Topic: What happens if bitcoin price hits 6 figures and up? - page 2. (Read 551 times)

Nothing happens in an absolute way.   What happened previously because we already saw a dramatic change in the worth of money.    Your entire car could be sold at high price for $100 back in the day and that would be alot of money to exchange for a fine car.    However now I could spend more then that just getting a nice meal and drink for lunch, unfortunately we already saw the dramatic alteration of prices and our reaction was muted and apathetic mostly.   To see BTC get to 6 figures should be considered in a similar way that mirrors the depreciation of Dollars so often felt in the decades past, possible some would say inevitable though I would never assume that as dollar depreciation also equates to destabilization imo.

Depending on the 6 figures. 1 BTC at $100k, not a lot of money. $999k - a lot of money, even in a first world country. You can get abducted or killed for that if you start bragging in pubs.  
$1M buys you an apartment in most EU cities, what varies is the size of the apartment. In some you'll get 2 bedrooms, in other it will be 1 bedroom, but many people work half of their lives to afford their own place. If you choose to invest in smaller rental flats, you can get 2 and continue living in the place you live now while renting out the rest. You can live of them with ease.
I can think of a number of ways one could turn $1m into a business that pays his bills.


It will go up. The average fee usually goes up and down with price, with the exception of FOMO periods like in the last 2 months when high demand met ordinals


No because bitcoin economy is so small compared to other things that it won't matter. What does it change for a town of 100k people if 10 of them become bitcoin millionaires? Literally nothing. They'll keep buying their food like they used to and paying their rent like they used to.

somehow, some people always ask about the price of Bitcoin that will reach millions of dollars,
even though they may not necessarily be able to hold Bitcoin until the new ATH.

Because it's not easy to hold back when the new ATH target has been reached,
and the current $100k target is still more relevant than just dreaming up the millions of dollars.

I'm not too skeptical about price increases, but I'm more realistic not to be too disappointed when prices that are too high aren't reached.
As you said, this price increase will also be affected by inventory during the bearish season.
The price of Bitcoin is volatile and has high volatility.

The bitcoin had a potential to become the top at the bull or bear market,because it had huge fan base in the trading compared to any coin.Many project was coming in the trading daily,but only few projects was survive for the longer period.The owner of Cardano states that the bitcoin need was not now for the market to survive,but he had forgot that the market was depend on the king all the time.So the trader of the bitcoin may in loss sometimes,but the profit from the bitcoin always guaranteed one.The bitcoin trader just need to wait until the market will response for the buying price at the time he brought in market.


The next year will be the expected time for the bitcoin traders,because we know the next year will be the next halves in the bitcoin.The trader who brought the bitcoin at the all time high price of 68k dollars was waiting for the 2024 bitcoin bull run.The market surely give them the profit after the next all time high in bitcoin price in 2024.

The increase in Bitcoin prices can indeed provide many wins for many investors who have invested in the past year or in the previous year. Because in general the amount of balance they have will also increase because of this, so that is what many investors are now hoping for so that they can experience victory more quickly through their own investments. And actually the influence of traders in the market on Bitcoin also exists, although only at a very small level, but it can also provide power to the resilience of the price of Bitcoin itself in the market.

First, anyone with 6 figures in the USD can live comfortably anywhere in the world, be it California or anywhere, and what gives them the 6 figures can continue to keep it going. But if Bitcoin gets to the level of six figures, a whole lot of people would be rich and this might cause inflation to say the least.

To now make matters worse, if Bitcoin reaches millions of dollars in value, then it would have created many billionaires, if not trillionaires as some people have a lot of it in store right now. This, I don't think is good for the world as financial segregation will be more and hyperinflation will be triggered. It will still be as the world is competing it now but it will only be on the worse side as the poor would have a higher gap compared to the rich and there will be more in number compared to how we see it today. This is because it's not everyone who owns Bitcoin, so it is not everybody who will be able to have such insane money.

Honestly, I don't see how this can be of good unless those who enrich themselves through Bitcoin are such that is philanthropists, investors in the physical business and many more who can make the money well-distributed. Can Bitcoin ever get to millions of dollars? I don't think so. Supplies during the bearish season will always have an effect on it.

Regardless the number of people who trade it, the appreciation of Bitcoin keep staying continuous and isn't affected by the fact that only a fraction of the population is involved in the trade and usage of Bitcoin so it isn't dependent on economies either probably because it has in itself helped people become even better in the midst of the economic situations. But the surge in the price of Bitcoin if it continues and gets to six figures, most average lives who are invested in Bitcoin will really be changed into millionaire of the next generation.

This is more or less the reasons for that guy who made the $1M get back in April or sometime after the bank fiasco because the US government has way too much debt. They are going to be selling billions in bonds this week, I think hundreds of billions and we will see what the demand is like. Last month the 30 year bond auction was awful.

So if there are less buyers, the rates will be higher and inflation will be higher and assets like bitcoin or real estate will go up. They also will need to keep printing more and more money if there is a recession due to the fact they need to stimulate the economy, basically QE like in 2008 and in 2020. Hence why Bitcoin and stocks can hit ATHs.

costs will increase, but everything is based on inflation, basically the price of goods does not increase but the value of the currency weakens, because every year the number of currencies around the world increases.
So the costs that are actually increasing are not actually increasing.

you can see this for reference:  https://bitcointalksearch.org/topic/m.63205820

Inflation has been over the roof in my country, and that has also been witnessed even on the global stage where and when something it become worthless to hold the local currency, but far easier to avoid getting affected by the soaring inflation crisis globally and that is by holding digital assets like Bitcoin this waynyou will be a hedge over inflation and for that, if the price hit a 6 figures as you call it, you then made alot of money.

I come from a country where the strength of our currency is weak against the United States dollar, so having Bitcoin as an investment will be a big addiction and tool to stay above the inflation crisis and also make huge profits in converted into my local currency.

A millionaire status means nothing. You talk about it only because this status is being sold as something important and rare in countries with strong fiat currencies like the US. When you're a millionaire in Africa or India (in local currencies) nobody cares. You can gave a million rupees and be poor.
What I'm trying to tell you here is that a millionaire status means a lot in the US just as long as the printing is low enough to sustain the status quo. If we ever see a 50% inflation in the US a millionaire status will mean nothing and we will see it one day. Therefore, I try to own as many scarce assets as I can at the expense of inflationary currencies and I don't think a few more crypto millionaires will change anything.

Bitcoin is usually referred to as a hedge against inflation, and if Bitcoin hits $250k or more in the future, it will actually be a very big advantage to investors who are holding a large amount of Bitcoin, although people who still hold a little fraction of it will also make some profit. It's not the increase in the price of Bitcoin that contributes to the high rate of inflation, so it's not when the price of Bitcoin is $250k that a loaf of bread will be $10. I believe that in some states, you can't even get a loaf for $10. Bitcoin will actually enrich more people in the future if they are able to hold their portfolio between now and when the price becomes that high. There have been so many people who have invested in Bitcoin since 2013–2015, and furthermore, some of them did not hold until Bitcoin got to $10k or $60k, so I don't believe that so many people will hold for that very long.

Op;
The rise or fall of its price is not directly linked to the economies of any country, except formally in El Salvador and perhaps there, due to its capitalization in BTC, it does not have as much impact today, for now.

A million dollars in any economy, even the American one, will depend on the economy of your country and even more so on the individual conditions of each of us, on our way of life, that is, depending on your social status, that amount will give you It may be enough for a temporary retirement or for something longer, it is relative.

As for the Fees, you are thinking like "poor," yeah, if you have a million dollars, and you have to pay a fee of $100-$200-etc. So,you think it can affect you from the point of view of the money you have!, it is very different if we think about it from the idea of what corresponds to paying for a sat/vB.

I will say my opinion, maybe some people will agree, maybe not, but if you look at the factors you say are inflation, it is true that all goods will rise.
This means that it is not goods or the like that increase, but fiat that experiences a decrease in value, and that is certain and has been happening for hundreds of hundreds of years.
that's why you see something going up in value, even though the value isn't really going up, but ccash it get fuckep up.
Whether it is enough for someone or not depends on how he manages it.

And most likely bitcoin holders that were able to buy and hold around < 2017 could really be the real winner. I mean,  they are early adopters and investors and maybe some of them are still investors buy this time and know the secret of it, buy low sell high.

But with the inflation and geo-politics going around, maybe there are still that % who's going to be millionaires in the next bull run. And most likely those services around it, exchanges, gambling platforms and any others could be the one that is going to be benefited again in the next all time high of 6 figures.

This question makes some broad assumptions.  The economy is complicated.  Prices going up and down happens for all kinds of reasons - how much money governments print, supply chains getting interrupted, wars... stuff like that.  Just because some new folks strike it rich with Bitcoin doesn't automatically mean your grocery bill doubles next week.  Its not as direct as that and  things can influence inflation sure, but it's complex how it all trickles down.  

Bitcoin's been around a while now, and even with the huge price spikes we've seen, there still aren't too many millionaires from people buying and hodling.  Thats because there's a limited amount of bitcoin out there - in order for one person to buy, someone else has to sell.  So even if we see bitcoin hit that $1 million+ price target someday (wild I know!), we still probably won't have like a crazy number of new crypto millionaires.  There will be some, sure, but there's gotta be sellers to match the buyers.  The supply is finite.

That's the scary thing because I'm sure that when that price hits, there's bound to be a lot of people that will probably sell their bitcoins at that price and with the expected high tx fees and those people that are going to do some transactions at that aren't going to be paying a big chunk of their bitcoin for the fee and the miners will definitely have a cause for celebration again as they're the one that's going to benefit in all of this which is awesome because they do deserve it and the rewards are only going to get lower in the future. I don't get ordinals though, why are they trending like this because if this kind of trend is going to continue until it hits the 100k price point, I'm sure that we will probably see record high levels of tx fees.

If Bitcoin goes to $100,000 the fees will spike but eventually they will settle down. You need to realize that many people keep most of their bitcoins on exchanges and won’t need to send to the exchange to sell. Those that do will just send their entire stack at once and pay a high fee once and that’s it.

Fees are high now not because Bitcoin is going up in price but due to the ordinals which are taking up blockchain space. They are a new trend and seems like it’s a big hit kind of like the Defi and NFT of Ethereum.

There are two ways for the price of bitcoin to grow, the first one is very simple, if the demand increases then the price of bitcoin will increase as well, as its supply is limited, and this by itself will not push the price of other items upwards.

The second way in which this could happen is if there was hyperinflation all over the world, and if that were to happen the price of bitcoin could in a way become irrelevant, and instead what it will matter is how much you can buy with it, this is the scenario you often hear about, however I really think that in that case the price of bitcoin will move up faster than inflation, and that is because at the time what people need is a way to protect their wealth, and they will be willing to pay a premium so you decide to sell your bitcoin to them.

BTC going up won't necessarily affect inflation, but inflation would most definitely affect prices of assets like bitcoin. Inflation is mostly affected by money printing decided by the central bank, not the prices of investment assets like bitcoin.