The ideal price of bitcoin is $557,714.00 - page 2.

PytagoraZ

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Jolly? I think I've heard that name before. hmm

Quote from: OgNasty on July 13, 2023, 08:35:40 AM

Sounds good to me… I’ve considered $200K as the target price for Bitcoin for quite some time now and I’d have a hard time buying above that price. I do think my best case scenario has the price of BTC around $800K though, so it’s interesting that this number falls right in the middle. It’s nice to think about, especially if it were to happen this cycle.

I think the prices right now are pretty crazy. How could $30k be the price to buy something you can't see or touch? But I was curious and tried to calculate it with the golden ratio. I am quite surprised that bitcoin still has such a low price. But you are crazy enough with $800k predictions.

Quote from: DeathAngel on July 15, 2023, 02:29:33 PM

It will happen, it’s just a question of when, hopefully sooner rather than later.

I hope that price will come around 30 years from now. so when i'm old and my kids are in college maybe i can finance them with my bitcoin savings.. Grin

Quote from: nurilham on July 15, 2023, 04:36:56 PM

Quote from: PytagoraZ on July 10, 2023, 12:08:52 PM

The number of people on earth = 8,000,000,000 [2022] ~ source
The number of bitcoins divided by the number of people on earth
21.000.000 : 8,000,000,000 = 0.002625 btc

You should count the real number of Bitcoin that is available in the market.
21.000.000 is the total supply but there are many of them missing due to various factors.
So, you need to count the circulating supply (19,430,262). https://www.coingecko.com/en/coins/bitcoin

It should be 19,430,262 : 8,000,000,000 = ..................

Oh no. I'm pretty tired of my calculations. You're telling me to count again? outrageous. Come on, count for me... Wink

carlfebz2

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Quote from: jaberwock on July 15, 2023, 01:29:00 PM

Quote from: adaseb on July 10, 2023, 10:23:56 PM

It seems we are getting crazy price predictions again with Bitcoin. Every day on network television we got some crazy prediction. Today some hedge fund predicted it would hit like $125000 sometime in 2024 and yet the price went down a little.

Usually when we get these bullish narratives we end up going back in bearish territory. Remember during the 2021 peak? People were guaranteed to expect $100K Bitcoin and some expected $1M and look how that turned out.

No this wasn't new. It's just that the prediction is increasing by the time people see the price of BTC is also rising even just a little. They also do it when they think there are positive news or a major events that are coming which seem to have a positive impact in the price of the coins just like the halving. Predictions are only good at there (prediction).

There are no guarantees that they will come true, that is why we are still seeing a price decline or a price increase if the prediction is about the decline of the price. In 2021, the cryptos are in bullish mode so it's normal for them to decline after some time because people are also selling heavily. Don't worry, I know soon $100k will be achieved by BTC but for $1M? Not sure if it's really possible.

Bitcoin could really be that be attached on being a digital gold which this had been a long time talking about being something like this on which making up some comparison on the actual gold that we do know.

If there would really be some sort of calculations that we do see online or on this forum or whatever community we do have then its normal.People would really be liking on making these speculative numbers which i dont see for it to be wrong, the important thing on here as a newbie on which you shouldnt really make yourself get dragged on how optimistic they would be on which it is really just that making you that
way too positive on your current dealing with Bitcoin but bare in mind that risks would be always there and those speculations around or in the air arent really that assured for it to happen.

Therefore, always be having that selective approach when it comes to things so that you wont really be expecting that much when it comes to this matter.

nurilham

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Quote from: PytagoraZ on July 10, 2023, 12:08:52 PM

The number of people on earth = 8,000,000,000 [2022] ~ source
The number of bitcoins divided by the number of people on earth
21.000.000 : 8,000,000,000 = 0.002625 btc

You should count the real number of Bitcoin that is available in the market.
21.000.000 is the total supply but there are many of them missing due to various factors.
So, you need to count the circulating supply (19,430,262). https://www.coingecko.com/en/coins/bitcoin

It should be 19,430,262 : 8,000,000,000 = ..................

Quote from: PytagoraZ on July 10, 2023, 12:08:52 PM

So the amount of bitcoin is only 1/11.5 of the amount of gold. Bitcoins are rarer. Even though we believe bitcoin is gold in the future, So, bitcoin can have a price of 11.5 x $557,714/btc Cool

It is purely the price based on your math calculation. But in fact, the Bitcoin price cannot be determined based on that calculation. The price will always depend on the demand on the market, it is difficult to predict at all. Even we call it as the future digital gold, it is almost impossible to know how big the price in the next few years. No one can determine the demand on the market exactly!

imamusma

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Quote from: DeathAngel on July 15, 2023, 02:29:33 PM

I can definitely deal with seeing 1BTC @ $557,000 Grin

It probably won’t happen in the upcoming bull market but this decade, it’s a definite possibility with the flow of institutional money following likely spot ETF approvals. It will happen, it’s just a question of when, hopefully sooner rather than later.

No matter when the bitcoin price hits $500k, it seems too big to be true. If in the next bullish period bitcoin is able to record ATH around $200k, then I believe $500k will be reached before 2030. I am very curious about the record high for the bitcoin price after the 2024 halving, that is because we can provide a guideline for analyzing and speculating for the next price.

If a spot ETF is approved, then surely big things for the bitcoin price can be expected sooner than we think. It was a big step for the price growth and certainly there will be a lot of hope for the high price realization.

DeathAngel

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I can definitely deal with seeing 1BTC @ $557,000 Grin

It probably won’t happen in the upcoming bull market but this decade, it’s a definite possibility with the flow of institutional money following likely spot ETF approvals. It will happen, it’s just a question of when, hopefully sooner rather than later.

jaberwock

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Quote from: adaseb on July 10, 2023, 10:23:56 PM

It seems we are getting crazy price predictions again with Bitcoin. Every day on network television we got some crazy prediction. Today some hedge fund predicted it would hit like $125000 sometime in 2024 and yet the price went down a little.

Usually when we get these bullish narratives we end up going back in bearish territory. Remember during the 2021 peak? People were guaranteed to expect $100K Bitcoin and some expected $1M and look how that turned out.

No this wasn't new. It's just that the prediction is increasing by the time people see the price of BTC is also rising even just a little. They also do it when they think there are positive news or a major events that are coming which seem to have a positive impact in the price of the coins just like the halving. Predictions are only good at there (prediction).

There are no guarantees that they will come true, that is why we are still seeing a price decline or a price increase if the prediction is about the decline of the price. In 2021, the cryptos are in bullish mode so it's normal for them to decline after some time because people are also selling heavily. Don't worry, I know soon $100k will be achieved by BTC but for $1M? Not sure if it's really possible.

19Nov16

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In my opinion the price of bitcoin is worthy of being valued at $ 500k or even more, an easy and fast transaction system in Bitcoin makes everything easy so it is natural that it worth $ 500k or more, but the condition of the price of Bitcoin is certainly very dependent on the number of communities, as long as the community continues to grow and is active then the price will continue to rise.

posi

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Quote from: ShowOff on July 13, 2023, 09:45:12 AM

The adoption of bitcoins as a means of payment may increase demand, but that is not the only reason why the price has had to rise so high.

The value of an asset depends largely on supply and demand, but if the world accepts bitcoin as a means of payment, how can its price go up? Because people's need at that time was to use bitcoin as a means of payment, not as an asset. Why don't we use gold as a means of payment?
I personally believe that only when bitcoin is used as an investment asset can the value continue to increase. If we use it as a currency like the satoshi that created it, it will never increase in value, even if its supply is limited.

justdimin

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Quote from: YUriy1991 on July 13, 2023, 05:53:13 AM

I personally see Bitcoin, it is very, very young and on its way and needs time to gain attention and trust in terms of widespread acceptance on the same scale. By the way, it looks like you also have to recalculate and adjust to conditions annually from 2024 onwards if you want to make an estimate if you compare it to the price of gold and publish the correctness of the calculation so that the audience is constantly updated.

Obviously it's not going to be that weird to see bitcoin not reach gold for a long time because gold has been around for many centuries, the first time it's used is like thousands of years ago, so it is understandable for it to be not that much close to it yet. But it will also not take centuries to reach it neither, we are going to see it do a good job in a decade or two when it reaches and that means we should be holding it.

There aren't all that many things that can outperform gold, there are a few, but not a lot and this is the least risky one. I believe that we are going to go x20 as well, and until that happens gold may go up some more so we may need to go about x25 to x30 as well. That's why it makes sense and I support it.

Pejoh Asu

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I think as long as the bitcoin community continues to survive and grow it will be more expensive, many analysts say that if bitcoin can last another 10 years then the price will reach $ 1 million, this is of course reasonable because bitcoin is increasingly popular and the volume of daily transactions continues to increase so that its value will to more expensive.

ShowOff

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Quote from: Kadal Ijo on July 13, 2023, 09:17:24 AM

I think the main key to making the price of bitcoin more expensive is the use of direct transactions, if more and more people use bitcoin for online or offline payments then the price will continue to skyrocket, and I believe that in 10 years the price will reach at least $ 500k.

The adoption of bitcoins as a means of payment may increase demand, but that is not the only reason why the price has had to rise so high. Bitcoin needs a lot of support from investors for the demand to really increase and for the result the price gradually increases. I'm not sure what the ideal price is for bitcoin and if it's necessary, but as the amount of reward miners get in a block gets lower then the bitcoin price should go higher and higher.

Miners do need high costs to continue their mining business, but when the bitcoin price is not higher than now after the halving then of course the miners will not be able to cover the mining fee.

Kadal Ijo

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I think the main key to making the price of bitcoin more expensive is the use of direct transactions, if more and more people use bitcoin for online or offline payments then the price will continue to skyrocket, and I believe that in 10 years the price will reach at least $ 500k.

Stedsm

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I don't understand why people still compare BTC with gold. I do remember that BTC is called the Gold of crypto, but that doesn't mean that it's gold for real. For BTC to reach the marketcap that gold holds, it'll need insane buying and for that, lots and lots of money is needed and even these interferences from SEC trying to kill some big cryptocurrencies under the name of securities needs to be weeded out. It'll take too much time for such a target to be touched.

OgNasty

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Sounds good to me… I’ve considered $200K as the target price for Bitcoin for quite some time now and I’d have a hard time buying above that price. I do think my best case scenario has the price of BTC around $800K though, so it’s interesting that this number falls right in the middle. It’s nice to think about, especially if it were to happen this cycle.

YUriy1991

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Quote from: PytagoraZ on July 12, 2023, 10:03:05 AM

Quote from: Lucius on July 12, 2023, 08:16:03 AM

Let's say that these calculations of yours are more fun/informative than serious thinking, because no matter how you look at things, 8 billion people in that calculation does not make sense, because everyone will never use BTC, even if everyone miraculously has access to the internet, how many are under the age of 10 or under 18?

Of course it's are more for fun/informative than serious thinking. Gold has existed since prehistoric times, gold already has the belief of every human being on earth that gold is a precious metal, while bitcoin is still very young, not even 20 years since it was first launched. So it's not balanced if bitcoin fights the dominance of the gold community.

But gold is always mined every day and the amount will always increase. While bitcoin is decreasing in number from day to day. Nonsense that bitcoins total 21 million. Bitcoin is not up to 21 million, many people have lost their wallet keys

So, for now maybe just for fun, but for the next 50 or 100 years? Who knows

I personally see Bitcoin, it is very, very young and on its way and needs time to gain attention and trust in terms of widespread acceptance on the same scale. By the way, it looks like you also have to recalculate and adjust to conditions annually from 2024 onwards if you want to make an estimate if you compare it to the price of gold and publish the correctness of the calculation so that the audience is constantly updated.

Lucius

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Quote from: PytagoraZ on July 12, 2023, 10:03:05 AM

~snip~
But gold is always mined every day and the amount will always increase. While bitcoin is decreasing in number from day to day. Nonsense that bitcoins total 21 million. Bitcoin is not up to 21 million, many people have lost their wallet keys

So, for now maybe just for fun, but for the next 50 or 100 years? Who knows

Gold also has other applications besides storing value, but the truth is that it has unlimited supply, of course, if we take into account that it exists outside our planet and that some estimates say that it will be technically and economically profitable to mine it in about fifty years.

As for BTC max supply, it is true that it is set to 21 million and that part of it is currently or even irretrievably lost, but it is also true that in the future there may be a consensus to increase this number, because it is only about code which can be changed at any time. People change with time, so what was incomprehensible to people 50 years ago is now a commonly accepted thing in society.

Not to be misunderstood, I am not in favor of such radical changes and I think that max supply should remain just as it is, but will some people think the same in 50 or 100 years?

erep

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Quote from: PytagoraZ on July 12, 2023, 10:03:05 AM

Of course it's are more for fun/informative than serious thinking. Gold has existed since prehistoric times, gold already has the belief of every human being on earth that gold is a precious metal, while bitcoin is still very young, not even 20 years since it was first launched. So it's not balanced if bitcoin fights the dominance of the gold community.

I know that you provide information for fun because the calculation of thread information is unrealistic for comparison with gold, everyone has been convinced of investing in gold since long time ago because of the chance to get a convincing profit in the long term, but they have new options to allocate funds for investing in bitcoin, some last year the growth of bitcoin investors increased significantly and many investors cut half of their other investments to switch to bitcoin investment, the limited supply has convinced them to believe bitcoin investment is better than any investment in the future.

Quote

So, for now maybe just for fun, but for the next 50 or 100 years? Who knows

Imagine if the time machine worked to go back in time when the bitcoin price was $1, how many years could the bitcoin price reach $60k in the future, all the answers would be impossible and some like your answer above, that the fact that the price of 60k can be reached in less than 20 years and the potential the same for the $100k price will be achieved faster than your speculation.

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Quote from: serjent05 on July 10, 2023, 05:16:53 PM

No matter how hard we compare Bitcoin to other assets and calculate it from that asset's perspective, the price of Bitcoin is still dictated by supply and demand. The ideal price shouldn't be the price that is randomly calculated by the comparison of two commodities. It should be the price that is dictated by the current market demand. So Bitcoin's ideal price today is not $557,714 but rather the current price what the buyer intend to pay.

True as you say, it's not just about the numbers and how much Bitcoin is worth. The price mentioned by the OP is only a calculation that relies on data that is not necessarily accurate. demand and supply are the most influential indicators of the price of Bitcoin. See how the current demand will certainly increase if there are new requests. The more investors that enter, Bitcoin has the opportunity to reach a higher price.

el kaka22

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Gold is definitely a good indicator, and should be considered as a good drawing point to bitcoin. It will 100% go there without a doubt. It will reach gold marketcap without a doubt. It will take some years though, it is not going to happen over night, it is going to take maybe a decade to get there and I believe that we are going to see it change a lot more meanwhile.

This is why I believe that we should be hoping for the best but also getting ready for the worst because short term will not be as easy as the long term. If you buy and hold for over a decade then you should be fine, but if you buy and not really hold it for a long term and just hold it for short term then we do not know what's going to happen in the end.

PytagoraZ

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Jolly? I think I've heard that name before. hmm

Quote from: Lucius on July 12, 2023, 08:16:03 AM

Let's say that these calculations of yours are more fun/informative than serious thinking, because no matter how you look at things, 8 billion people in that calculation does not make sense, because everyone will never use BTC, even if everyone miraculously has access to the internet, how many are under the age of 10 or under 18?

Of course it's are more for fun/informative than serious thinking. Gold has existed since prehistoric times, gold already has the belief of every human being on earth that gold is a precious metal, while bitcoin is still very young, not even 20 years since it was first launched. So it's not balanced if bitcoin fights the dominance of the gold community.

But gold is always mined every day and the amount will always increase. While bitcoin is decreasing in number from day to day. Nonsense that bitcoins total 21 million. Bitcoin is not up to 21 million, many people have lost their wallet keys

So, for now maybe just for fun, but for the next 50 or 100 years? Who knows

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