Economic Crash may take bitcoin to 1M dollar - page 2.

Woodie

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I really don't see it this way, think about it...if the dollar crashes because of BRICS don't you think the next best currency will inherent the financial muscle that the dollar commanded..will be say the Euro or Pound to take over especially that BRICS doesn't have a currency to use for its member countries.

Besides, if the dollar crashes, it's not automatic that bitcoin will again as the failing dollar could be directed to buying gold and other valuable assets to act as a store of value,& btw bitcoin is still a less known asset and wouldn't take advantage of a collapsing dollar hence this 1million dollar prediction is far fetched!!!

Quote from: 3kpk3 on September 15, 2023, 11:23:26 AM

Firstly, USD and the global economy won't crash. Only gullible people think of such doomsday scenarios. Secondly, BTC won't magically rise to a million bucks in such a situation logically speaking.

Tip: Speculating crypto prices shouldn't be taken too seriously thanks to the extremely volatile crypto market.

Some valid points right here Cool

Economies of most countries were shaken because of COVID-19 and now the Russia- Ukraine war and not to the point of crashing and these will continue to survive regardless of the circumstances!

As for the 1 million dollar bitcoin price, I think we are just speculative in trying to drum up artificial demand otherwise to get here we need the big boys like multinational companies to jump on otherwise we have a long way to go!!

Asuspawer09

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Quote from: virasog on August 20, 2023, 02:05:44 PM

According to the Finbold article, ‘Rich Dad’ R. Kiyosaki predicts Bitcoin to $1 million if the economy crashes. This is food for thought for those who are foreseeing the economic crash and are unable to find a safe haven for their investments.

Due to the current economic situation and the BRICS, the crash of the dollar seems obvious. Although it will not happen instantly as the US Government will bail out packages in order to maintain the dollar value, however, the question is for how long?

Some people are of the view that if there is an economic crash, then the stock market and the commodities market will crash and so will the bitcoin price will tremble. This may happen but I think the bitcoin will recover quickly and people will invest in the bitcoin. And who knows bitcoin may not fall at all if all this happens in a slow and steady fashion.

We all know a lot of predictions in the market and even though we have a lot of predictions no one can still predict the market accurately so most of the predictions do not really matter since the cryptocurrency is still a huge risk so at any moment the market price of Bitcoin or cryptocurrency could easily crash without some sort of warning, in the end. This means we didn't know what was going to happen when we were hit by the global economic crash probably said that the market price was going to hit 1 million dollars it could still probably hit the opposite, I mean when the war hits we notice that the market price drop a huge percentage so there are always a possibility that the market price could drop so there is always a huge risk involved.

Truth here is there was no basis of the market price of cryptocurrency since the market price is just depending on the supply and demand in the market, unlike some tangible assets there was no sort of proof that it is still going to be valuable in the coming years, we dont really know if on 2030 cryptocurrency or Bitcoin is still going to exist or still sustain its market price.

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Quote from: wmaurik on September 15, 2023, 11:08:15 AM

Near my area there are many computer teachers who have created a kind of seminar for young people who have graduated from their studies. But none of them have learned about crypto technology or the technology contained in crypto, so they all still don't believe in crypto because they still don't understand it from the basics. I quite agree with what you say because in fact it has been seen that bad news always spreads faster than good news. Maybe this is also triggered by the fact that there are still fewer people who don't know about crypto technology so they don't have any confidence in the technology in crypto.

There are significantly more people who don’t trust cryptocurrencies than those who understand what it is. Therefore, it is not difficult to understand what will happen when the economy goes through truly difficult times, someone will of course buy Bitcoin, but the majority will get rid of risky assets and try to wait out the difficult times. When the economy is in decline, then we will not see expensive Bitcoin, at that time everything will collapse.

Bazzu

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I don't think we will know what will happen to BTC if the world economy slumps, and I think there is potential for BTC to rise in price even though the economy is slumping. but BTC also has the potential to experience a decline if the economy goes down, I don't think people will think about investing if the economy goes down so I think the price of BTC will also have the potential to go down.

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Quote from: 3kpk3 on September 15, 2023, 11:23:26 AM

Firstly, USD and the global economy won't crash. Only gullible people think of such doomsday scenarios. Secondly, BTC won't magically rise to a million bucks in such a situation logically speaking.

Tip: Speculating crypto prices shouldn't be taken too seriously thanks to the extremely volatile crypto market.

I agree with you regarding the global economy, only I want to say that theoretically if any currency, not necessarili US Dollar, loses its purchasing power, say, 20 times, then Bitcoin, even if nothing good like more investors happens to it, becomes 20 times more expensive in relation to this currency. But I agree, USD will not lose its purchasing power that much.

I'm not trying to say that BTC willl never reach $1 million. It can happen, but not because of the global economy crisis but because of some favourable events for Bitcoin.

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Firstly, USD and the global economy won't crash. Only gullible people think of such doomsday scenarios. Secondly, BTC won't magically rise to a million bucks in such a situation logically speaking.

Tip: Speculating crypto prices shouldn't be taken too seriously thanks to the extremely volatile crypto market.

wmaurik

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Quote from: slapper on September 13, 2023, 10:28:31 AM

Media influence is undeniable. Consider stocks. A single unfavorable release can lower prices, even for a strong corporation. Now, Bitcoin. Crypto is autonomous, so bad news about it spreads quickly, making it hard for traditionalists to understand. Without understanding the blockchain, people may be terrified of it. As most individuals don't read the small print of legislation or policy proposals, few study crypto technology. Maybe a large-scale money education program like the ones that taught computers is needed

Near my area there are many computer teachers who have created a kind of seminar for young people who have graduated from their studies. But none of them have learned about crypto technology or the technology contained in crypto, so they all still don't believe in crypto because they still don't understand it from the basics. I quite agree with what you say because in fact it has been seen that bad news always spreads faster than good news. Maybe this is also triggered by the fact that there are still fewer people who don't know about crypto technology so they don't have any confidence in the technology in crypto.

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One of the things I think about regarding the economic collapse and its impact on commodity assets or securities assets is that they will go hand in hand. Which means that when the economy collapses, all investment assets will also experience the same thing. Who will invest if the economy gets more difficult? Even Bitcoin will find it difficult to survive if the world economy collapses. It's different if the economy experiences rapid recovery and people lose confidence in the fiat they hold. So this is where the realm of investment, whether commodities or securities, including crypto and bitcoin, will experience a rapid increase. Because many people will put their money into this area. to save the value of their assets from the decline of the fiat they hold. So I think more that the collapse of a country's fiat value will make its citizens go to Bitcoin, Gold and other things that can save the value of these assets in the long term. But if the economy crashes then I think everything will crash.

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It cant go forever because it will destroy the society which powers it so its self defeating but certainly it can go generations like Japan has shown. Depends what depth of stupid poltics is entrenched into society, my take on Japan as an outsider is its misplaced loyalty and belief that government can self right itself. The currency does seem very likely to require a big reset and start over basically, not all debts will honored and inflation is an illusion that only appears to repay value lent.

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Quote from: virasog on August 20, 2023, 02:05:44 PM

According to the Finbold article, ‘Rich Dad’ R. Kiyosaki predicts Bitcoin to $1 million if the economy crashes. This is food for thought for those who are foreseeing the economic crash and are unable to find a safe haven for their investments.

Due to the current economic situation and the BRICS, the crash of the dollar seems obvious. Although it will not happen instantly as the US Government will bail out packages in order to maintain the dollar value, however, the question is for how long?

Some people are of the view that if there is an economic crash, then the stock market and the commodities market will crash and so will the bitcoin price will tremble. This may happen but I think the bitcoin will recover quickly and people will invest in the bitcoin. And who knows bitcoin may not fall at all if all this happens in a slow and steady fashion.

I think that when we'll witness Bitcoin withstanding the pressure of economic recession that would mean Bitcoin has matured enough to replace fiat completely. I'm sure this will happen eventually the question is when not if.

Regarding money printer I'm sure it can go brr forever...

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Quote from: leonair on September 13, 2023, 09:41:12 AM

If the economy is cash, everyone will rush to keep their money in one place because no one wants to see the value of their hard-earned money decrease. Anyone who knows about Bitcoin will definitely try to keep his money in Bitcoin. Not only economic cash those who know about the benefits of Bitcoin always try to keep their money in Bitcoin. But yes if the economy crashes then people will definitely try to keep more of their money in Bitcoin than they are now. In this case, naturally, the price of Bitcoin may increase at a higher rate than usual. but yes i agree with you $1 Million is very hard to reach.

There is an opposite scene as well. Let's say someone has one Bitcoin and he does not have much cash on him. If the economy crashes, people will afraid because the whole market including trade, stocks will crash as well. People will be afraid of not having cash for a long time and they may start selling their Bitcoin to gather some cash for emergency need.

I don't know if you have noticed that when the stock market crash, Bitcoin crash as well. It's because people sell their Bitcoin too to recover their lose and invest in real life things like stock market. Where is a positive side, the negative side exist as well.

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Quote from: dothebeats on September 13, 2023, 05:55:32 AM

Quote from: wmaurik on September 12, 2023, 06:53:08 PM

Quote from: YUriy1991 on September 11, 2023, 03:13:16 AM

Especially regarding Bitcoin, in general the public and the media often lack understanding and reasons for bias, meaning they don't fully understand what Bitcoin is and why it is important. Furthermore, Bitcoin is known for its high volatility. However, the more factors one considers before trading Bitcoin, the fewer trading opportunities will be available as well as missed good trading opportunities.

If there are people and the media who still lack understanding in providing special explanations or reasons for Bitcoin, then there are two possibilities that are being embedded in the minds of the people and the media. The thing is that they hate Bitcoin so they don't want to read anything to understand the truth and the second is that they really like Bitcoin but are still very proud to ask because maybe they just want to defend their own ideas to make it look like they know everything about Bitcoin.

Trust me, there are still a lot of people who have a negative understanding of Bitcoin (and crypto in general) due to how the media portrays it. If you ask them why they are just relying on the information relayed by the media then the answer is simple: why would they spend their time knowing something that already has a bad image? Obviously, not everyone is like that, seeing as there are tons of us who did our own research and personally debunked the false image the media has been portraying. However, there is a big percentage of individuals who fully rely on what the media is feeding them and strongly stand with it, they would rather be misinformed about something than go against what the media is telling them. It's not so different with politics and government.

Media influence is undeniable. Consider stocks. A single unfavorable release can lower prices, even for a strong corporation. Now, Bitcoin. Crypto is autonomous, so bad news about it spreads quickly, making it hard for traditionalists to understand. Without understanding the blockchain, people may be terrified of it. As most individuals don't read the small print of legislation or policy proposals, few study crypto technology. Maybe a large-scale money education program like the ones that taught computers is needed

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Quote from: rojan on September 13, 2023, 08:43:17 AM

who know about bitcoin he will surely put his momey on bitcoin more then bitcoin. when economic is crash then also bitcoin will impact but it can be good impact. Because huge people now invest there money on bitcoin. Because bitcoin is totally decentralised and no one can control bitcoin in any way. only milliaoner and billionaire can increase and decrease bitcoin price by buying and selling big amount bitcoin in a single transcation but it will happen for short time. so if economic is crash then bitcoin price can increase a lot but $1M is not sure

If the economy is cash, everyone will rush to keep their money in one place because no one wants to see the value of their hard-earned money decrease. Anyone who knows about Bitcoin will definitely try to keep his money in Bitcoin. Not only economic cash those who know about the benefits of Bitcoin always try to keep their money in Bitcoin. But yes if the economy crashes then people will definitely try to keep more of their money in Bitcoin than they are now. In this case, naturally, the price of Bitcoin may increase at a higher rate than usual. but yes i agree with you $1 Million is very hard to reach.

rojan

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who know about bitcoin he will surely put his momey on bitcoin more then bitcoin. when economic is crash then also bitcoin will impact but it can be good impact. Because huge people now invest there money on bitcoin. Because bitcoin is totally decentralised and no one can control bitcoin in any way. only milliaoner and billionaire can increase and decrease bitcoin price by buying and selling big amount bitcoin in a single transcation but it will happen for short time. so if economic is crash then bitcoin price can increase a lot but $1M is not sure

blckhawk

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Quote from: gunhell16 on September 11, 2023, 02:20:25 AM

Let's just remember that the Bitcoin price market is very volatile and unpredictable. Now, just because a tycoon businessman said what he said doesn't mean it should be believed; in my opinion, it's not like that. We ourselves must know how to analyze what is really happening in the market. And what kind of economy crashes does Robert Kiyosaki talking about anyway?

Do you have a counter argument about what Kiyosaki said or do you see any holes to see his argument? I think everyone is pretty smart enough to not subscribe to what everyone says to bitcoin, be it positive or negative, this reminder isn't necessary, people has been saying to be careful about someone saying something about bitcoin ad nauseam.

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Quote from: wmaurik on September 12, 2023, 06:53:08 PM

Quote from: YUriy1991 on September 11, 2023, 03:13:16 AM

Especially regarding Bitcoin, in general the public and the media often lack understanding and reasons for bias, meaning they don't fully understand what Bitcoin is and why it is important. Furthermore, Bitcoin is known for its high volatility. However, the more factors one considers before trading Bitcoin, the fewer trading opportunities will be available as well as missed good trading opportunities.

If there are people and the media who still lack understanding in providing special explanations or reasons for Bitcoin, then there are two possibilities that are being embedded in the minds of the people and the media. The thing is that they hate Bitcoin so they don't want to read anything to understand the truth and the second is that they really like Bitcoin but are still very proud to ask because maybe they just want to defend their own ideas to make it look like they know everything about Bitcoin.

Trust me, there are still a lot of people who have a negative understanding of Bitcoin (and crypto in general) due to how the media portrays it. If you ask them why they are just relying on the information relayed by the media then the answer is simple: why would they spend their time knowing something that already has a bad image? Obviously, not everyone is like that, seeing as there are tons of us who did our own research and personally debunked the false image the media has been portraying. However, there is a big percentage of individuals who fully rely on what the media is feeding them and strongly stand with it, they would rather be misinformed about something than go against what the media is telling them. It's not so different with politics and government.

wmaurik

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Quote from: YUriy1991 on September 11, 2023, 03:13:16 AM

Especially regarding Bitcoin, in general the public and the media often lack understanding and reasons for bias, meaning they don't fully understand what Bitcoin is and why it is important. Furthermore, Bitcoin is known for its high volatility. However, the more factors one considers before trading Bitcoin, the fewer trading opportunities will be available as well as missed good trading opportunities.

If there are people and the media who still lack understanding in providing special explanations or reasons for Bitcoin, then there are two possibilities that are being embedded in the minds of the people and the media. The thing is that they hate Bitcoin so they don't want to read anything to understand the truth and the second is that they really like Bitcoin but are still very proud to ask because maybe they just want to defend their own ideas to make it look like they know everything about Bitcoin.

Quote

Despite Robert Kiyosaki's statements, Bitcoin knows that involvement with it can be very profitable. If the price continues and does not reverse, this is a clear signal to exit the trade with a small loss of money instead of cutting losses at this point and going for a spin in the altcoin.

I prefer to hold if the price of Bitcoin has not reversed from bottom to top, because exiting the trade and cutting losses is a very wrong option if what is being waited for is an increase in the price of Bitcoin. Apart from that, the option to roll over the capital that we used to buy Bitcoin is also another mistake that you said because I very rarely see altcoins experience an increase in price when Bitcoin has not yet reversed course or is still experiencing a decline in market prices.

tjtonmoy

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Quote from: AmoreJaz on September 10, 2023, 04:52:20 PM

but we can't discard the fact that when pandemic happened, a lot more people got acquainted with crypto market, esp btc. this is why we have seen the upward movement of btc rather than continuous downward movement.

Well, I can tell that the pandemic only pushed BTC up because people were unable to find jobs or go out to work in the field. So they focused on something that they could access by staying inside their home. But the number was not that much compared to the world's population. And during an economic crisis, the whole thing would be different. People will stick to their existing jobs in fear of not earning money another way. When money is in question, people will not easily choose Bitcoin investment because that carries risks. Who would want to lose their remaining in times of crisis?

So the probability is thin. Also when you get into Bitcoin only for its profit-making capability, you will lose instead. It's a proper procedure that needs to be followed when it comes to Bitcoin investment. I don't think people will be in their right mind in that kind of situation. So the pump to $1M is kinda fairy tale to me. It will happen one day that's for sure, but not because of the economic crisis. History tells us that all it needs is time. Slow and long time is the key.

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If this is a world crisis all of the trade, sell or the market itself are in chaos but this can be lessened or make preventive measures if the country is already prepared with an unexpected event like this, we are talking about the people they don't need to make suffer with this too much unlike we are seeing in the other country who is one of the poorest that cant even manage to control their people with this problem.

Quote from: MFahad on September 12, 2023, 06:20:26 AM

Quote from: Unbunplease on August 27, 2023, 02:36:37 PM

If there is a collapse of the world economy, it could lead to a global war for resources. In this case, the Internet will be shut down almost everywhere. How will bitcoins be transferred then? Then regular cash, not cryptocurrency, will be used for vaimonos settlements

Internet is becoming the way of earning and most of the people are doing their jobs online due to scarcity of offline jobs I don't think that Internet will be turned off just because of economic collapse.

In today's age everyone is in contact with each other though Internet and we become aware of all the necessary news through Internet so if Internet turned off then it will have greater impact on the economy of a country.

Due to economic crash people will prefer bitcoin and its a reality that whenever people moves towards bitcoin its price gives benefit to them but because of economic collapse there will be different types of news arises some will be true and some will be fake due to which bitcoin will be greatly effected.

In this era people who are connected in technology can easily manage to adopt the changes and also they can seek a job online there's a lot right there if you have the skills. But again not all people are in an online world still they are on the field of the actual jobs so they are still affected on this even though there a pros and cons of working online. People who don't have the capabilities so sustain their daily needs will suffer.

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Quote from: Unbunplease on August 27, 2023, 02:36:37 PM

If there is a collapse of the world economy, it could lead to a global war for resources. In this case, the Internet will be shut down almost everywhere. How will bitcoins be transferred then? Then regular cash, not cryptocurrency, will be used for vaimonos settlements

Internet is becoming the way of earning and most of the people are doing their jobs online due to scarcity of offline jobs I don't think that Internet will be turned off just because of economic collapse.

In today's age everyone is in contact with each other though Internet and we become aware of all the necessary news through Internet so if Internet turned off then it will have greater impact on the economy of a country.

Due to economic crash people will prefer bitcoin and its a reality that whenever people moves towards bitcoin its price gives benefit to them but because of economic collapse there will be different types of news arises some will be true and some will be fake due to which bitcoin will be greatly effected.

Topic: Economic Crash may take bitcoin to 1M dollar - page 2. (Read 1274 times)