Snapchat first investor thinks bitcoin could realistically be worth $500,000 - page 4.

Slow death

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Quote from: OmegaStarScream on April 10, 2017, 02:50:26 AM

According to Jeremy Liew, the first investor in Snapchat, and Blockchain CEO and cofounder Peter Smith. In a presentation sent to Business Insider, the duo laid out their case for why it's reasonable for bitcoin to explode to $500,000 by 2030.

A very interesting article at Business Insider that worth reading: http://www.businessinsider.com/bitcoin-price-could-be-500000-by-2030-first-snapchat-investor-says-2017-3

I'm however not sure about the part where he said "Bitcoin's user network grew from 120,000 users in 2013 to 6.5 million users in 2017" as there is no way to calculate the userbase of bitcoin. Despite all that, what are your thoughts?

I do not want to be pessimistic, it was very exaggerated that bitcoin in 2030 will be in the $500.000

Quote from: Rinder on April 10, 2017, 04:07:19 PM

...but prediting bitcoin at 500k dollars its insane...

I agree, 500,000 was greatly exaggerated.

leopard2

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it is unimportant whether BTC can be worth 5000, 50 000 or 500 000

Either way it makes sense to buy some and HODL Grin

Rinder

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Sure the last 8 years has been amazing to bitcoin, and bubbles had damaged a lot in the begining, nowadays the value is much more stable and has a better support, but prediting bitcoin at 500k dollars its insane, since the more cost bitcoin becomes it loose more and more investors, people wont be able to keep buying forever bitcoin with a price always increasing. At 2020 the bitcoin value should be around 1100-1300 dollars, and we are already into those, soo at those period maybe 2000 dollars can be achieved, but this is all speculation, otherwise all people would make huge loans just to get inside bitcoin.

cryp24x

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Calculating the adoption and market saturation with the current price ratio. It is definitely possible if Bitcoin have met certain requirements. I also agree with what Jeremy Liew said, the exponential growth of users will certainly push Bitcoin price to the said price.

coolcoinz

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The important part is "by 2030." 13 years is such a long period for cryptocurrency, that it could die and be reborn at least twice. Take a look a t the charts, we watched Bitcoin reach ATH of over $1000 in 2013 and drop to $150 just over a year later. We can only speculate how many similar events will happen in 13 years. We could even have a world war by that time...

agustina2

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Quote from: OmegaStarScream on April 10, 2017, 02:50:26 AM

According to Jeremy Liew, the first investor in Snapchat, and Blockchain CEO and cofounder Peter Smith. In a presentation sent to Business Insider, the duo laid out their case for why it's reasonable for bitcoin to explode to $500,000 by 2030.

A very interesting article at Business Insider that worth reading: http://www.businessinsider.com/bitcoin-price-could-be-500000-by-2030-first-snapchat-investor-says-2017-3

I'm however not sure about the part where he said "Bitcoin's user network grew from 120,000 users in 2013 to 6.5 million users in 2017" as there is no way to calculate the userbase of bitcoin. Despite all that, what are your thoughts?

There are some hard to achieved statement by him as their factors why they stated that bitcoin price could hit $500,000.

The bitcoin user network will grow 61 times through 2030. A population of bitcoin users comprising 5% of the world’s population in 2030 will drive the price to $500,000 in 2030. From 2013 to 2017, the network grew from 120,000 users to 6.5 million users, nearly a 54-fold gain. Such growth would produce 400 million users in 2030.

The average bitcoin value per user will hit $25,000. When institutional investors cash in their bitcoins, bitcoin-based ETFs and trading by sophisticated investors will increase, pushing the average value to $25,000. With a current market cap of $17.4 billion and 6.5 million users, the average user now holds $2,515 of bitcoin.

The 2030 market cap is based on the number of bitcoin holders multiplied by the average held bitcoin value.

The cryptocurrency’s 2030 supply will be about 20 million.

The 2030 price and user count will total $500,000 and 400 million, respectively. The price is determined by taking the $10 trillion market cap and dividing it by 20 million bitcoins, the fixed supply.

Technically might need some further deep explanation and analysis. I doubt it can happened in the next 10-15 years but for chances, Im optimisitic it's possible. Who knows after all.

Yakamoto

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I guess some of what he says (or more than just some) carries a decent amount of weight, but at the same time it's a snapchat investment and snapchat is maybe going to be a thing for another 5 years before social media moves on. It's cyclical, like twitter and facebook now falling out of favor, and MySpace before that.

I'll give him the benefit of the doubt for his calculations and assume they are correct, and I guess it's quite possible going off of what he says. I'd like to talk with him more abut the subject, but that'll sadly never happen.

cellard

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Quote from: Yogafan00000 on April 10, 2017, 02:09:25 PM

I don't know about $500,000 in 14 years....

It means the Bitcoin goes up by $100USD (average) every single day for nearly 14 years, with no breaks like Christmas or Kwanzaa. Even the last 8 years, Bitcoin *only* did approx 50 cents per day to go from zero to $1200USD.

Even the highest stock Berkshire Hathaway only did $24 per day increase (average) sustained over 27 years. Bitcoin would have to be quadruple the performance of BRK.A

Did anything else ever go up this much over such a long period?

I think BTC is the BRK.A of crypto. BRK.A didn't have a finite supply of assets and so on...

I would like to see this happen, but I don't really see how, it's just too much. $100,000 would be a dream by 2030 to me, even $50,000 would be amazing. I hope to see at least 5 figures by then, if not it will be disappointing.

Yogafan00000

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I don't know about $500,000 in 14 years....

It means the Bitcoin goes up by $100USD (average) every single day for nearly 14 years, with no breaks like Christmas or Kwanzaa. Even the last 8 years, Bitcoin *only* did approx 50 cents per day to go from zero to $1200USD.

Even the highest stock Berkshire Hathaway only did $24 per day increase (average) sustained over 27 years. Bitcoin would have to be quadruple the performance of BRK.A

Did anything else ever go up this much over such a long period?

The_Dark_Knight

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Quote from: mindrust on April 10, 2017, 03:12:25 AM

I agree with him.

You shouldn't dump your bitcoins to get pennies. Wait it at least to go x10 before you sell them. Bitcoin's market cap is still around 20Billion$. It is a mid-size company yet and there is much more room to grow.

This is correct those that day trade their coins are wasting their time in my opinion the value of bitcoin will keep going up as more and more people get disappointed with the fiat system and when that happens the increase in value will be incredible.

manselr

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Quote from: mindrust on April 10, 2017, 03:12:25 AM

I agree with him.

You shouldn't dump your bitcoins to get pennies. Wait it at least to go x10 before you sell them. Bitcoin's market cap is still around 20Billion$. It is a mid-size company yet and there is much more room to grow.

Well if it hit anywhere close to $500,000 by 2030 then any sellers are going to be feeling the biggest idiots by then since that is enough money to retire in a cheap country with only a couple of BTCS. With 4 BTCs you would have 2 million dollars after taxes, you can still live comfortably without working in a cheap country.

hankyulpark

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To predict a future value too many years away it is really just a guess. That being said, this is always a good media. When mainstream media keeps headlighting that BTC price will rise, more and more people want a piece of it. In the practical world, there is a lot to be done to transform BTC blockchain in a viable multi-transaction payment method.

Red-Apple

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Quote from: mmo4me.2016 on April 10, 2017, 06:11:07 AM

I think the BTC price will increase, but for $ 500,000 I have not thought about it

speculation like this is always about very long term not anytime soon. and it is possible though hard.
you have to always look at the bigger picture instead of looking at the short term changes and how things are. for example look at the whole chart from day 1 it hit the exchanges. and how price has changed.
look at the total supply of bitcoin (21 mil) and look at the population of the world and how many of them would possibly want bitcoin in lets say 5 years.

AngryDwarf

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Quote from: Iranus on April 10, 2017, 08:40:32 AM

A fee market is required in order to preserve at least some level of decentralisation in mining,

Could you explain your logic behind this, because at the moment I do not understand it. It's still the same number of blocks that people are fighting over and miners will still pool their resources to an acceptable level of variance, given the difficulty adjustment timeframe.

jtipt

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Quote from: mindrust on April 10, 2017, 03:12:25 AM

I agree with him.

You shouldn't dump your bitcoins to get pennies. Wait it at least to go x10 before you sell them. Bitcoin's market cap is still around 20Billion$. It is a mid-size company yet and there is much more room to grow.

I agree with you there, it's really not a wise thing to sell BTC to get into altcoins or just selling after a surge to make a little profit. and now for "according to Jeremy Liew BTC is worth more than $500,000 by 2030" by 2030 is the keyword here, he is prediction BTC's price after 13 years and from the past we have seen since the beginning of bitcoin it has multiplied by x1000 in ~8years. What do you thing will happen in another 8-10 years, with the current pace we could say it will be 1000 folds by next 10 years.

Iranus

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Quote from: OmegaStarScream on April 10, 2017, 02:50:26 AM

According to Jeremy Liew, the first investor in Snapchat, and Blockchain CEO and cofounder Peter Smith. In a presentation sent to Business Insider, the duo laid out their case for why it's reasonable for bitcoin to explode to $500,000 by 2030.

A very interesting article at Business Insider that worth reading: http://www.businessinsider.com/bitcoin-price-could-be-500000-by-2030-first-snapchat-investor-says-2017-3

I'm however not sure about the part where he said "Bitcoin's user network grew from 120,000 users in 2013 to 6.5 million users in 2017" as there is no way to calculate the userbase of bitcoin. Despite all that, what are your thoughts?

My theory is that Bitcoin's user base will not grow significantly, but its price will rise because of the amount of money that each new investor puts into it.

Bitcoin will be much more of a stable asset. A fee market is required in order to preserve at least some level of decentralisation in mining, and that'll result in people flocking to several different altcoins which are more scalable. However, everyone that wants their money to be more secure will hold a significant amount in Bitcoin and use it for large transactions as well as HODLing, which people are starting to do already. The fees will only grow due to halvings and that'll increase Bitcoin's use as a stable asset as people buy into cryptocurrencies which are better for everyday transactions.

If Bitcoin were to become used like gold (which is very likely, especially considering that gold is quite hard for an average person to hold on their own), its price could come close to 500,000 just from that. Gold's marketcap is about 7 trillion, and dividing that by a 21 million total supply will get you 333,333. Market cap is very misleading though because much less than that would actually be in circulation, so in reality the price would be much closer to 500,000. It's possible, but it'll take time.

Juggy777

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In the long run his words will be forgotten, it's a very big assumption and I feel he is doing it to hike the btc price which he has in order to sell his Bitcoins and get out. I don't think this is a reality especially with BU and Segwit. As far the number based maybe he's taken from the exchanges or just decided to quote a random number knowing very well no one can find the truth. I would be more than to Happy if the price reach half or 3/4 also

DoublerHunter

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This is one of the proof that many people believed in bitcoin rather than other cryptocurrency in the world. This prediction may happen if bitcoin will just be accepted in the whole world and if the billionaires will invest in bitcoin and buy a lot of them. No doubt that bitcoin will start to climb up that price and prove that they are serious in bitcoin.

mmo4me.2016

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I think the BTC price will increase, but for $ 500,000 I have not thought about it

mindrust

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I agree with him.

You shouldn't dump your bitcoins to get pennies. Wait it at least to go x10 before you sell them. Bitcoin's market cap is still around 20Billion$. It is a mid-size company yet and there is much more room to grow.

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