Would Bitcoin at this Price limit its Global Adoption?

SOKO-DEKE

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Quote from: mvdheuvel1983 on August 11, 2023, 01:52:55 AM

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

I do not believe that the rising price of Bitcoin can really hinder the adoption of Bitcoin because the rising price of Bitcoin is what will compel people who have not yet purchased Bitcoin to do so because they will believe that the price of Bitcoin will continue to rise, I believe you understand that the greater the demand for Bitcoin, the higher the price of Bitcoin will remain. The most important thing is that individuals need profit, not how much Bitcoin they own. The value of a person's investment, not the number of investments they have, is what matters in any investment. So when the price of Bitcoin increases, I think there will be a greater adoption.

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Quote from: mvdheuvel1983 on August 11, 2023, 01:52:55 AM

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

even without that growth , people are already turned into altcoin many years ago and this is what good makes in competition , because even how many altcoin existed yet bitcoin remains the top and most supported and used.
meaning there is no way that it will lomit the global adoption.
because we must admit that some people are truly into altcoin.

Quote from: Iranus on September 01, 2023, 09:32:26 PM

Quote from: libert19 on September 01, 2023, 08:22:15 PM

Quote from: mvdheuvel1983 on August 11, 2023, 01:52:55 AM

causing them to hold onto seemingly worthless fiat currency?

Why do you call fiat worthless? Crypto has it's use, fiat has it's — both will go hand in hand, none will replace another.

The funny thing is that a lot of people always say that fiat currency is useless, it's rubbish but they invest in bitcoin and at the end of the day they convert their bitcoin into fiat currency to use. They insult fiat on a daily basis but also use it every day and their life cannot exist without fiat.

Indeed, fiat is losing significant value over time, but that doesn't mean it's completely worthless. They still have their own use cases and we're still using them every day. Fiat shouldn't be held for long, that's its downside.

don't blame those who convert their bitcoin into fiat because they have no option as bitcoin is still not adopted and they have no option in using .
even you will surely convert no matter how you trusted and believe this coin.

Ryu_Ar1

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Quote from: mvdheuvel1983 on August 11, 2023, 01:52:55 AM

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

Isn't it in the end when the price goes up there is a condition where demand is high, meaning that when you say you can't afford to buy it is actually like something that is hard to believe when there is a lot of demand that makes the price of bitcoin higher.
On the other hand, we also know together that buying bitcoin does not mean we have to buy 1 bitcoin at a time because in this case whatever money you have if you seriously want to buy bitcoin then everything can be done regardless of profit in the end everything depends on ourselves whether we are willing or not to buy at the risk of higher prices.
Therefore, when we are already serious in bitcoin and try to keep buying at the current price then it is the right thing to do.

ginsan

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Global adoption is not related to the price because they adopt the sophistication of Bitcoin which is better than fiat. OK we will probably hit $100k or more but that's not going to stop a country from adopting Bitcoin. For example, El Salvador, they don't care about the price of BTC because they care about the sophistication that Bitcoin has which can make big changes in improving their economy or everything.

So I agree more that bitcoin is a better change than fiat and a developed country will believe in bitcoin being better than fiat. Bitcoin is a digital currency that has great significance with which one can easily make transactions and no matter how far the price moves because Bitcoin is Bitcoin.

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Quote from: mvdheuvel1983 on August 11, 2023, 01:52:55 AM

will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

One interesting thing that answers your query is that you don't need to buy one full Bitcoin to own or invest in Bitcoin because Bitcoin is divisible into fractions, so anybody can own any amount of Bitcoin that he or she can afford to buy regardless of what price that BTC may be in the future. Therefore, the high price is not going to chase investors away, rather it will even become more attractive for wealth storage, for both the rich and any type of investor.

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Quote from: bayu7adi on September 01, 2023, 09:46:26 AM

BTC is an asset characterized by lightning-fast price fluctuations, even susceptible to manipulation. Let's say BTC hits the price you mentioned, which is 100k, but that won't likely endure if 100k represents its peak. The charts will indicate a more reasonable price correction in the near future.

At that price point, everyone will begin trading at the new market price. Traders will start sketching out support and resistance areas that will serve as the upper and lower bounds of the market price.

So, even if the price reaches 100k, the public will still obtain a reasonable consensus price for BTC. Thus, its adoption will persist. Don't be late to join us.

Not all times the fluctuations are as quick as that. Like for example these past weeks or months, we witnessed the different side of BTC again, and that is when it becomes stable. $100k isn't the only price mentioned by the OP. $100k is still small and it means many people or countries are still not yet involved into it.

The only moment we can say that we already reached our limits in terms of adoption is when BTC is already at its maximum price. It can be $500k or more. If you are not new in the market, you can get used to the change easily and besides there will still be fluctuations that occurs most of the times. The price have only changed but BTC is still BTC.

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Quote from: Fivestar4everMVP on September 01, 2023, 12:00:19 PM

Quote from: superman184 on September 01, 2023, 11:17:48 AM

Quote from: Bazzu on September 01, 2023, 02:18:26 AM

Yes, for example, if people buy BTC in large quantities, there will definitely be potential obstacles in adopting BTC, but in my opinion, the potential is great that there will be no obstacles in adopting Bitcoin because there are definitely people buying and selling. I don't think op no need to worry about this, because in my opinion, even though BTC is already high, of course this won't be an obstacle for anyone who wants to invest in BTC.

If the OP asks about global Bitcoin adoption which may be influenced by the price at that time, I don't think there will be any problems with the price if most people are happy to continue adopting Bitcoin in their own lives. Moreover, if one day the top officials in each country will also agree to this adoption for all the communities they lead, of course this will also make it easier for everyone to invest, trade and use it in the buying and selling sector as you said.

This means that global adoption will not be limited by the price of Bitcoin on the market, because when the price of Bitcoin increases and becomes more expensive than it is today, there are still most people who are happy about it so it will not hinder adoption. happens globally. Likewise, when a price reduction occurs, there are still a large number of people who are happy to take advantage of this condition so that it will also affect the course of adoption which may never stop.

I completely agree with you, price increase will not hinder the adoption of Bitcoin whether it be worth a million dollars or even more, those who can afford to buy and hold bitcoin will still buy and hold, and let's not forget the fact that traders are happy to trade bitcoin at whatever price it is, making money from bitcoin is not just about investing and holding for sometime, trading is also a very good way of making money, so whatever price bitcoin increases to tomorrow, with a great number of traders which is increasing by each and every passing day, we should be rest assured that the trading volume of Bitcoin will never come down to what it used to be 5 years ago, but rather, it will increase to be billions and trillions of Dollars as the crypto market grows..

We need to think more broadly, bitcoin is not only used for investment but it has many different benefits and use cases. So price will never be a barrier to global bitcoin adoption. In the future, once governments legalize and recognize it, which means it becomes more secure and trustworthy, people will use bitcoin according to their needs. Don't forget bitcoin can help us become our own bank, store of value, cross-border payment method and possibly a safe haven...There are many benefits that bitcoin brings, not just investments. So there is no need to worry about bitcoin price being a barrier or not.

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Quote from: libert19 on September 01, 2023, 08:22:15 PM

Quote from: mvdheuvel1983 on August 11, 2023, 01:52:55 AM

causing them to hold onto seemingly worthless fiat currency?

Why do you call fiat worthless? Crypto has it's use, fiat has it's — both will go hand in hand, none will replace another.

The funny thing is that a lot of people always say that fiat currency is useless, it's rubbish but they invest in bitcoin and at the end of the day they convert their bitcoin into fiat currency to use. They insult fiat on a daily basis but also use it every day and their life cannot exist without fiat.

Indeed, fiat is losing significant value over time, but that doesn't mean it's completely worthless. They still have their own use cases and we're still using them every day. Fiat shouldn't be held for long, that's its downside.

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If you mean Bitcoin alone and not including lightning then I have something to say. Before talking about it's global adoption, solve scaling issues first — 7 TPS, several minute transaction confirmation times and the need to pay more so my transaction gets confirmed faster; even on bare minimum you'd be paying 50 cents as fee, now imagine paying 50 cents as fee for $1 purchase. Ridiculous! — these are no feat to become a global currency.

Quote from: mvdheuvel1983 on August 11, 2023, 01:52:55 AM

causing them to hold onto seemingly worthless fiat currency?

Why do you call fiat worthless? Crypto has it's use, fiat has it's — both will go hand in hand, none will replace another.

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Quote from: superman184 on September 01, 2023, 11:17:48 AM

Quote from: Bazzu on September 01, 2023, 02:18:26 AM

Yes, for example, if people buy BTC in large quantities, there will definitely be potential obstacles in adopting BTC, but in my opinion, the potential is great that there will be no obstacles in adopting Bitcoin because there are definitely people buying and selling. I don't think op no need to worry about this, because in my opinion, even though BTC is already high, of course this won't be an obstacle for anyone who wants to invest in BTC.

If the OP asks about global Bitcoin adoption which may be influenced by the price at that time, I don't think there will be any problems with the price if most people are happy to continue adopting Bitcoin in their own lives. Moreover, if one day the top officials in each country will also agree to this adoption for all the communities they lead, of course this will also make it easier for everyone to invest, trade and use it in the buying and selling sector as you said.

This means that global adoption will not be limited by the price of Bitcoin on the market, because when the price of Bitcoin increases and becomes more expensive than it is today, there are still most people who are happy about it so it will not hinder adoption. happens globally. Likewise, when a price reduction occurs, there are still a large number of people who are happy to take advantage of this condition so that it will also affect the course of adoption which may never stop.

I completely agree with you, price increase will not hinder the adoption of Bitcoin whether it be worth a million dollars or even more, those who can afford to buy and hold bitcoin will still buy and hold, and let's not forget the fact that traders are happy to trade bitcoin at whatever price it is, making money from bitcoin is not just about investing and holding for sometime, trading is also a very good way of making money, so whatever price bitcoin increases to tomorrow, with a great number of traders which is increasing by each and every passing day, we should be rest assured that the trading volume of Bitcoin will never come down to what it used to be 5 years ago, but rather, it will increase to be billions and trillions of Dollars as the crypto market grows..

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Quote from: Bazzu on September 01, 2023, 02:18:26 AM

Yes, for example, if people buy BTC in large quantities, there will definitely be potential obstacles in adopting BTC, but in my opinion, the potential is great that there will be no obstacles in adopting Bitcoin because there are definitely people buying and selling. I don't think op no need to worry about this, because in my opinion, even though BTC is already high, of course this won't be an obstacle for anyone who wants to invest in BTC.

If the OP asks about global Bitcoin adoption which may be influenced by the price at that time, I don't think there will be any problems with the price if most people are happy to continue adopting Bitcoin in their own lives. Moreover, if one day the top officials in each country will also agree to this adoption for all the communities they lead, of course this will also make it easier for everyone to invest, trade and use it in the buying and selling sector as you said.

This means that global adoption will not be limited by the price of Bitcoin on the market, because when the price of Bitcoin increases and becomes more expensive than it is today, there are still most people who are happy about it so it will not hinder adoption. happens globally. Likewise, when a price reduction occurs, there are still a large number of people who are happy to take advantage of this condition so that it will also affect the course of adoption which may never stop.

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Quote from: mvdheuvel1983 on August 11, 2023, 01:52:55 AM

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

One vivid point to note is that bitcoin is bitcoin and whatever fragment of bitcoin(satoshi) you have doesn't matter, you mustn't have an entire bitcoin. If bitcoin was to be shared amongst every human on the planet then it will have to averagely be about 11 satoshi per person. If this is the case, then who cares if you have a whole unit of it or not.

Secondly, the price of bitcoin can not hinder massive adoption of bitcoin nor crypto entirely, if the total bitcoin or crypto market valuation goes beyond the FX market then we will see huge drift into the crypto currency space from conventional investors. Massive adoption is a must and price appreciation, is no hindrance.

And to price speculators, this is not the first time we have heard such, McAfee speculated something similar within such narrow time frame and we are not there yet. Bother less about speculations and just live in the moments.

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Quote from: Wend on September 01, 2023, 07:46:57 AM

Quote from: demonica on September 01, 2023, 07:03:54 AM

I don't think it's the price that limits Bitcoin adoption. There's a lot of external factors that contributes to why people don't want to invest in Bitcoin or why a lot of people still have no idea about Bitcoin. For me, the higher the price Bitcoin gets, the more people will be interested to learn and follow the trend. Since of course, if the price increases, news and updates on social media will be there that could get other people's curiousity. FOMO

Also, regardless of its price, whether it's high or not, people can still buy Bitcoin. It will just depend on how many Bitcoin or Satoshi they can afford to buy. So it's not really a limitation if they are really interested in Bitcoin since they can start from small or any amount they can afford.

Bitcoin price is not really a constraint on global bitcoin adoption. But the problem of bitcoin being too high is an obstacle for many new investors.
They have the misconception that the price of bitcoin has risen too high and investing in it is no longer profitable. So, they turned to investing in shitcoin and suffered unnecessary losses. But this happens not only to new investors but even old investors, I know a lot of people who are investing in shitcoins hoping to get high returns but don't dare to admit it here.

Knowing the price of Bitcoin by new investor trying to enter the market are the reason for them to be scared. Which is not actually since there's no late comers in Bitcoin as long as you hodl it and you can start slowly by investing at low investment first to test it out. Plus it's volatility is one of the factor, for sure if you are not yet fully experienced in this industry and not yet knowledgeable you would panicked with constantly changing value. But for now it's stabilizing since more people are starting to have diamond hands as few people selling their coin cause Bitcoin rely on supply and demand. Shtcoins, memecoins or altcoins could be actually a good investment for a quick-flip due to high volatility of the coins. There's nothing wrong in exploring and trying out new coins but don't expect too much on it cause it's not like BTC.

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Quote from: mvdheuvel1983 on August 11, 2023, 01:52:55 AM

Michael Saylor stated that people buy Bitcoin at the price they deserve. Just a few days ago, Adam Back made a bet on Twitter that Bitcoin would reach $100,000 by March 31st, 2024. Here's a concern I have, do you think the predicted increases in Bitcoin's price to $100,000, $200,000, $500,000, etc. will limit its global adoption? Since the price will be so high, the average person might not be able to afford a substantial amount of it. As a result, they might seek alternatives, potentially hindering global adoption. Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

It doesn't quite add up. Basing adoption solely on the price of Bitcoin is a narrow perspective. Bitcoin's value could indeed rise to $1 million each, but what truly drives adoption is its utility in online transactions. Regardless of the price, the key factor is Bitcoin's ability to maintain stability and serve effectively as a payment system. The more people trust and use it for transactions, the more significant its adoption will be.

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BTC is an asset characterized by lightning-fast price fluctuations, even susceptible to manipulation. Let's say BTC hits the price you mentioned, which is 100k, but that won't likely endure if 100k represents its peak. The charts will indicate a more reasonable price correction in the near future.

At that price point, everyone will begin trading at the new market price. Traders will start sketching out support and resistance areas that will serve as the upper and lower bounds of the market price.

So, even if the price reaches 100k, the public will still obtain a reasonable consensus price for BTC. Thus, its adoption will persist. Don't be late to join us.

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Well, i don't know how best to say this, but the truth is that I've also had some thoughts about this and I've always thought about what the reaction of people will be towards buying and holding when the price finally skyrockets either if the speculated prices.
Well, I've always believed that, there is no late time in buying bitcoin and whenever one has the money and capacity to buy, they shoukd do so and that's why the DCA method to accomolation is always encouraged for people who can't afford to buy a whole portion of bitcoin.

Well i don't know of the possibility of bitcoin reaching $100k by march 2024 but I don't think the price increase will stunt bitcoin acceptance

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Quote from: demonica on September 01, 2023, 07:03:54 AM

I don't think it's the price that limits Bitcoin adoption. There's a lot of external factors that contributes to why people don't want to invest in Bitcoin or why a lot of people still have no idea about Bitcoin. For me, the higher the price Bitcoin gets, the more people will be interested to learn and follow the trend. Since of course, if the price increases, news and updates on social media will be there that could get other people's curiousity. FOMO

Also, regardless of its price, whether it's high or not, people can still buy Bitcoin. It will just depend on how many Bitcoin or Satoshi they can afford to buy. So it's not really a limitation if they are really interested in Bitcoin since they can start from small or any amount they can afford.

Bitcoin price is not really a constraint on global bitcoin adoption. But the problem of bitcoin being too high is an obstacle for many new investors.
They have the misconception that the price of bitcoin has risen too high and investing in it is no longer profitable. So, they turned to investing in shitcoin and suffered unnecessary losses. But this happens not only to new investors but even old investors, I know a lot of people who are investing in shitcoins hoping to get high returns but don't dare to admit it here.

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I don't think it's the price that limits Bitcoin adoption. There's a lot of external factors that contributes to why people don't want to invest in Bitcoin or why a lot of people still have no idea about Bitcoin. For me, the higher the price Bitcoin gets, the more people will be interested to learn and follow the trend. Since of course, if the price increases, news and updates on social media will be there that could get other people's curiousity. FOMO

Also, regardless of its price, whether it's high or not, people can still buy Bitcoin. It will just depend on how many Bitcoin or Satoshi they can afford to buy. So it's not really a limitation if they are really interested in Bitcoin since they can start from small or any amount they can afford.

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Quote from: vv181 on August 11, 2023, 08:45:21 AM

What the hell did you mean? It is basic Bitcoin knowledge that it can be bought in a fraction amount. And it is a known regular misconception about Bitcoin.

Your account is made in 2013, assuming it is true, I can't believe you still fall, in fact, worrying, about that kind of wrongful information. Unbelievable. People buy gold, but they ain't buy a ton of it, they buy a fraction, and it also applies to another commodity. What make you think it can't be applied to Bitcoin!?

But let's say your concern is simply that people can have a substantial amount of bitcoin. I do not know how much you pictured when you said substantial, but it is just how the market works. There will be a buyer and seller. People did not essentially has to own a significant amount of bitcoin.

Yes, for example, if people buy BTC in large quantities, there will definitely be potential obstacles in adopting BTC, but in my opinion, the potential is great that there will be no obstacles in adopting Bitcoin because there are definitely people buying and selling. I don't think op no need to worry about this, because in my opinion, even though BTC is already high, of course this won't be an obstacle for anyone who wants to invest in BTC.

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Quote from: Silberman on August 26, 2023, 10:33:48 PM

Quote from: Fivestar4everMVP on August 26, 2023, 09:00:09 AM

To me , Bitcoin can never be too expensive , even if the price reaches $1 million dollars , there are more than enough billionaires and trillionaires in the world who can still afford to buy a hand full of Bitcoin at such a price , Bitcoin is a digital asset that will span from generations to generations, this means that we are still very early in this ,and that the current price of Bitcoin is still like $0.05 cents compared to what the price of Bitcoin will be in 50 to 100 years to come..

And no matter how high the price of Bitcoin becomes , it won't stop it's adoption, though some will still look to alternative currencies like altcoins , but those who have the money will still transact in Bitcoin as they want .

While it is true that those which have not adopted bitcoin yet may think it is unfair they have to pay so much money for an asset others got almost for free, at the same time it is not as if they can do anything about it, so if bitcoin is a tool they need to use, maybe because the fiat of their country is experimenting a huge level of inflation or they just want to speculate with the price, at the end they will forget their misgivings and buy bitcoin anyway.

I agree that the price of bitcoin is not a barrier to its popularity, as long as it can provide necessary utilities for people, people will always be willing to buy it.

@Fivestar4everMVP, but saying $1 million worth of bitcoin isn't expensive is not true. if it wasn't too expensive, could you buy 1bitcoin right now? maybe at that price, it's not expensive for the above billionaires, but the rest of the world is too expensive to own bitcoin. and I also know that we still have Satoshi units, but does it make any sense that we only have a few satoshi?

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