could be anywhere between 0 and infinity.  If the USD collapsed at some point in the future, the price of bitcoin measured in dollars would follow a chart similar to the German Mark during the Weimar hyperinflation event (note that the curve went hyperbolic on a log scale):




A better question is: could 1 BTC every have the same purchasing power as $1 billion dollars has today?  In my opinion, this would not be possible even in the most outlandishly successful cases for bitcoin.