More and more crypto analysts are beginning to discern the potential of multi million dollar bitcoin/crypto valuation and I believe that what they are stumbling upon is the same exponential trajectory that Ray Kurzweil is working with in his predictions across various industries, particularly the semi conductors/transistors/moores law.
So what's the reason that we are seeing this pattern in crypto?
Once again, I believe that it could be due to blockchain merging with another emerging tech: AI. Where blockchains logistical advantages will be useful for the robotics and ai software industry. Blockchain will power AI/IoT using a share of everyones smartphones and pcs, this will enable democratized and distributed Artificial intelligence. I think the most likely originator will be DARPA as they were also the originators of the arpanet.
The growth projection seems absurd to people in the present, we are looking at quadrillion dollar GDP at this figures, however, looking into the past we can determine that GDP growth from 1900 to 2000 went from 1TN to 40tn. Ray Kurzweil, as controversial as he may have been or still is, expects similar growth for the first 25 years of this century as the past 100, which would coincide with projections made into the late 2020's or early 2030's.
A fully automated robotics industry coupled with human capacity AI whether narrow or bundled to mimic AGI, would certainly be more than capable of increasing productivity dozens or hundredfold in very short historical timeframes, just like the industrial revolution did.
The secret with blockchain is that it will merge with other fundamental tech to unleash full power.
There will be many artilects (de garis)/chains, just like there are many world currencies, I am not a believer in totalitarian monopolies, except for backwater regions of the world.
Thoughts?
Bitcoin cant be worth that many millions USD as of today's value. Yes, USD will have huge inflation in upcoming years so eventually we will see few million Bitcoin. But it will take quite some time that we will see bitcoin being worth as much gold you can buy today with 5 million USD
This would be inflation adjusted, and not bitcoin in particular depending on portability of AI to existing chains, unlikely.
Since bitcoin is digital its following all other digital exponential growth trajectories according to moores law, this pattern is repeating in many sectors which is what Kurzweil discovered 30 years ago. Crypto is investable, people are buying into the singularity S-curve basically (doesnt mean your crypto will make you trillionaire, newer chains will come and older ones may perish, but the exponential impulse remains).
What is not possible however, is this valuation with bitcoin in its current iteration, so I tried to make sense of this hyperbole and my conclusion is that something extra ordinary must happen that will have a large impact on global economy and humanity. The first came to mind, was AI.