Topic: Where do you think bitcoin will be in about 8 years? (Read 2775 times)

I think that within the next 8 years the peak in adoption rate will have been reached. At some time in the future the "critical mass" of bitcoin users (consumer side AND services, like shops, exchanges, online, offline, whatever) will be reached. This causes a positive feedback loop in adoption rate leading to the peak of adoption rate. What this will do to the price depends on how well the bitcoin core-system and also the surrounding ecosystem can handle all the new users.

+1

I believe that even before we reach the 12.5 coin block reward, the transaction fee will reach 12.5 coin per block, so the real block reward will effectively become less and less meaningful for miners

Higher transaction fee (resulted from large volume of transactions, not per transaction cost) will keep the block size at a reasonable level, and keep the mining incentive strong thus protect the network security and make bitcoin always attractive for miners and mining equipment makers

It just uses bitcoincharts.com daily price data and was formatted in Excel.

BTC is in pole position to become the reserve currency of the internet.

But actual 'physical' BTC will be a smaller part.  You will have other coins and derivatives such as contracts for differences based on bitcoin inflating the supply.

Even still I expect it to stabilize around 5000 if it survives in its current form ...

In 8 years, 1 BTC will either be 1 BTC as is will have mostly replaced today's major currencies, or 0 if it fails / gets superceded.

Too long of a timeframe to make any predictions more precise than that.

This. And they have short memory, they do not remember that 2 years and half ago 1 BTC was $0.095, and that just 5 months ago it was at $15.

Saying $1,000 or $2,500 in 8 years is a joke. And if it really becomes the "cash of the internet", you would be looking more at $250,000 per BTC.

Simple math.

The real question is not really how he generated it, but is it consistent? No.

How did you generate that chart?

So you think its more likely that sha256 gets broken then bitcoin gains mass adoption?  Couldn't they just add another round of SHA or make it SHA-512 at that point ??

over $10k each or another crypto currency will have taken over.

Either way, crypto currency is the future

No, just like today, many will speculate that even more will use it in the future.

Price leads utility.

Bitcoin at $10,000 or more (ie $50,000) sounds improbable. Not all people in the world will use bitcoin if it's main use is for speculation.

1 Coin at this price would have big psychological effect and I am unsure that mBTC will catch.

BTC at 300,000 is delusional.

This is latin for me. Could you explain like I'm a 5 year old?

I can only hope that massive adoption of Bitcoin 'version 2' has occurred.


The fundamental tenets of Bitcoin are sound, but the technical implementation needs work - aka - a very hard fork.


The major issue, as I see it, is the lack of strata for transactions, so to be able to define transaction SLA's. 

When I say strata, I mean discrete, definitive (within a very reasonable margin) stratum buckets for tx's.


Without this BTC has no hope for widespread, day-to-day usage.  Exactly what BTC needs for adoption.

I think your calculation contains mathematical errors.

The average yearly increase in price has been 900% per year if you start calculating from the first price bitcoins were valued.

(sorry in € but $ is the same % increase)

2013 (13 april): € 89.89  +779%   
2012: € 10.23  +189%   
2011: € 3.54    +1375%
2010: € 0.24    +387%   
2009: € 0.04    +4867%
2008: € 0.00082

This was a 10 000 000% increase in 5 years.

Agreed that the yearly price increase will go down over time. I estimate the increase will be 100 times less over the next 8-10 years. If governments do not outlaw bitcoins, my estimation is that bitcoin will be valued around $1000 billion ($50 000 per coin) in 8-10 years, an increase of 100 000%.

I realize these are crazy numbers but you get those numbers by simply tenfolding 3 times. $1000 billion will still be a valuation 10 times smaller than the market cap of gold ($10 000 billion), and still 30 times smaller than the market cap of all fiat currencies combined ($30 000 billion).

However, at $1000 billion bitcoin will (finally!) be valued higher than any single company (apple being around $400 billion today). Some mainstream sectors in the economy will have adopted bitcoin and it will be clear by then that bitcoin will likely become a currency more important than gold or fiat currencies.

Here how I see that price being realized roughly, the next bubble in 2-3 years will go to a few $1000 per coin and fall back to a few $100. The bubble after that in 5 years will go to a few $10 000 per coin and fall back to a few $1000. The bubble in 8-10 years will go to a few $100 000 per coin and will fall back to a few $10 000. Just my guess.

Note, ofcourse it can fail too. Therefore only invest a % of your capital in it and lock in profits from time to time indefinitely. Also, even when it succeeds, many that buy when prices are going hyperbolic will have to look at painful losses for years.  Also do not lose your eye from the ball, many btc investors will miss out due to lost coins, stolen coins, scams, exchange shutdowns and above all inferior stock, bond and altcoin investments.

If you want to let your enthusiasm off its leash, then just draw this trend-line forward a few more years.
It will plateau eventually. But when? If it is in 8 years then Bitcoin would be a major world currency used in most transactions.

Do you mean new SHIT(alt)-coin ?

$0

Here are some wild speculations. Lets see if any of them come true ( if these forums still exist in 8 years )

In order of most probable, IMO

1- people abandon bitcoin because of scalability issue
2- government block bitcoin exchanges and ask ISP to filter the protocol
3- sha-256 encryption is broken
4- bitcoin developers make stupid design decision that causes bitcoin to implode and other all coin to take stage
5- people realise idea of distributed currency system technically in feasible and all alt coins die out
6- bitcoin still going but goes underground after government regulation
7- governments realise unable to regulate bitcoin , bitcoin gains mass adoption and all existing world currencies cease to exist, to be replaced by bitcoin
8- governments and banks introduce their own version of bitcoin that successfully outcompetes bitcoin, due to government ability to legislate against bitcoin

market cap:

$100= 1,1bn
$1000 = 11bn
$10000 = 111bn
$100000 = 1,1 trillion dollarz | world gdp about 60-70 trillion dollarz right now

MV=PQ
Moneyz times velocity = "GDP"

Price per bitcoin = Bitcoin economy GDP divided by velocity (no clue what the velocity of bitcoin is atm)


Because money supply is fix the price goes up if the economy grows. Wait for Bitcoin economy to grow = PROFIT.

I think the price right now is too high due to speculation. But if we get more users and a better economy. Right now we have about 3 million standard client downloads.

Let's get that number to some more millions, suppose the Bitcoin economy will be 50 bn dollarz in 2 years, velocity = 5 = 10bn market cap = about $1000 per BTC.

I don't think Bitcoin will compete with the normal currencies much, it is a international internet economy moneyz. So how big is the market? No clue. Maybe one trillion? let's guess velocity = 10 = 100bn market cap = $10000 per bitcoin.

¥€$!