I would like to see Bitcoin at $1,000,000 as much as anyone in here, but will be hard to enjoy it while eating a $1000 big mac.
With the current Big Mac to BTC price index it would either mean a $10,000,000 BTC /$1000 Mac or a $1,000,000 BTC / $100 Big Mac unless you believe BTC can drop 90%.
Sure, bitcoin's price could drop 90%, which would be around $6k - but it is NOT very likely and not likely
More likely, BTC prices would need to go up to $150k or more before they are going to be "eligible" for a 90% dip, and that would be bringing BTC prices down to about $15k.
The numbers just do not add up, including that getting more than a 75% dip will be quite difficult unless we go above $200k, which would bring prices back down to $50k.
I understand that a lot of these ideas come off as woo woo.. but there will remain questions about severity of any dip and also the conditions upon which such a severe dip might happen - whether it happens from current prices or if it were to happen after a certain amount of BTC price appreciation, and historically we have seen that the BIGGER kinds of dips largely become possible after the BTC price has gone up so severely and for such a long period or a steep period that a BIGGER kind of dip becomes within reason... so something seems quite wrong with a $1million BTC and a $1,000 BigMac.. just seems like it logically does not add up, whether we are referring to current ratio or trying to extrapolate various kinds of possible future scenarios that would allow one or the other to be achieved or still to be able to allow both to be achieved, which really seems like an outlining of various sets of events and outcomes that have very low odds of playing out.
So, Jesus is dead
But don't you worry, he'll be back
Just like bitcoin will
Assumes facts not in evidence.
I would not suggest anything less than a 15% to 20% drop from our current ATH to be anything that is actually "down."
That would be lower than anywhere between $49,300 and $52,500.
Otherwise we remain pretty much UP.. and UP in such a way that is largely at the top of the range.. and knocking on the door of another ATH.
I would like to see Bitcoin at $1,000,000 as much as anyone in here, but will be hard to enjoy it while eating a $1000 big mac.
With the current Big Mac to BTC price index it would either mean a $10,000,000 BTC /$1000 Mac or a $1,000,000 BTC / $100 Big Mac unless you believe BTC can drop 90%.
My comment was a reply to that, point being, if we reach $1,000,000 through hyperinflation, then it's not much to celebrate.
Yes. Some peeps have "hyperinflation" theories that attempt to explain why the BTC price is going up. Those theories are not correct (even if they have some evidence to support them).
In other words, the honey badger, aka king daddy, aka lil fiend, aka dee corns, aka bitcoin don't give no shits about ur dumb ass hyperinflation that may end up exacerbating a preexisting condition.
In udder words, bitcoin is going up whether there happens to be hyperinflation or not.