Topic: will the bitcoin reach $1000 one day...? - page 107. (Read 112632 times)
If bitcoin isn't killed by the government or such, then it probably will happen. The real question is when.
I'd like to understand why somebody thinks a Bitcoin will be worth $1000.
I don't buy into the "Bitcoin as currency" at all. To me it is strictly an electronic
commodity, and a highly speculative one at that. Lack of a stable value
makes a currency completely unworkable, in my opinion.
I don't buy into the "Bitcoin as currency" at all. To me it is strictly an electronic
commodity, and a highly speculative one at that. Lack of a stable value
makes a currency completely unworkable, in my opinion.
Bitcoin is not a currency or a commodity. It's a protocol, like FTP or E-mail or BitTorrent, which allows you to store and transmit value. It doesn't really care what that value is worth. So, even if you discount the speculative commodity-like nature of it, and only use it to send money back and forth like PayPal (USD/EUR -> BTC -> USD/EUR within a few seconds), which is already way cheaper to do with Bitcoin that with other systems, especially internationally, then its value will still grow just due to the amount of bitcoin stuck in those seconds-long transactions.
Exactly:
Paypal right now is processing about $170 billion per year, and going up by >25% year on year, and of course it is not the only player by any means. And there is no reason to suppose that the growth rate will decline in next five years. So in 5 years' time, we can suppose that the addressable transaction volume for Bitcoin will be at least $500 billion.
In 5 years' time, there will be 17.5 million bitcoins in circulation. Let's suppose that they are all used only to transmit value, with absolutely zero hoarding. A $1000 value would equate to a total value of $17.5 billion. In other words, Bitcoin would have a 3.4% share of the $500 billion "Paypal" market.
In reality, I'm sure it will continue to be held as a speculative store of value, and that of course will send it up against the fiat currencies. So, even if it doesn't get to a 3% share of Paypal's market that quickly, it seems to me to be certain that it will either have disappeared or will have comfortably exceeded the $1,000 benchmark within less than 10 years.
I'd like to understand why somebody thinks a Bitcoin will be worth $1000.
I don't buy into the "Bitcoin as currency" at all. To me it is strictly an electronic
commodity, and a highly speculative one at that. Lack of a stable value
makes a currency completely unworkable, in my opinion.
I don't buy into the "Bitcoin as currency" at all. To me it is strictly an electronic
commodity, and a highly speculative one at that. Lack of a stable value
makes a currency completely unworkable, in my opinion.
Bitcoin is not a currency or a commodity. It's a protocol, like FTP or E-mail or BitTorrent, which allows you to store and transmit value. It doesn't really care what that value is worth. So, even if you discount the speculative commodity-like nature of it, and only use it to send money back and forth like PayPal (USD/EUR -> BTC -> USD/EUR within a few seconds), which is already way cheaper to do with Bitcoin that with other systems, especially internationally, then its value will still grow just due to the amount of bitcoin stuck in those seconds-long transactions.
Ill wait if I have to.
Your opinion
You have not defined time frame, so your question is broken. Bitcoins will certainly reach any chosen value one day. Perhaps in 2013, perhaps in 2015, perhaps in 2133, perhaps after the Casascius coins are unerthed from the underwater archeological site in 6788, perhaps in 1234441, perhaps...The question is: are you able to wait that long?
I'd like to understand why somebody thinks a Bitcoin will be worth $1000.
I don't buy into the "Bitcoin as currency" at all. To me it is strictly an electronic
commodity, and a highly speculative one at that. Lack of a stable value
makes a currency completely unworkable, in my opinion.
Also just inflating my "Post count".
I don't buy into the "Bitcoin as currency" at all. To me it is strictly an electronic
commodity, and a highly speculative one at that. Lack of a stable value
makes a currency completely unworkable, in my opinion.
Also just inflating my "Post count".
well I sure hope so
I think the problem is valuating BTC against a fiat currency. If BTC is to ever become a serious means of exchange, it needs to be unhooked from USD and other fiats. Meaning more sellers of physical goods have to accept BTC for BTC, not to exchange it for USD after.
Hopefully it will but realistically I doubt it.
10000$/BTC
Yay!
Yay!
possible
If Bitcoin wants to reach $1,000 anytime soon people need to stop selling. I'd love to see a silent protest by the Bitcoin holders one day to see what it would do to price.
People would be like "wtf are they doing? they are manipulating things!"-> fear -> selling + no more buying -> guess what
If Bitcoin wants to reach $1,000 anytime soon people need to stop selling. I'd love to see a silent protest by the Bitcoin holders one day to see what it would do to price.
Basically what OP is asking is, "Will bitcoin get a worthy competitor?". If not, bitcoin will reach $1000 some day, just because it is the only game in town. If a strong competitor appears, one that does not have bitcoin's faults, the chances are BTC won't do well.
Currently the market capitalization of bitcoin is still very small. We only need another april mania, and BTC could hit e.g. $400, $500... In my opinion, right now the most probable direction is down.
Currently the market capitalization of bitcoin is still very small. We only need another april mania, and BTC could hit e.g. $400, $500... In my opinion, right now the most probable direction is down.
I never expected it to reach $100 so quickly. If I had I wouldn't have sold so many coins at $10-13! I thought it would stay stable for a long time like it did at $5, then only grow slowly.
I think it depends on how many really wealthy people buy into it, I mean the market cap now is $1 billion. All it would take would be a 10x increase to $10 billion for it to reach $1k/coin.
Rich people in China, the middle east, and of course the US who want to dabble in it could easily push to $10 billion easily.
Another way to boost value would be to see it's use in international trade. You can already see how much easier it is to send bitcoin internationally to buy bitcoin mining equipment. If people in other industries notice, that could be huge.
I think it depends on how many really wealthy people buy into it, I mean the market cap now is $1 billion. All it would take would be a 10x increase to $10 billion for it to reach $1k/coin.
Rich people in China, the middle east, and of course the US who want to dabble in it could easily push to $10 billion easily.
Another way to boost value would be to see it's use in international trade. You can already see how much easier it is to send bitcoin internationally to buy bitcoin mining equipment. If people in other industries notice, that could be huge.
Long to go to reach $1000
i think yes and in near future if the gpu mining going to be profitable
i think it will but will take a few years
Bitcoin may hit $1000 after the next reward halving in 2017. but we could drop to $50 in the short term...
XPM is total SCAM and will die soon and first!
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