Topic: Economic Crash may take bitcoin to 1M dollar - page 6. (Read 1298 times)

I do agree if the world economic crash Bitcoin will be the first option for people to move from their fiat currency, and it definitely coudl lift Bitcoin price and 1M USD is not impossible. But that all being said, I don't think the current economic situation is that bad, it's recovering, the fall of USD does not mean the world economic is crashing.

I'm not sure if the economy collapses, bitcoin will actually soar, as we can see when the economy is in crisis, of course, assets that have sentimental sentiment towards the world economy will experience a sharp decline, some time ago when we were threatened with an economic recession, all assets experienced a decline, including bitcoin, which experienced a decline which is very significant, bitcoin will soar if there is a lot of money in circulation and the public has trust in bitcoin.
Some circumstances as a smart investor must understand the resistance of bitcoin to the world economy, otherwise it will be very difficult to recognize how to make a profit from bitcoin.

That's right, many investors are driven and driven drastically by their emotions and perceptions of the market... I was able to evidence this currently when the price of Bitcoin fell to 26k, friends of mine who are investors had a part invested in Bitcoin and they didn't mind losing a part part and sell it for fear that it will go even lower.. The phenomenon you mention, where people wait for the price of an asset to reach an extremely high value before buying it, is known as "FOMO", or fear of missing out. In the case of Bitcoin, this dynamic has been evident at various points in its history, when the price is rising and reaching significant levels, many investors may feel that they are missing an opportunity and try to enter the market despite the higher prices..

I don't know where you did the research on this so you say a lot of people don't want to buy in the current conditions. Because I also don't think that everyone who wants to buy Bitcoin at this time should tell you in advance even though you already think that the current market conditions are in good condition, while other people don't necessarily think so so there are still those who don't make purchases. Although in general Bitcoin always has buyers in the market and it can be seen from the price movements that are still visible in the market.

A lot of people want to see a $1 million price, unfortunately a lot of people don't want to buy when the market is as good as it is today, they will regret it when the $1 million price occurs and think they want to buy when the price is cheap, just like it did when the price was $60k or more people want to buy when the price is cheap, the opportunity is still there and don't waste time just hoping without wanting to buy.

It’s all hypothetical but bitcoin could definitely reach $1,000,000. The thing is, in the event of a major economic crash & what that brings, money printing etc, what will $1,000,000 buy you?

I will take my chances though because $1,000,000 per coin would be great. I think we are looking at post 2036 halving for that kind of price though.

People are also not wrong to think that bitcoin will do well in times of economic crisis or inflation because in theory bitcoin was created to overcome that with a limited supply. But the reality is quite the opposite because bitcoin is still considered a speculative asset, it is not really considered a safe haven as we would like. That's really what's going on and people don't accept that reality.

But in the future things could change as bitcoin becomes more and more popular and widely adopted. When it reaches a certain level, it will no longer be a speculative asset but will instead become a store of value or a safe haven.

I have a different hypothetical scenario contradicting the general belief of people that Bitcoin will outperform during the difficult economic periods. Bitcoin's past behavior and particularly its correlation with stocks market during the bearish period of 2021 and 2022, when it used to get affected by CPI reports and interest rates announcements. This pattern suggests that during the times of economic crisis when interest rates are high, people don't have extra funds for investment, that's why all high risk markets tend to decline including Bitcoin.

In summary, It is possible that in future Bitcoin price will rise to 1 Million dollars, and this might occur during the times of economic prosperity and loose monetary supply policies.

Bitcoin price is unpredictable but to say that bitcoin will hit $1 million thanks to the economic crisis, I don't believe it either. So far, bitcoin has been considered only a speculative asset and as we have seen. Bitcoin dropped in price quite a bit during the economic crisis of 2022, it was not sought after by everyone as a safe haven like gold.

But if the development and demand for bitcoin increases over time then I believe 1 million USD per bitcoin is possible. But it's not the economic crisis, it's the demand.

The United States is not going to let its currency fall for long because if it did they would be in big trouble. So the potential to provide bailouts to make their currency exchange rate stable is definitely a must. I don't see the long process of the dollar's decline because there is a way for them to recover and that happens in decades, unless there is a full-blown crisis that may take time to stabilize.

I haven't found a $1 million markup for bitcoin in the near future or this year. But it is possible that if a world economic crash were to cause a spike in the price caused by a few people trying to buy bitcoins, thus beating the average purchase price would allow bitcoins to exceed its predicted price as the laws of supply and demand apply. Vice versa if bitcoin experiences a downward or sideways blow and there will definitely be a moment that makes it recover.

We can see as an example when Covid-19 occurred and even though it was initially corrected, in the end bitcoin also got a new ATH moment the following year. This is the power of bitcoin that can give people a great deal of confidence to hold onto and there is always a way for bitcoin to arrive at a four-year process. So there is a conclusion why people will continue to invest their money in bitcoin even though the world economy is experiencing big problems.

Truth is that we have been seeing this economic crash in real time, it's just in slow motion. Right now with interest rates the way they are and inflation the way it is, the only logical track is that the dollars will be spread so thin soon that the entire building will collapse! Right now the building is still holding up, but there are so many problems and support is beginning to show signs of fracture! So people see that figure on BTC and laugh and say no way, but those are the people that don't understand the first thing about money lol

One million dollars is an astonishing figure, something I never really envisioned happening easily. Even in the face of economic turmoil, does that mean gold has lost its allure? And do all BTC users truly concur that Bitcoin's value reaching millions of dollars per unit is the way to go?

Gold has proven itself as a safer haven thus far for combating inflation resulting from economic collapses. If the US Dollar were to encounter a crisis, there are still other currencies that could serve as a global alternative, boasting substantial strength—such as the Euro, Pound Sterling, or perhaps the Chinese Yuan. Yes, if BTC were to be sought as a refuge against economic breakdowns, it might indeed yield benefits for me, but is that truly advantageous in the long haul? I believe not.

Gold and perhaps certain stocks still remain unaffected amidst the transpiring crisis.

The price of Bitcoin reaching a valuation of one Million dollar is a hypothetical scenario based on speculation. However, If its price really hits 1 Million dollar mark in the next bull run, it would likely reflect the strong demand of this valuable asset, and some experienced investors would still choose to invest in this cryptocurrency, anticipating further appreciation in its price driven by continued demand.

A statement like OP usually assume that Bitcoin price is independent to the economy which means lesser value of dollar means high value of Bitcoin in dollar since Fiat buying power is decreasing.

People assume that everyone will buy Bitcoin when USD crash due to economic crisis without even considering that investing is not the top priority during economy failure but rather securing personal needs.

I agree on what you said above.

Bitcoin is in an economy, so when that economy crashes how's Bitcoin going to appreciate?
Everybody, and I mean every single person that has an influence on Bitcoin in the market (I'm talking of those selling, those buying, and those holding) will be affected by an economic crash. It is these people that determine the price of Bitcoin.
Bitcoin price is not determined in a board room or something, it's determined by the market and when the players in that market are all suffering one way or the other, there's no way the price of Bitcoin doesn't take a major hit.

It's simple demand and supply. If the economy fails (which may not happen) people would begin to sell off their assets to take care of other pressing needs and we all know that Bitcoin price drops when people are selling. So do the maths.

There are events that actually don't really deserve to be associated with the performance of cryptocurrency in the market, for example like covid 19 which actually happened to coincide with the moment of market recovery and cryptocurrency so that most people think that cryptocurrency will not have an effect on the incident of covid 19.

Even though that's just because of the moment the market was recovering and coupled with the moment when everyone could not carry out their activities longer outside the house so that almost everyone took the opportunity to enter the crypto market and buy Bitcoin so that the price spike at that time was felt and clearly visible. So don't assume that it doesn't have any effect, because if Covid 19 hadn't happened, maybe the price increase wouldn't have been as sharp. Although Bitcoin itself did have time to increase at that time.

When there are economic problems it will have an impact on investment, as we know that the unique thing about cryptcurrencies is that they can do the opposite, when the covid 19 problem occurred a few years ago but the performance of cryptocurrencies could skyrocket, and when the economy is getting harder then many people will use cryptocurrencies for investment.

Bitcoin for $1M soon? I want to believe this with all my heart. I mean, who on this forum doesn't? Ant I don't think it's as unrealistic as aliens visiting Earth next year. Why? Because aliens have never visited Earth, while for BTC going 33x up(like it would be from today's price to $1M) isn't something unusual.

Only I don't think that a global economic crash is a necessary factor.

That's true under most circumstances, but the current technical recessions that have been happening in some regions of the world are different from 2008 because of inflation. And currently it's sticky because there's too much money in circulation. IE the Netherlands. They are currently under a technical recession but inflation is at the upper-bound limit making the situation more complicated. Do they ease monetary controls to help the economy, or do they tighten to get the job done to control inflation? If they ease they might risk their currency go into hyperinflation, and if they tighten they risk their economy fall into a depression.

You are absolutely correct. People may choose to convert their assets into safe heavens like God, Sliver and Bitcoin during the period of economic uncertainty and instability. It is also true that there are challenges linked with investing in traditional physical assets. Bitcoin with its features of its capability to be stored electronically and rapid transfer from one to another wallet makes it a compelling choice.