Bitcoin is so volatile that it affects the value of all the altcoins below its umbrella. But I shall always wait for the highest pump it can produce
Volatility doesn't affect the long term price; current price proves that. The thing here is that you assume the market will stay as it is for ever, but that isn't the case. I don't think we're very far away from the point where current exchanges are severely decreased in number, but those that will remain will be heavily regulated and become similar to what stock markets are right now.
Gold's current market cap; $8,200,000,000,000
Bitcoin, assuming 20 million coins have been minted, will need to be worth $410,000 to be on equal ground with Gold in market cap terms.
If even a relatively small portion of the wealthy individuals and professional parties unload a certain part of their Gold portfolio to have it invested in Bitcoin, then we'll hop over the $10 trillion level without much problems, also with inflation in mind. This is just Bitcoin I'm talking about. Imagine that there will be a few altcoins worth a couple of trillion as well, and there you have a wet crypto dream come true.
It may sound crazy to some people right now, but one thing you should never do with this market, is this early on discarding certain scenarios from becoming reality.
I agree with some of your thoughts,if things sounds crazy this does not mean that it is not impossible to be realized in the future.Few years ago 1000$ per
BTC seemed pretty crazy and price is only around 200-250$ for long time,people who say that price will be 10 000$ in 3 years were mostly exposed to ridicule.
When you say only smart portion of what is invest in gold can make such difference,what percentage you think?If gold have 8.2$ trillion market cap and let's say that 10% is relocated to
BTC(820$ billion),we still would not have even 1 trillion $,and how you get 10 trillion $?Even if all gold is sold and all that money is flow in
BTC,I doubt
BTC market cap can be worth so much.
Besides all that gold is something which people do not give up so easily,it proved through human history that it is undeniable store of value.Bitcoin can be also something like that,in digital way-but it is indisputably more risky then gold in terms of infrastructure/no internet,no Bitcoin.