Topic: Economic Crash may take bitcoin to 1M dollar - page 7. (Read 1298 times)

The opinion put forward by R kiyosaki, in my opinion, is too exaggerated and unrealistic. Because if the world economy collapses, won't this have an impact on humanity, and on investors in cryptocurrencies such as bitcoin? In my opinion, it will definitely be affected. Because if the world economy collapses, it is certain that everyone's life will be more difficult, especially people who have middle and lower economic conditions. So even logically, everyone including investors in bitcoin will definitely be affected and most likely many will withdraw the bitcoin assets they have for their personal lives with their families. And besides that, when the world economy really collapses, in the minds of investors in bitcoin there will definitely be feelings of indecision, fear and anxiety. Because when the economy really collapses, for investors it is like bad news that will affect the market price of bitcoin to fall. And therefore it is highly likely that investors in bitcoin will withdraw their assets. So in essence, I do not agree with the theory or opinion of R Kiyosaki.
Currently, the countries that are members of the BRICS clearly want to compete with the dollar. By creating a new currency, which is planned to be made of gold and silver (correct me if I'm wrong). So on this I agree, that the dollar may sooner or later be shifted. But whether the plans made by the BRICS, for example, can make the dollar destroyed. Will this make the bitcoin price go up? Look at the opinion issued by R kiyosaki
Source: https://finbold.com/rich-dad-r-kiyosaki-predicts-bitcoin-to-1-million-if-the-economy-crashes/

What he means here is probably about the new money that will be launched by BRICHS which will be made of gold and silver (called god's money) And for the first cryptocurrency he bought is bitcoin (called people's money).

My personal conclusion, I believe that in the future the price of bitcoin does have a great chance to have a value of $ 1 million. The second conclusion is the dollar, which is likely to be rivaled, but the dollar is a strong currency, so it will definitely take a long time to overtake the dollar. And the third, regarding gold, silver and bitcoin, which in his view will dominate the entire world's finances, and in my opinion, this opinion is too much.

Anybody is free to make predictions based on their findings or expectation. But these predictions should be based on reliable facts that make economic sense.  Am not a fan of Kiyosaki because some of the financial advice in his books conflicts with many sound economic principles. Recently, he has been a fan of bitcoin and it will not be out of place to suspect that he is promoting Bitcoin because he might be holding some coins.

Although the BRICS nation can boast of 40% of the world population, they don't have to financial strength to de-dollarize the global economy. Many economies will collapse without the dollars. It will take decades to dethrone the dollar as the king of all currencies.

I share your thoughts buddy. When the global economy crashes, people will lose confidence in most leading fiat currencies and bitcoin will become the most reliable currency. Nations and major firms will choose bitcoin to avert financial breakdowns in the future.

So-called "experts" like to talk a lot, but when it comes down to it, not many of them really understand what Bitcoin is worth. Finbold and 'Rich Dad, Poor Dad' Kiyosaki? There might be something to that. If the economy gets worse, Bitcoin won't just be a backup, it'll be a bird rising from the ashes

How about the BRICS? Yes, there is a change in power, but let me be very clear about something: the dollar won't just "crash." Governments don't just sit around and do nothing; they have plans, tools, and back-up plans. Still, the big question is how long they can keep the fort

Think again, all you questioning Thomases who think Bitcoin will go down with the markets. Even when markets shake, Bitcoin stays strong. This isn't just a financial fluke. It will come back bigger and stronger than ever. And if the change happens slowly around the world? Bitcoin might be the best thing ever without a hitch

Bitcoin is volatile to an extent that a small news of 373 million USD worth of Bitcoin sell by SpaceX has caused Bitcoin value to go down from 30k to 26k within hours. I do agree that if there is economic chaos nothing will be safe. We still have very limited adoption of Bitcoin and there are not many merchants that are accepting payments in Bitcoin. The big question is what we will do with our Bitcoin if fiat like USD crashes? Bitcoin is still accepted only by the community.   

I also believe that the BRICS countries do not pose a serious threat to the dollar. They still can't even decide what common currency they will use. Therefore, I see no reason for the collapse of the dollar and the world economy. But if that had happened, then Bitcoin would not have risen in price so high, right up to one million dollars. At its current price of $25,000, even a price of $100,000 is still out of reach for it in the short term. Many hoped that against the backdrop of a worsening global economy, bitcoin would rise sharply in price. However, this did not happen. Cryptocurrency has been more influenced by various economic factors than previously thought.

I think this is very wild opinion and speculation and I don't like that, although it is possible that the value of Bitcin will increase much more in the future but it's not that crazy, I'm still realistic.
If we had to wait for a major economic crash to occur in the world to see the value of Bitcoin so high, it would be possible when a world war happened and money would no longer matter and neither would Bitcoin, I think that is very strange.
let's just think realistically, being optimistic is okay but still in a reasonable category.

Safeheaven ? Not sure because if everything drops, mostly the currency, Bitcoin, will follow. I mean, we still exchange bitcoin with our own currency, and we know that our fiat is really the strongest, so if it crashes, how will we exchange our Bitcoin? Also, I think this is also the gold and silver that would be the safe haven of the people because, first, people are still skeptical of Bitcoin and also because other countries have banned it, so I'm not really sure what will happen, but it would be bloody again if ever it happened.

It's silly to just want bitcoin to hit $1 million and pray for the world economy to crash, I really don't like this bad idea. In 2022 and 2023, we just went through a period of high inflation, but we can see how terrible the negative impact on people is. Many people are unemployed and do not even have enough money to pay for basic needs. If the crisis gets bigger, I truly believe that something worse will happen even if the famine returns. So I'm really against this idea.

Furthermore, bitcoin is a volatile asset that is speculative, I don't believe it will be an option when the crisis hits. What is happening is do not like the theory that we are imagining.

If this happens, how long will it take?
I have read people's content and opinions, like I can say that bitcoin is worth $1b because it is accepted as payment for interplanetary travel in the solar system. Indeed such speculations are no different, from the price in the cloud or the worthless collapse of bitcoin, how it is actually happening, the future predicted like that it is very unconvincing. But I understand that the value of bitcoin is really increasing, so over the decade scale, with the development of science and technology, it will be more and more known and accepted.

I'm not sure if Kiyosaki is a relevant voice or an authority in such matters, or if he has sound bases in his analysis, if it deserves to be called one. However, it seems the man isn't objective at all. He's always been on attack mode against the economy and the USD. He's been a broken record.

When the economy crashes, money would be hard to find. People would more likely to default their loans and mortgages. While there may be some who will be having a hard time looking for the safest haven to store their wealth, the rest, the huge majority, will probably be having a hard time looking for what to sell in order to support their basic needs.

In a severe economic crash, the selling pressure might prove to be much stronger than the buying pressure. Bitcoin might fall rather than rise.

I also find it funny and can only smile when I read it and I think the creator of the post just wants to see a response by asking for possibilities that don't make sense, Yes. just an ordinary post in my opinion. Well, I think that's just a prediction from an expert who can see the future, maybe. and even that is the prediction. If the entire global economy collapses by making an estimate if Asset A will be of this price, Next, asset B will be and finally BTC will reach $ 1 million as OP wrote in the title of his post.

Months ago, a person made a stupid call that Bitcoin will hit $1M within 90 days and many people believed that Bitcoin will have a parabolic rise after that call. Nothing happened and the market is still in a bearish phase with which Bitcoin has been fluctuated around $30,000 many months before dropping to $26,000 recently.

I don't want to see any Economic crash which can help Bitcoin to hit $1M in short time because it will be a nightmare for all. In such Great Economic Crash, what will you be able to buy with $1M?

I don't know will Bitcoin ever hit $1M because at that price, with around 100  BTC, a Bitcoin holder can have more than GDP of some small nations. It sounds unrealistic in near future.

National GDP constant USD

if people want to convert their wealth into safe haven then it is difficult for people if they choose gold and silver because of security problem and the regulation, so choose bitcoin is a good option. what he said is quite reasonable. I think it is okay if we expect btc price to reach 1M in the future.

That's the most likely outcome. We already saw Bitcoin crashes tied to macroeconomic indicators, like the crash at the start of covid, or crashes tied to stock market. Bitcoin is a high risk asset, high risk assets are not meant for crisis times, they are meant for calm prosperous times when there are spare money available.

Whether we do like it or not, or being that optimistic about Bitcoin in terms of economic crash then it doesnt really guarantee out that Bitcoin would really be the mainstream or would really be getting the spotlight.
Well, everything does have that kind of probability knowing that anything could happen on this space specially if the recognition and adoption would really be there but still not really that enough for me on making
myself that optimistic for this thing to happen.This is why i dont really anticipate that it would be reaching out $1M/coin which it is really that too far stretched basing up if ever there's some economic crash.
Dollar would still stay no matter what and there might be some problems but i dont really believe that it would really be erased out on existence.

To look at the scenario, USD downfall may trigger people to shift to Bitcoin.  Aside from that, deflation of value of USD means an inflate in price value of BTC in USD valuation.  Though I agree that Bitcoin's come-up is Bitcoin's doing itself,  in a scenario where USD is failing will give Bitcoin a chance if it is performing well as an alternative and/or people will be jumping out of USD and start acquiring Bitcoin for store of value or preserve their wealth.  Of course this can also be done to gold and other precious metal but in terms of portability, transferability and security, Bitcoin is the better choice.

The direction reversal is likely to be shown if the economic crisis occurs again. Well, it's all driven by what the world wants because for now Fiat is a popular mainstay among the people in all fields. Now, if a reversal occurs where people's choice of Bitcoin increases rapidly, meaning that it is believed to be the safest asset and is resistant to global crises, will this shake the Dollar.

Something can happen beyond our expectations that it may not even make sense but the demand factor will increase the price. As far as that is the level of worries at massive inflation of course of course the best escape is owning Bitcoin. There is no exact prediction, but it is a strong reference if these people have a high imagination to reach a price of 1 million dollars.

Bitcoin is part of the the economic team so whatever happens to the economy will affect the cryptocurrency ecosystem. As you said, when the economy crash that will be a benefit of bitcoin, that can happen if bitcoin is use widely in the whole world and in mostly, using it to buy things daily and every seconds then the rise of bitcoin is sure to the prediction 1m us dollar.

The matter the economic down meltdown in the world, US dollar will not give up. If the economic crash the stock market will also crash because the stock market is surviving because the economy is still strong. And if bitcoin is not widely used when the economy crashed then bitcoin will also be affected because the fiat that supposed used to exchange bitcoin is no more so bitcoin will be affected and later it will rise to the all time high because since no currency can compete with it. And all the whales will be storing their money in bitcoin so the price will be something else.

Most time bitcoin is hardly to be predictable and we can't in any give assurance of how soon and how quickly the market could crashed down if there's an economic crash down or recession. Who knows bitcoin might be the safe haven where we could store our values as a form of preservation of wealth, one thing about life and its accomplisher is that we not may not know the true outcome and what it could holds. So the best is to look for what will help us in time to come and I believe bitcoin is another thing that could saved us from any form of economic and financial crisis and I don't expect bitcoin to go down low or even drop in values.

A very questionable idea...
In the event of a global crisis, the value will be real assets, liquid ones. Bitcoin is a speculative asset, a surrogate for money, but nothing more.... I think in a situation with a global world crisis - people will choose a more liquid, more secured asset... This could be precious metals, real estate, currencies of countries with critical resources, etc.