When do you think Bitcoin will hit $1 million for the first time? - page 3.

carlfebz2

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Quote from: GreatArkansas on April 09, 2023, 07:10:40 PM

Quote from: carlfebz2 on April 05, 2023, 03:23:23 PM

Quote from: thecodebear on April 04, 2023, 11:48:25 PM

Just for fun, since this is the Speculation forum, when do you think Bitcoin will hit $1 million USD for the first time?

Presumably this will happen during a bull run and then it'll fall back below $1 million for a couple years, but what year do you think will be the first time we see $1 million bitcoin?

Personally I think it'll be during the 2036/2037 bull run, assuming the four year market cycles are still going on at that point. Though the 4 year cycle may have largely faded away by then, but somewhere around those years feels about right.

I have chosen "NEVER"!
(....)

We'll never know. Although some experts believe Bitcoin will eventually reach $1 million or even higher, the precise timing of such an event is uncertain and depends on a number of variables.
Different people got different opinions, what if Bitcoin will reach that number but maybe in the next thousand years? Like the new generation is already here and we don't exist anymore?

Well you do really have some point but it isnt something that we could really be able to assure out that it would happen even on thousand years.We dont know on what the future holds but basing up on
what Bitcoin is currently having when it comes to potential then we could say that there might be chance.Just like you do said that it would really be depending on on several factors which might
happen along the way which might it would be pushing up the price into a value which we didnt really expect that it did really reach out.This is why it would really be depending
but for now in speaking in our lifetime then i cant really that so confident that it would reach out $1M because basing up on whats the movement that we do have
then it is really that hard.

ancafe

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Quote from: thecodebear on April 04, 2023, 11:48:25 PM

Presumably this will happen during a bull run and then it'll fall back below $1 million for a couple years, but what year do you think will be the first time we see $1 million bitcoin?

If there are people who are able to determine when bitcoin will touch that price, then more and more people will buy bitcoin, the problem is price fluctuations and no one can guarantee. Questions like this are more about belief and why bitcoin should be taken as an investment opportunity, whereas for the price of bitcoin it doesn't matter when we will see it at that price.

Quote from: thecodebear on April 04, 2023, 11:48:25 PM

Personally I think it'll be during the 2036/2037 bull run, assuming the four year market cycles are still going on at that point. Though the 4 year cycle may have largely faded away by then, but somewhere around those years feels about right.

You are also relying on assumptions but not a concrete reason, cycles may give a new price for bitcoin, but no one can guarantee arriving at that price. So the reason is simpler, keep buying and holding the bitcoins that we have.

No one can predict exactly when bitcoin will reach $1 million USD, but speaking of cycles there is a possibility that for the next ATH bitcoin will approach that price. But there is also no certainty whether we will see in the next cycle or in the year as you mentioned.

GreatArkansas

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Quote from: carlfebz2 on April 05, 2023, 03:23:23 PM

Quote from: thecodebear on April 04, 2023, 11:48:25 PM

Just for fun, since this is the Speculation forum, when do you think Bitcoin will hit $1 million USD for the first time?

Presumably this will happen during a bull run and then it'll fall back below $1 million for a couple years, but what year do you think will be the first time we see $1 million bitcoin?

Personally I think it'll be during the 2036/2037 bull run, assuming the four year market cycles are still going on at that point. Though the 4 year cycle may have largely faded away by then, but somewhere around those years feels about right.

I have chosen "NEVER"!
(....)

We'll never know. Although some experts believe Bitcoin will eventually reach $1 million or even higher, the precise timing of such an event is uncertain and depends on a number of variables.
Different people got different opinions, what if Bitcoin will reach that number but maybe in the next thousand years? Like the new generation is already here and we don't exist anymore?

Captain Corporate

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Why do we really need all these type of increases to feel hyped about bitcoin? Isn't the fact that it would be valued more than the purchasing power of dollar enough for us? Like lets assume we are at 30k, whatever you can buy with 30k, you can't buy that in 10 years with 30k, because of inflation, but whatever you can buy with 1 bitcoin today, you can buy even more with it in 10 years. That information alone is enough for me, doesn't need to be more than 1 million dollars, it just needs to beat inflation in dollar and I would be fine with it. This should easily be the main reason anyone buys, and not really rush into it, it should be your retirement goal to retire rich and have a comfortable old age, that is "nearly" guaranteed in bitcoin. I say "nearly" because nothing is %100 guaranteed but I trust that it will be fine.

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Quote from: pixie85 on April 08, 2023, 06:07:47 PM

Quote from: Saint-loup on April 08, 2023, 04:35:34 PM

Bitcoin can't reach a value that is way above its mining cost, because people can always mining it themselves or buying mining time at mining farms instead of buying it. And reaching $1m for its mining cost implies to consume an over critical amount of electricity while countries like US are already taking stance against mining currently. So I think it's unlikely to happen before the last mined Bitcoin unfortunately.

We don't know what the mining cost is going to be in 2032. We also don't know what the dollar index will show at that exact time.

You understand we could have a recession, money printing madness, or even a world war by that time. It's really hard to predict what the future will bring.

I think a million dollars in 10 years is possible. Think of it this way. in just 5 years bitcoin went from being worth 50 cents to 1000 dollars. That's a 2000x increase. Bitcoin going from 20 000 to a million is only 50x increase and we have twice the time to reach it.

Yes but human life and society have nothing to do with few points on a chart unfortunately and many so-called predictors permabullish like PlanB have totally failed by trying to do such things. It's not reasonable to think that the mining cost of one Bitcoin could reach $1m in the coming years. Bitcoin needs to change its mining model to reach such high values.

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Quote from: savetheFORUM on April 09, 2023, 04:54:24 AM

I believe in blockchain technology, and I know it's here to stay, but I want to see and expect things in more of a more realistic manner than having imaginary thoughts and expectations. So I think it may reach a very high value sometime in the future, but we are still way far away from that.

The blockchain technology has a way better chance to mix into real live business.
Bitcoin is far from ideal to be a payment coin. Litecoin, BCH are much better.
All coinuser should try to convince shop owners to accept crypto. A business is a win-win situation, so the shop owner should also win.

savetheFORUM

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Quote from: pooya87 on April 08, 2023, 11:02:38 AM

That's a challenging question because things are changing too fast in the world these days. A couple of years ago when I talked about dedollarisation nobody believed me. Today it is the hot topic around the world.
The economy is facing a lot of radical changes too. With high inflation in countries that never believed it alongside recession and deindustrialization are all pushing the people in the world into thinking about alternative ways to store value. Bitcoin is an excellent candidate which means in the following years we could see a lot more adoption and at a much faster speed.

With all that said my choice is the first option in the poll (2029 or sooner) even though it is such a broad time-frame since as I said things are changing too fast and we could see $1 million in a year or two instead of 6.

You do realize that $1m is a very big amount, right? And for Bitcoin to reach that price, it will need to have billions of dollars in it, so I think no matter how fast the world is changing, no matter how bad the economies of different countries are and even if the currencies are devaluating, it is still not a lot of reasons for Bitcoin to get enough demand and supply to reach $1m that too in a year.

I believe in blockchain technology, and I know it's here to stay, but I want to see and expect things in more of a more realistic manner than having imaginary thoughts and expectations. So I think it may reach a very high value sometime in the future, but we are still way far away from that.

Pejoh Asu

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If we look at current developments, I believe that in the maximum term of 10 years or in 2033 the price will reach $ 1 million, of course many hope that the price of $ 1 million can occur faster because they want to get a big profit, in my opinion the price of $ 1 million can occur faster if this year the price can touch at least $ 100k.

pixie85

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Quote from: Saint-loup on April 08, 2023, 04:35:34 PM

Bitcoin can't reach a value that is way above its mining cost, because people can always mining it themselves or buying mining time at mining farms instead of buying it. And reaching $1m for its mining cost implies to consume an over critical amount of electricity while countries like US are already taking stance against mining currently. So I think it's unlikely to happen before the last mined Bitcoin unfortunately.

We don't know what the mining cost is going to be in 2032. We also don't know what the dollar index will show at that exact time.

You understand we could have a recession, money printing madness, or even a world war by that time. It's really hard to predict what the future will bring.

I think a million dollars in 10 years is possible. Think of it this way. in just 5 years bitcoin went from being worth 50 cents to 1000 dollars. That's a 2000x increase. Bitcoin going from 20 000 to a million is only 50x increase and we have twice the time to reach it.

Saint-loup

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Quote from: DeathAngel on April 08, 2023, 05:04:27 AM

I think bitcoin will hit $1,000,000 for sure, it’s obviously very difficult to estimate when. Just for fun though, I will join in. I think if we are still seeing 4 year cycles play out then that can give hs a starting point to make a prediction, the next halving is approx Q2 2024. The price usually moons approx one year after the block reward halving so I would estimate something like this -

Halving in 2024 ——-> 2025 cycle high of $200,000
Halving in 2028 ——-> 2029 cycle high of $500,000
Halving in 2032 ——-> 2033 cycle high of $1,000,000

Bitcoin can't reach a value that is way above its mining cost, because people can always mining it themselves or buying mining time at mining farms instead of buying it. And reaching $1m for its mining cost implies to consume an over critical amount of electricity while countries like US are already taking stance against mining currently. So I think it's unlikely to happen before the last mined Bitcoin unfortunately.

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Quote from: carlfebz2 on April 05, 2023, 03:23:23 PM

I have chosen "NEVER"!

Even though im a huge fan or big supporter of Bitcoin but i dont see that it would really be hitting up a million per coin.Its impossible but considering on how still big space for possible progress or future movement
then it could be possible but im not really that longing for this price considering that it would really be not that simple to be achieved and considering on how much recognition and entire population
would be needing to be mainly supporting it.If ever the whole popular in real numbers on which we are just that 4% then there's still too much
space for us to move around.

Then I advise you to check the US dollar value vs gold in the last 100 years.
It used to be pegged 1:1 to an ounce of gold. In the 70s it was already 200 USD for an ounce, now it's 2k USD! So, that's how much value your dollar lost in less than 100 years. With that in mind, it's safe to say that we will see further decline and this is going to grow exponentially.

Bitcoin can hit a million dollars not because it becomes so valuable, but because the dollar becomes so weak. In the next 10 years the dollar will halve in value due to inflation, but it's going to probably lose even more to bitcoin because of growing acceptance, especially in Africa.

Falconer

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Quote from: pooya87 on April 08, 2023, 11:02:38 AM

That's a challenging question because things are changing too fast in the world these days. A couple of years ago when I talked about dedollarisation nobody believed me. Today it is the hot topic around the world.
The economy is facing a lot of radical changes too. With high inflation in countries that never believed it alongside recession and deindustrialization are all pushing the people in the world into thinking about alternative ways to store value. Bitcoin is an excellent candidate which means in the following years we could see a lot more adoption and at a much faster speed.

With all that said my choice is the first option in the poll (2029 or sooner) even though it is such a broad time-frame since as I said things are changing too fast and we could see $1 million in a year or two instead of 6.

I agree with your analysis, another consideration is that banks are in big trouble these days and that will definitely encourage more people to buy bitcoin as an alternative. But anyway, I should consider a bit slower time frame, at least in the next 2 halving cycles. I will be very happy if $1M is finally reached, even sooner the better.

doomloop

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Quote from: Saisher on April 07, 2023, 06:24:37 PM

Nothing is impossible but I want to be realistic I don't want to be like Mcafee that is so fascinated by Bitcoin to reaching $1 million, people ten years ago did not entertain the thought that Bitcoin will hit the $20k mark but it did.
I will be happy if Bitcoin will hit $100k that's a big achievement already, but with all the FUDS going on and the authorities imposing their will, it will be an uphill climb, but we will eventually get there nothing can beat a strong community.

You are probably right that keeping expectations that are almost unrealistic or impossible to come true will only hurt you in the long run, and it is always better to just see things in a realistic manner and only expect what's achievable. $100k is not a small price for Bitcoin to reach, that will be an amazing milestone to cross for Bitcoin.

As you said, considering how rapidly the regulations and laws are becoming more and more against the technology and all the coins/tokens in general, it will surely not be a smooth ride to go that high but it's achievable.

pooya87

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That's a challenging question because things are changing too fast in the world these days. A couple of years ago when I talked about dedollarisation nobody believed me. Today it is the hot topic around the world.
The economy is facing a lot of radical changes too. With high inflation in countries that never believed it alongside recession and deindustrialization are all pushing the people in the world into thinking about alternative ways to store value. Bitcoin is an excellent candidate which means in the following years we could see a lot more adoption and at a much faster speed.

With all that said my choice is the first option in the poll (2029 or sooner) even though it is such a broad time-frame since as I said things are changing too fast and we could see $1 million in a year or two instead of 6.

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Quote from: DeathAngel on April 08, 2023, 05:04:27 AM

I think bitcoin will hit $1,000,000 for sure, it’s obviously very difficult to estimate when. Just for fun though, I will join in. I think if we are still seeing 4 year cycles play out then that can give hs a starting point to make a prediction, the next halving is approx Q2 2024. The price usually moons approx one year after the block reward halving so I would estimate something like this -

Halving in 2024 ——-> 2025 cycle high of $200,000
Halving in 2028 ——-> 2029 cycle high of $500,000
Halving in 2032 ——-> 2033 cycle high of $1,000,000

Your estimate is very reasonable that if history continues to repeat itself in the future, then bitcoin will hit $1 million by the 2033 bull cycle. When bitcoin hits $1 million, that means bitcoin's market cap will reach nearly $20 trillion, twice the market capitalization of gold. Meanwhile, gold has taken centuries to reach its current $11 trillion market cap, so I don't think things will be that simple for bitcoin. Not to mention the market capitalization at that time will be very large compared to the capitalization of the stock market that has existed for hundreds of years. That is quite unrealistic, but the future is unpredictable, no one knows. Let's wait and see what happens.

DeathAngel

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I think bitcoin will hit $1,000,000 for sure, it’s obviously very difficult to estimate when. Just for fun though, I will join in. I think if we are still seeing 4 year cycles play out then that can give hs a starting point to make a prediction, the next halving is approx Q2 2024. The price usually moons approx one year after the block reward halving so I would estimate something like this -

Halving in 2024 ——-> 2025 cycle high of $200,000
Halving in 2028 ——-> 2029 cycle high of $500,000
Halving in 2032 ——-> 2033 cycle high of $1,000,000

MoonOfLife

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Quote from: Paul Pogba on April 08, 2023, 12:00:03 AM

I believe the price of $ 1 million can be reached before 2030, there are many positive indications that make us optimistic that the price of $ 1 million will be reached soon, for example the number of communities or users continues to increase, many reports say that the development of bitcoin users continues to show a positive trend, and this can be a price explosion that can happen at any time.

That's too short a time for bitcoin to hit that milestone, I doubt and don't believe it. The world's interest in bitcoin is still growing, but that doesn't mean its price will skyrocket. With a $100k goal that hasn't even happened yet, the idea of a $1 million goal is too far-fetched to dream about.

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Quote from: coin-investor on April 07, 2023, 07:28:56 AM

Quote from: _act_ on April 05, 2023, 12:59:29 AM

Bitcoin has not gotten to $100000 and we are talking about when its price will get to $1 million which will require more pumping of money to buy bitcoin. It is better we discuss more on when bitcoin will reach $100000 first, then after that, we can discuss when it will reach $1 million when $100000 has been reached.

Everybody here wants to be alive when Bitcoin hits the $1 million mark but Bitcoin hitting that mark for me is gradual, I don't think we will wake up and just found out that Bitcoin just hit $1 million, we are good if Bitcoin will hit $50k this year then we go speculating and hoping and working that Bitcoin will hit $75k next year, and if there are no FUDS happening in the industry and massive adoption continues then it's possible for Bitcoin to hit $100k if this continues to go and everything is smooth we'll hit the $1 million mark, but with all the FUDS and too many issues and regulation it could go more than 10 years.

Basically it will be gradual, but unless I suddenly pass away from heart attack or something like that which kills people suddenly, I feel like I am going to be alive when that happens. I mean that should be at tops 10-20 years and that means I should be alive in normal situations. Obviously it's life, we never know maybe lightning strikes me and I won't see it, but if life goes normally like expected then it shouldn't really be a problem for anyone.

Unless you are 70 years old, and even possibly in that situation, a million dollars is not as far away as you might think. Some people think it won't happen for another 50 years, but I believe it will be less than 20 years and that is why we will get to see it.

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Quote from: thecodebear on April 04, 2023, 11:48:25 PM

Just for fun, since this is the Speculation forum, when do you think Bitcoin will hit $1 million USD for the first time?

I'd kick myself if the price got there in a couple of cycles, by 2030 or so, but I think it will actually be half that in that year.

Quote from: thecodebear on April 04, 2023, 11:48:25 PM

Personally I think it'll be during the 2036/2037 bull run, assuming the four year market cycles are still going on at that point. Though the 4 year cycle may have largely faded away by then, but somewhere around those years feels about right.

Probably. I expect that in the next cycles the returns will be lower. In this cycle we had a maximum of 3.5 times the previous one, and going forward I think that will be the ceiling. We can't rule out higher but I don't see it as likely.

One thing that will influence this is monetary policy. If we assume real inflation of 10%, $1M is going to be worth half that in purchasing power in about 4.5 years. We tend to look at that price a lot because it is a round number but the purchasing power by the time we reach it is going to be laughable. Today being a millionaire is not what it used to be. It's good, it means you have financial peace of mind and comfort, but you can't splurge too much, and that's why people have been talking about billionaires for a long time now.

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Quote from: Saisher on April 07, 2023, 06:24:37 PM

Nothing is impossible but I want to be realistic I don't want to be like Mcafee that is so fascinated by Bitcoin to reaching $1 million, people ten years ago did not entertain the thought that Bitcoin will hit the $20k mark but it did.
I will be happy if Bitcoin will hit $100k that's a big achievement already, but with all the FUDS going on and the authorities imposing their will, it will be an uphill climb, but we will eventually get there nothing can beat a strong community.

We all hope bitcoin will hit the highest price possible, and $1 million per bitcoin is a real thing to dream about. But we need to be realistic and not too greedy, or we will get hurt when our expectations don't come true. I like to take things slow, I mean, we need to hit $100k before thinking of higher targets, the market moves very differently every year, so don't make predictions too far from reality. The $100k-150k target is the one we need to conquer first, and I expect it to happen in 2025, the next bull run.

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