Topic: What does it take for Bitcoin to go 100X? - page 5. (Read 9425 times)

Would it take around 5-10 years to enter the consumer phase ?

Not growing properly means if the wider world can't find a genuine use for it or refuses to trust it.

All those lengthy numbers entirely depend on there being actual (and increasing) usage and demand worldwide.

Right now worldwide demand is effectively zero and a 100x rise is pure supposition.

How would Bitcoin grow in a not proper way ?

Most people can't even do math with small numbers, and completely fail to understand or comprehend large numbers. There was a book that was made into a movie about evolution, where a homo sapien girl was abandoned or something, and got adopted into a neanderthal tribe. The smartest one in the tribe, the chief, could only count up to 5, because that's the number of fingers he has on his hand. The girl was able to count up to 10, which really amazed the chief.

Now obviously there's a lot of fiction in that story, but I think the point can be applied here. Most people are too dumb to comprehend large numbers.

You give the example of $5 trillion vs 82 million,  but I doubt these people would understand the difference in magnitude of those numbers. In their mind, its "big number" vs "another big number".

I big big investment worth billions in a day. The significant increase will be seen in no time.

Because some countries are tiny and don't have a pot to piss in. That's made up for by the giant ones with economies that could dwarf the puny ones thousands of times over.

I'm constantly amazed at the disconnect certain people have with figures relating to 'real world' turnovers in the finance arena. Forex turns over more than $5 trillion every single day.

$82 million a day is not to be sniffed at. It's still chump change, even more so when you consider that there would be potential demand in every single country in the world if Bitcoin actually grew properly.

Why reality is disregarded here ?

I see it's doable since this can be applied to the whole planet as you said.

Hmm. Let's do some totally arbitrary and moronic mathematics that disregard reality almost completely.

If there was equal demand in every single country in the world, that works out at $418,000 of fresh expenditure per day.

You know what? For an entire planet I just about think that's doable.

That type of price could not happen until several more halvings.  At current production to offset miners dumping there coins at $23k per coin, $82 million would have to go into the bitcoin economy every day to maintain that price.  I don't think so...

Uh obviously? That's why we're not at 23k per coin...

So going based on alll these categories that bitcoin is, or will be used in.

Out of those listed, anyone has the metrics on any of those catgories that we are in 1% lol. Cause thats alot of areas to fulfill and I feel like its not even hitting 1% of any of them since its such a infant stage.

it will take miracle to come for this.
but sometimes its good to have something to hope about.

realistically wont happen anytime soon, not even to go double on value btc is stable for now.

I hope this prediction will come true

It will take a few trillion $ that i`m sure the banksters can spare. Ask the IMF to put some money in Bitcoin and problem resolved 

Each bubble has made the previous bubble look like a small blip on the all-time value chart.

100x is kinda unrealistic, but it would simply require a part of the financial system to use Bitcoin in a way, not necessarily to take over though.

That's an interesting statistic.

I often wonder what the ratio is of private vs institutional/governmental buying when it comes to gold.

I only know of one person who admits to any involvement in gold.

To go to 100x, that means about $23,000. 

First, those with bitcoins must have greater incentive to keep them in bitcoins rather than exchange them for fiat.  This means that the reasons to move back to fiat are greatly reduced/eliminated.  I'm thinking if major credit cards started accepting bitcoin-based payments that might do the trick (even if they converted to fiat when you paid them, this means bitcoin savings accounts could replace bank savings accounts for the general public without loss of functionality when you need to buy with "cash").

That might be enough, but assuming that happens there is still an influx of mined coins that have to be accounted for.  At the current 3600 BTC/day, $23,000/BTC, that's $82,800,000 worth of coins being mined each day, or $30.24 billion/year. 

For comparison, about 2500 tons of gold is mined each year, which equates to about 80 million ounces.  At $1,205/ounce, that's $96.4 billion.  So Bitcoin would have to be about 1/3 as popular as gold if it were to happen right now.

However, it gets easier to maintain the price each time the mining rate halves.  Here's the amount per year after the upcoming halvings needed to offset a $23,000/BTC price:

  current - $30.24 billion/year   1/3 as popular as gold
  2016    - $15.12 billion/year   1/6 as popular as gold
  2020    - $7.56 billion/year    1/12 as popular as gold
  2024    - $3.78 billion/year    1/24 as popular as gold
  2028    - $1.89 billion/year    1/48 as popular as gold
  2032    - $0.95 billion/year    1/96 as popular as gold

You know its the bottom when you and others are beginning to lose hope, that is exactly the correct emotion for the price right now.  Think about how many big names are invested in keeping this thing alive and then think about how it can really only go upwards.

What made it go up 100x before? I think the only way we'll see that sort of rush or increase is if something massive happens like a huge corporation or ginormous industry gets involved. Remittance, gambling, sex/adult/porn, and oil are all massive industries that could get on board.