Topic: If bitcoin prolly gets to 100k dollars,will it still remain a legal tender? (Read 316 times)

I think if governments wanted to stop the momentum of Bitcoin they would have banned Bitcoin already. They have not reaching $100k will not change their minds on banning it. We will see more taxes I think but Bitcoin should remain legal to use and trade.

I think like you but I do think that Bitcoin will be harder to buy without KYC in the future because the governments will tighten their restrictions and regulations.

correct, only El Salvador adopt bitcoin and used it as a legal teder on their country , wherein no more other countries because of some reasons and i hope you know what it is..  
And base in your question @trojane, well yes 100k  is not possible because indeed the amount of bitcoin adoption is continually increasing every year , but when it comes to become legal tender after achieving that value, "if that's what you trying to say" ., perhaps we still have no idea.. Because bitcoin still have problems reasons government don't like it ever since before.

No matter how huge the rise of Bitcoin is, it will still be buyable, because no matter how high the price goes, you can always buy BTC depending on how much you'll spend your budget for it, again, it'll just become much more expensive since the price goes up, @mk4 answered all of your questions and I'm just here to drop my two cents about Bitcoin's price going up to a point that it cannot be bought.

Even if it reaches 100,000 US dollars, there will still be people buying Bitcoin. Bitcoin does not reach such a high price in an instant, it slowly rises little by little.
It is still a long time away from reaching US$100,000.
We are constantly buying and selling, and the price is now fluctuating between 40,000 and 50,000.
No matter how much Bitcoin is. It always circulates in the cryptocurrency world.

There is only one country where bitcoin is legal tender. The price will not cause them to revoke it's status. Maybe another administration will come in and repeal the law because they're not a fan of bitcoin, but they will use some excuse about it being used by criminals or something like that.

I am not sure about what are the basis on how a particular currency/cryptocurrency will be a legal tender. El Salvador country already made Bitcoin legal tender.
So for me, if ever we will reach $100,000 in the future, I believe the volume on Bitcoin is extremely high, but I am not sure if the volatility is still high if ever we will reach that price, for me it will become less so for me it could be another reason why Bitcoin can become a legal tender.

It is still difficult for bitcoin to be accepted as a legal currency, except for the state of El Salvador, which has legalized bitcoin as a transaction tool other than Fiat.
Bitcoin still has a lot of risk. High volatility makes bitcoin price unstable and becomes a speculative asset that can be manipulated by several large groups.
maybe in the future many countries will adopt bitcoin as a legal tender. The bitcoin price is also continuing to rise and will probably reach a new ATH of over $100k.

Of course, many big investors think that Bitcoin will exceed  $100k. But I don't think Bitcoin will become a legal currency in the coming years. However, Bitcoin is the world's largest business And the personality is being recognized as an acceptable currency.

What a confused thread title, it makes me wonder if you understand what the phrase legal tender actually means. Bitcoin currency is only "legal tender" in one or two countries right now that have adopted it besides their official currency. Legal tender means that it has to be accepted by someone purchasing an item or settling a debt - which in most countries is a single currency officially supported by their central bank. The fact that you can use exchanges and convert it into a different currency is in no way related to it being an officially sanctioned unit of currency in the vast majority of places. You should clarify your thought process before stating things like "bitcoin may transmogrify to some point that it's not legally tendered" which make little sense.

Errr, I don't recall any news saying that Bitcoin was illegalized or was banned as a currency due to its price?
About the 100k price, we can only speculate about that for sure but we need to get first to 60k back before we make that high of a speculation.

I cannot agree with you about Bitcoin "transmogrifying" into some point that it will not be a legal tender, though we can say that it is not a legal tender to some merchants right now, because most merchants right now are still into fiats.

-Banks and monetary groups could stand on their own without minding about getting benefits on other various sources like crypto..They dont rely on such thing nor tend to do so.

-It do only have two paths neither go up or down but doesnt mean that it would become a main currency.

-100k per coin is realistic since ATH was sitting on 60k but well theres no assurance to that.

-Even on  this current price only a few could afford a whole coin but we know that we can buy on fractions.

-When  it comes  to making it centralized then its an impossible thing.They could only apply it on platforms which are having involvement with crypto.

glad to see so many comments of people who are on the right side of the market. we're currently in a midcycle dip and expecting a parabolic move upwards over the coming 2-3 months, and yes likely 100k + before end of the year

I don't think btc can work together with gold. This is very far from their respective functions. I prefer bitcoin to stay like this rather than being under the auspices of a government that I think will have a lot of rules.

IIRC it was last year that all the banks here where I'm resident now did a forced buy back of any and all gold held in consumer accounts. Caused a minor uproar (minor as I guess there wasn't really a lot of people owning gold at banks). Essentially, there simply wasn't enough gold left for banks to buy, fiat (euro and dollar) were all looking less and less attractive.

I thought it was absurd they had to do the forced buyback (and customers couldn't withdraw it either, they were simply informed). The next time they look for gold, they won't find any. Bitcoin increasingly looking viable?

You're talking about Bitcoin right? Supply and demand. It hasn't fallen as a currency, heck I don't even know what falling as a currency means. It's either it's used or not used only. Bitcoin could certainly make it to 100k, or maybe not. It's in the realm of possibilities though. As mk4 said, you can always buy a fraction of a Bitcoin, no one is forcing anyone to actually buy a single whole Bitcoin. Bitcoin doesn't need to be legally tendered to be used, at worst, it just wouldn't be accepted in government transactions. As for the last question, idrk I've only ever invested in crypto

Silver marketcap is only $1.33 T - we were very close to this number (1.18T) when BTC was at ATH
Palladium - $ 460B - BTC is twice as big
Gold marketcap is $11 T - x12 from current price. Hell yea its possible.

Fun fact with gold is that gold:



55% of gold demand comes from invesment and central banks. Only 8 % from technology and ... 37% from Jewelry. It looks like gold value is based on its "store of value" title and fashion only.

Now as BTC:
1- better stock to flow model (gold stock to flow is around 66, while BTC 50 now, ~25 after next halving, ~10 after another and so on)
2- devided by 100 000 000 so you can operate with cents (1 troy ounce of gold = 1700$)
3- easier to store
4- easier to send
5- easier to cash in/out
6- fixed distribution while gold distribution is unknow long term and depends on price (higher price = it is profitable to mine from places it was not profitable to mine at lower prices)

Looks like BTC is far more superior than gold as long term investment. Taking only half of this "55% of gold demand" will push BTC to 150k$ easily.



"Do you also think bitcoin could emerge into a rate that is almost unaffordable?"

Lets talk about the most optimistic scenario. BTC is a legel tender in USA, China, and Europe. There is no euro, dollar or Yuan. There is only BTC.

M2 money supply of USA, China, Euro is ~$75 T, so lets say its now BTC marketcap. Its 3.5 mln $ per BTC (20 million BTC). 1 satoshi = 3.5 cents! You can even buy bread (~30 sats) , chewing gum (~10 sats) with BTC.

When Bitcoin was $2k many people was saying and agitating the same thing that Bitcoin will become scarce and many investors will stop buying it because of it high price if eventually get to $30k. Now Bitcoin got to $60k and many more persons are still interested in buying it and trading with it.
Bitcoin will maintain it value and prospect even when it get to $100k without any problem of investors having a turning back. As countries are adopting the use of bitcoin, it's value and importance will keep on increasing every single day.

It has become speculative asset, so the cycle happens when people buy and sell. Since trading happens in terms of a fiat based currency hence we see the prices rise and fall. Otherwise 1BTC is always 1BTC, that amount never changes.

Event? bitcoin does not to do anything to rise in price. Rather the traders buying causes its price to rise. Of course any price is possible but feasible and the time period for such to happen cannot be predicted so easily.

I see where you are going to.

Lets say you want to buy bitcoin, someone out there has to sell their bitcoin. Now whenever prices rise there are people ready with sell orders at higher prices - those who are ready to exit. Hence a correction always happens. Rest is the organic/gradual/long term growth that happens with time by the hodlers. So "unaffordable" is a relative term. Someone out there might be willing to sell it at lower price too, but maybe not on exchanges.

First it has to be legally tendered. And it has happened in only one country and that too with a lot of bad rumors. Rest of the countries are not doing so. So why bother?

Depends on what you mean by "hand in hand" - as alternative type of investment, Yes. Ease of conversion? I dont think so.

But you have to understand that each mode of investment has its own pros and cons.

It's only a legal tender in El Salvador so I don't know what you're talking about bitcoin reaching that price and remaining a legal tender when it's not a legal tender in majority of countries.

It seems to me that the opposite is happening. The higher the price of bitcoin rises, the more we see calls from various high-level officials to tighten the circulation of bitcoin. The higher the price of bitcoin and the more capital is pumped into cryptocurrency, the more it attracts the attention of state regulators, because states will not stand aside, seeing how the structure of the global financial market is changing, which is becoming more and more unmanageable for them.
Anyway, between the rise in the price of bitcoins and its use as a means of payment or its acceptance by people, I do not see any relationship.