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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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.

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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?

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 .

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There's always a rich people who're richer than the rich! if those trillionaires people spend all of their money to buy Bitcoin, I can't imagine how much Bitcoin price now. If someone can't afford to buy Bitcoin, take it simple, the market isn't for you. So if you want to buy Bitcoin, you need to work hard and find other income sources to get more money.

There's no exact time or price Bitcoin adoption will stop even all countries already ban Bitcoin.

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Quote from: posi on August 24, 2023, 05:36:09 AM

Why are volatile transaction fees limiting bitcoin's global popularity? If talking about bitcoin, I don't see any restrictions preventing its popularity. If we talk about the bitcoin barrier then I think it is the government, the biggest barrier preventing bitcoin from really becoming popular. As for the bitcoin price, the price movement will depend on its popularity, the wider the popularity, the higher the demand for it. When the demand is high, the price will be more high.

We make transactions every day. At the moment, bitcoin community is very small and even sudden increase in transactions clogs the mempool and causes abnormally increase in transaction fees. If the number of bitcoin users and bitcoin transactions double or triple, then we won't be able to make cheap BTC transactions, in other words, we won't be able to send/receive bitcoin unless we pay high amount of money and are willing to wait for hours or days. This is not beneficial for massive global adoption, otherwise, we can confidently say that right now you can send and receive bitcoin transactions from any place to any place, doesn't matter where you are.

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Quote from: OcTradism on August 24, 2023, 06:29:44 AM

Quote from: KiaKia on August 24, 2023, 06:04:50 AM

At this point it's all about getting a piece of the pie, you don't have to buy 1 Bitcoin to be a Bitcoin investor and there is nothing to rush for, you can gradually keep accumulating Bitcoin and in time you will get to your dream amount you have always wanted.

Bitcoin is well designed by allowing Bitcoin users to move it in satoshi unit and pay transaction fee in satoshi unit too. You mentioned a good point that people never have to buy 1 BTC as a condition to own bitcoin. They can buy 1, 0.1, 0.001 BTC, whatever amount that fits with their available capital.

Only condition is they must take into account on-chain transaction fee and make sure they will not have like nearly nothing after one on-chain transaction, one withdrawal from a centralized exchange. $10 or $50 is enough small capital to buy and own bitcoin but I know $10 and $50 is big capital with many people.

Which could be considered not big when you think about where you can store it. If you deposit some money into binance for example, you are not going to spend a dime (depending on the bank) for sending your fiat to binance, that's free. On top of that, you spend like what 0.025 or something to get bitcoin with it? Just the trading fee, whatever it was. That means that you are going to spend very little, and no matter how tiny your capital was, you are going to end up with something you will be doing fine.

I hope that we could end up with the understanding that you do not have to be rich in order to make money in the crypto world, you could keep on making profit and should just end up with as much holding as possible even with small amounts.

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

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.

There are eight bits after the whole number separated by a decimal point. It means that people can always buy in bits if they can't afford a whole Bitcoin. We mustn't all buy one Bitcoin to ensure we own it. Little buys here and there is the encouragement Bitcoin needs to forge ahead and get to the goal of mass adoption.

To your other question, nope. I don't believe the monumental price increase of Bitcoin will discourage anyone from buying or investing in it. We've to recollect that at some point Bitcoin traded for less than $1. If it didn't discourage anyone investing when it got to over $10, $100, $1k, $10k, I don't see why it should when it gets to $100k.

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Quote from: dezoel on August 25, 2023, 03:30:20 PM

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The price of Bitcoin can impact its global adoption in several ways, both positively and negatively. But it is necessary to keep in mind that the price is not the only factor which is influencing the global adoption. The other factors, such as technological developments, ease of use, regulatory clarity, market infrastructure, and awareness campaigns, do paly an important roles in driving adoption.

Well, to be honest, the price of Bitcoin might not be the only influence on global adoption but it is obviously the only reason why global adoption has such a high pace. I'm pretty sure that most of the people that are getting into Bitcoin and cryptocurrencies these days barely care about what they offer as a technology but all they care about is how much they can earn after a certain period of time if they invest a certain amount because that is their main focus.

Those who adopted Bitcoin initially when it's price was not this high were the people who did it for the innovation that it is and the use cases that it provides, but nowadays, things are pretty different. A newbie investor will barely know how Bitcoin operates and how the transactions go through.

The price increase of Bitcoin has caught the attention of many who are more "FOMO-driven" than genuinely tech-curious. It wasnt all that long ago, but back then it was all about ushering in the free new world order and destroying the old. Back then, Bitcoin enthusiasts resembled the tech hippies of business.

It feels different now. There is a new generation of Bitcoin supporters who dont necessarily support the project's original objectives, but who can we blame? Even if they can overshadow the technology that made them possible, profits can be difficult to refuse. What do you know, though? As time goes on, I believe more and more people will research Bitcoin and learn why its more than simply a virtual gold rush.

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Quote from: ?? on ??

The price of Bitcoin can impact its global adoption in several ways, both positively and negatively. But it is necessary to keep in mind that the price is not the only factor which is influencing the global adoption. The other factors, such as technological developments, ease of use, regulatory clarity, market infrastructure, and awareness campaigns, do paly an important roles in driving adoption.

Well, to be honest, the price of Bitcoin might not be the only influence on global adoption but it is obviously the only reason why global adoption has such a high pace. I'm pretty sure that most of the people that are getting into Bitcoin and cryptocurrencies these days barely care about what they offer as a technology but all they care about is how much they can earn after a certain period of time if they invest a certain amount because that is their main focus.

Those who adopted Bitcoin initially when it's price was not this high were the people who did it for the innovation that it is and the use cases that it provides, but nowadays, things are pretty different. A newbie investor will barely know how Bitcoin operates and how the transactions go through.

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Quote from: xSkylarx on August 24, 2023, 09:25:03 AM

Quote from: posi on August 24, 2023, 05:36:09 AM

Quote from: Synchronice on August 24, 2023, 05:25:46 AM

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?

Does it really matter if you hold 1 bitcoin or 0.0001 bitcoin if you have no problem to make a transaction? Bitcoin will only be useless if the price of 0.00000001 BTC will be a dollar or something like that. Even that won't be a problem if we are able to send transaction with low fees. I think there is nothing to worry about the bitcoin's price, the only real thing that limits its global adoption is transaction fee that fluctuates.

Why are volatile transaction fees limiting bitcoin's global popularity? If talking about bitcoin, I don't see any restrictions preventing its popularity. If we talk about the bitcoin barrier then I think it is the government, the biggest barrier preventing bitcoin from really becoming popular. As for the bitcoin price, the price movement will depend on its popularity, the wider the popularity, the higher the demand for it. When the demand is high, the price will be more high.

The government is really the hindrance of this because lots of countries are banning it, meaning that people don't want to break the law as it is illegal to them. Even though some people want to use Bitcoin, they don't have a choice, and even others will use it, but only a few of them as it is illegal. Volatility is also one of the features that people liked, and I don't see it as something that stops people.

Not everyone likes the volatility of bitcoin, especially those who are considering it as a payment method. Besides there are also many investors who also don't like its volatility, I have a few friends who are forex traders and they also know about bitcoin. But they don't invest in it because they consider it too volatile and they prefer slow but safe rather than too volatile leading to high risk. Not everyone like us likes to take risks for high returns.

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Quote from: Solokan on August 24, 2023, 08:37:55 AM

in this case, of course, we have to look at history, namely btc has always had a rising price and always forms new ath, but there are always people who dare to buy even though the price is already high, so in my opinion, in this case there are 2 possibilities, namely there will be people who dare to buy btc and some don't, and usually before buying people always do research and analyze technically and fundamentally so if in terms of technical and fundamental analysis btc has the potential to go up, people will dare to buy btc because it is based on technical and fundamental analysis.
so in my opinion in this case it depends on the situation and conditions.

indeed, btc has always formed new ath, and people have always speculated that btc will have the potential to form a new ath, when in fact we won't know what will happen in the future, I don't think we will know whether in the future btc going to go up to $500k or not.

regarding the topic discussed by the op, I agree with your opinion, in this case it depends on the situation and conditions and indeed if there is good news, usually the price of btc always goes up and fundamentally, usually people always dare to buy even though the price is already high.

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Actually, I'm also confused about answering this question, because if you buy BTC, the price is already too high, for example $ 300k, I'm a bit confused too, because in my opinion, if the price of BTC is higher, the risk will also be higher, but I'm sure that if the price of BTC is already high there will also be a lot of people who adopt it because fundamentally people are always afraid to miss the train.

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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?

In my opinion not really since we could still Hold or Buy Bitcoin even though it wasnt a big amount of Bitcoin, I mean you could still buy just 10$ amount of bitcoin or even lower and it would still be the same you wouldnt really need to buy 100,000$ worth of bitcoin as 1 bitcoin you just you could say that you earn a Bitcoin right. So i dont think it is going to limit the Global adoptation for sure people might which to other alternatives but for sure it is still going to be in cryptocurrency maybe they might or just invest on Ethereum rather than Bitcoin just because they want to earn more profit, Because its gonna be difficult to make profit on Bitcoin when the market price is just too high meaning its gonna need to double its market price so that you could make a x2 profit on it compared to other altcoins which could x100 or even higher.

Cryptocurrency and Bitcoin is aalready recognized around the globe and compared to the passed years it really is increase since it is already adapted on a lot of platforms out there and even banks already recognized and support it.

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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 support Michael saylor as many individual ignore the signs that Bitcoin will be big in future to make their investment when the price of Bitcoin is still low, they choose to believe the rumors of Bitcoin not going to succeed but when they see bitcoin making the news for price increase it's then they'll want to invest but it'll be already late to buy Bitcoin cheaps. Many individual prefer to buy something when it's already famous instead of trusting a new innovation when it's still new.

The excess price of Bitcoin when it gets as high as those value won't push people away but will make them interested in Bitcoin the more, people will feel they have missed out but it won't stop them from wanting to invest because they'll know there's going to be more growth.

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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 am going to just be straight with you and answer a yes.
If BTC reaches the price you mentioned, more persons who are just getting onboard the crypto currency train might be discouraged and opt for perhaps other altcoins or shitcoins they find available.
The best bet right now for anyone who still feels behind is to try and purchase some BTC, while the price is rather still affordable and DCA or HoDL for long as possible.

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This is nothing than being volatile as it has always been going dip and rising up as well on different occasions, bitcoin is not a currency that should take fear in us before believing on what it could offer on us amidst every occasions of it going bearish, we should also count on the several times it has been high achieving it all time demands with investors making profits through their investments, we shouldn't only consider the bear alone at this, both bear and bull have to be in consideration.

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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?

This is the more reason why we need to buy more Bitcoin at each discounted price such as the lady discount price a few days ago and also haven't stocked a higher percentage of Bitcoin before the start of the next year which 2024 which his Saylor is predicting such price increase and this is what makes it more pronounced in the way Michael Saylor through his company micro strategy have consistently buy more Bitcoin and this is ok for him.

But in my own market predictions, I didn't think that a $200k or $100k price won't limit the rate of Bitcoin adoption since Bitcoin can be bought in its very bits so no matter the price of Bitcoin new investors can still come in, but the possible volatilities that we have right now .ay not be so when Bitcoin achieve such high price

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Quote from: Kakmakr on August 24, 2023, 12:31:50 AM

You do not have to own and hoard a significant amount of Bitcoin to use it as a currency. You can buy a couple of Satoshi for a dollar or two and still be able to use it.

On the other hand... if you want to buy it as an investment, then the same thing apply.. you buy small amounts on a continuous basis, until you have a significant amount of coins. (Rome was not built in a day.... you build it brick by brick over a long period) Wink

buying small amounts or just a few sats for an amount of 2 dollars or more will help anyone owning Bitcoins. but that also comes at a cost, and a very good platform to use is the Lightning Network with a small purchase amount and a very low fee. Bitcoin provides many conveniences, there are no restrictions on global adoption when bitcoin has become a trusted currency. But will it really happen, while currently the pros and cons remain. Bitcoin is a well-known commodity currency in several countries.

I am also a bitcoin investor, buying bitcoins when they are gradually cheaper. With a certain time span, buying will gradually make bitcoin ownership more and more as long as you don't sell it. We only need to sell when a new ATH is reached.

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If a person has, like, $100 to invest, it doesn't matter for much BTC that can buy, as there's always some amount, and unless it's one of those rare unfortunate periods of crazy fees, a person can invest comfortably at $25k or $250k. If someone's worried about the way it sounds, a simple solution is to use mBTCs or even sats to talk about the invested amount.
But there's another side to it, namely that since Bitcoin keeps growing, a lot of people don't want to spend it and consider it a valuable investment asset. That can increase the number of people who interact with Bitcoin but perhaps hinder global adoption of Bitcoin as a form of payment.

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Please, lets not get caught up in the boring details of Bitcoin's price tag. Look, Michael Saylor and Adam Back both have their own points of view, but we're stuck on a train of thought that keeps going around the price stop. Get up! Bitcoin can be broken down to eight decimal places. Even if one Bitcoin reaches $500,000, someone can still own 0.00001 of it.

And you're worried that people will turn to other things? Do it! History shows that competition drives development. If the price of Bitcoin turns some people off, they can look for other options. Bitcoin doesn' need everyone to use it to prove that it has value. And, oh, clinging to fiat? How come? You'd rather drown in paper money thats sinking than change? No one can stop history. Dont fall behind by holding on to old fears. Change, my friend. It never stops.

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Quote from: posi on August 24, 2023, 05:36:09 AM

Quote from: Synchronice on August 24, 2023, 05:25:46 AM

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?

Does it really matter if you hold 1 bitcoin or 0.0001 bitcoin if you have no problem to make a transaction? Bitcoin will only be useless if the price of 0.00000001 BTC will be a dollar or something like that. Even that won't be a problem if we are able to send transaction with low fees. I think there is nothing to worry about the bitcoin's price, the only real thing that limits its global adoption is transaction fee that fluctuates.

Why are volatile transaction fees limiting bitcoin's global popularity? If talking about bitcoin, I don't see any restrictions preventing its popularity. If we talk about the bitcoin barrier then I think it is the government, the biggest barrier preventing bitcoin from really becoming popular. As for the bitcoin price, the price movement will depend on its popularity, the wider the popularity, the higher the demand for it. When the demand is high, the price will be more high.

The government is really the hindrance of this because lots of countries are banning it, meaning that people don't want to break the law as it is illegal to them. Even though some people want to use Bitcoin, they don't have a choice, and even others will use it, but only a few of them as it is illegal. Volatility is also one of the features that people liked, and I don't see it as something that stops people.

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Quote from: bluebit25 on August 24, 2023, 03:46:37 AM

Restrictions do not mean that everyone owns bitcoin, that someone can put millions of dollars to invest in bitcoin for their own purposes, or even if they buy bitcoin for $1, they need it. thinking that buy to do? I don't think bitcoin will be the limit here, as the crypto market has a close connection between many things, and the emergence of altcoins and other things only increases bitcoin exposure and vice versa.

Let's not forget about derivatives. The biggest use case for Bitcoin, like it or not, is speculation and I dare wager the majority of people who have ever placed a brt or traded Bitcoin never actually interacted with it, much less owned it.

Price simply doesn't matter with adoption. Merchants and users don't necessarily need to own it, merely use it as a medium pre fiat settlement. And speculators don't care how many units of BTC they have when they invest in dollars.

Platforms don't care either. PayPal can sell 1000s of BTC, it's all numbers on their account. No real coins behind them. Still counts as adoption. Or exposure. Not by me, but by practical measures.

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in this case, of course, we have to look at history, namely btc has always had a rising price and always forms new ath, but there are always people who dare to buy even though the price is already high, so in my opinion, in this case there are 2 possibilities, namely there will be people who dare to buy btc and some don't, and usually before buying people always do research and analyze technically and fundamentally so if in terms of technical and fundamental analysis btc has the potential to go up, people will dare to buy btc because it is based on technical and fundamental analysis.
so in my opinion in this case it depends on the situation and conditions.

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It doesn't matter when the price spikes and it reaches another new level of ATH again because those who can't afford it can just simply buy satoshis that are worth how much they are willing to invest in bitcoins in the meantime. it won't affect the people much but for the early investors, it will become the best moment of their life since their patience and perseverance are now paid and they are ripping the fruits of their success. Sometimes people worry about things that don't really concern them when the truth of the matter is, when something like that happens, I'm sure people will quickly adjust and do the things they are convenient.

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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 don't think Bitcoin price would hinder it's adoption, as long as people still value everything with USD (and other fiat) and fiat is still the main currency to be used, then there will be no problem how much is Bitcoin price, people will still value service and goods based on USD, Bitcoin will only be used as a tool to transfer the value of those fiat.

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Quote from: KiaKia on August 24, 2023, 06:04:50 AM

At this point it's all about getting a piece of the pie, you don't have to buy 1 Bitcoin to be a Bitcoin investor and there is nothing to rush for, you can gradually keep accumulating Bitcoin and in time you will get to your dream amount you have always wanted.

Bitcoin is well designed by allowing Bitcoin users to move it in satoshi unit and pay transaction fee in satoshi unit too. You mentioned a good point that people never have to buy 1 BTC as a condition to own bitcoin. They can buy 1, 0.1, 0.001 BTC, whatever amount that fits with their available capital.

Only condition is they must take into account on-chain transaction fee and make sure they will not have like nearly nothing after one on-chain transaction, one withdrawal from a centralized exchange. $10 or $50 is enough small capital to buy and own bitcoin but I know $10 and $50 is big capital with many people.

Quote

There is no limitation to Bitcoin's global adoption, even 1 Bitcoin can be shared among thousands of people.

By above reasons, no such limit to prevent bigger adoption for Bitcoin.

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At this point it's all about getting a piece of the pie, you don't have to buy 1 Bitcoin to be a Bitcoin investor and there is nothing to rush for, you can gradually keep accumulating Bitcoin and in time you will get to your dream amount you have always wanted.

Do not think that because Bitcoin is high in value it will keep people away, the adoption of Bitcoin is growing even further than in past years. I believe that in the future the adoption rate will become even higher.

There is no limitation to Bitcoin's global adoption, even 1 Bitcoin can be shared among thousands of people.

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If the price rises, then from this we understand that there are more people buying bitcoins than people who sell it. It speaks of the interest of people and the fact that people believe in it.
History tells us that when the price rises, more people want to buy this product, because people think that the price will continue to rise and they will miss the chance to earn
For people for whom the price of bitcoin is very high, there is an opportunity to buy in parts, so it is available to almost everyone. This is a big plus
No matter how much bitcoin costs at different points in time, it must be remembered that the price of bitcoin is not stable and can change greatly

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Quote from: Synchronice on August 24, 2023, 05:25:46 AM

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?

Does it really matter if you hold 1 bitcoin or 0.0001 bitcoin if you have no problem to make a transaction? Bitcoin will only be useless if the price of 0.00000001 BTC will be a dollar or something like that. Even that won't be a problem if we are able to send transaction with low fees. I think there is nothing to worry about the bitcoin's price, the only real thing that limits its global adoption is transaction fee that fluctuates.

Why are volatile transaction fees limiting bitcoin's global popularity? If talking about bitcoin, I don't see any restrictions preventing its popularity. If we talk about the bitcoin barrier then I think it is the government, the biggest barrier preventing bitcoin from really becoming popular. As for the bitcoin price, the price movement will depend on its popularity, the wider the popularity, the higher the demand for it. When the demand is high, the price will be more high.

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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?

Does it really matter if you hold 1 bitcoin or 0.0001 bitcoin if you have no problem to make a transaction? Bitcoin will only be useless if the price of 0.00000001 BTC will be a dollar or something like that. Even that won't be a problem if we are able to send transaction with low fees. I think there is nothing to worry about the bitcoin's price, the only real thing that limits its global adoption is transaction fee that fluctuates.

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l don't think that the bitcoin price increase will limit its global adoption, because more people will see bitcoin as a thing that has unstoppable value and continue to go for it. They will continue to go for the amount that they can afford and probably hold it for future dealings. Investors will also go more for it as the price continues to increase, and hold it for later date, to enable them make reasonable profit. By this, more people globally will continue to adopt it.

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It doesn't make sense if someone don't want to buy Bitcoin when the price already hit some exact price. Remember there are so many people predict Bitcoin price will hit $100,000 when the current Bitcoin price is $26,000, then when Bitcoin already reach $100,000, there's will be another speculator come up to speculate Bitcoin will hit higher price and it keep continue. Bitcoin adoption has no limit, it will keep growing.

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Restrictions do not mean that everyone owns bitcoin, that someone can put millions of dollars to invest in bitcoin for their own purposes, or even if they buy bitcoin for $1, they need it. thinking that buy to do? I don't think bitcoin will be the limit here, as the crypto market has a close connection between many things, and the emergence of altcoins and other things only increases bitcoin exposure and vice versa.

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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 won't be a hindrance because you can buy Bitcoin by not buying it as a whole; you can buy it by sats or only what you can afford because it is still the same value but not bigger. I am not sure if it will stop people from buying it, but what I am sure of is that it will still be adopted by people because it is a huge price, meaning if it is a huge price, they will find a way to earn it, and the price is still volatile at that time because it is still in the adoption phase and there are countries legalizing it.

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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?

If the price goes up, as you say, and it starts to become expensive for people, the price will start to fall as the number of people who can afford it goes down. That will bring balance. It may not be desirable for Bitcoin to reach a level where it is inaccessible to all but a small number of people. Because every good must have a buyer. I would prefer that the price stays stable after a reasonable level and that Bitcoin transactions can be done without volatility and reach a wider audience.

For this to happen, the price needs to reach a good level, Bitcoin needs to be accepted by governments and its usage area needs to be expanded.

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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?

There was one thread that the OP that asked if everyone in the world can have access to bitcoin. He fears that people might not have access to it because many companies or individuals might be holding most of them. The common answer to his questions was that bitcoin can be sold in bits which can give more people the privilege to own it. The divisibility of bitcoin will make more sense and meaning if the price gets to $100k, $200k, or $500k because at least a few satoshis can buy something reasonable. This will allow bitcoin to be used as a currency and promote acceptability and adoption. The beauty of Bitcoin is that its divisibility gives both the rich and poor the privilege of owning it.

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You do not have to own and hoard a significant amount of Bitcoin to use it as a currency. You can buy a couple of Satoshi for a dollar or two and still be able to use it.

On the other hand... if you want to buy it as an investment, then the same thing apply.. you buy small amounts on a continuous basis, until you have a significant amount of coins. (Rome was not built in a day.... you build it brick by brick over a long period) Wink

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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?

You don't have to hold or own one whole bitcoin to bring "global adoption". You can still buy fractions of coins and use it like a regular currency. If you can afford to buy $1,000 worth of bitcoin, then buy it. You can still make profit from it and it is never too late. Like you mentioned, the prediction price "increases" eventually, which means that eventually the $1,000 you are holding will turn into $5,000. Still better than not buying anything because you think that the price is high. On other hand, if you still want to whole "whole" coins, then go look for other good altcoins and buy them.

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if bitcoin reaches a very high price for example it goes up to $500k I think for sure people will speculate that btc will potentially go up again to $1000000 so I think in this case no one will know and we'll see and hopefully the price of btc in the future penetrated more than $1000000 but in this case, usually people, when they see that the price has gone up, are still willing to buy and some are not.

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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?

If anything the high price of bitcoin has increased its adoption, since we have some people that use bitcoin for its intended purpose but we have many other people that use bitcoin as a way to earn money, and it is obvious its high price is the main reason for this, now would some people find the price of bitcoin too high and decide against using their fiat to buy it as they will be unhappy with paying so much when others paid so little? I think there will be people like that but they will be a minority.

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Quote from: ImThour on August 11, 2023, 03:30:33 AM

You know why Bitcoin has so many decimal values? To make it adopted globally even after it goes to 1 million USD per Bitcoin. You can buy any x amount of satoshis.
1 satoshi = 0.00000001 Bitcoin. So when Bitcoin reaches $10,000,000 1 satoshi will be equal to $1. And still will be able to buy by the normal person and spend it like a normal person.

In fact, it will become much more easier to use as the movement of big amount will stop and smaller transactions will be done on new technology or lightning network and we all will know that 1 satoshi is what we need to pay for $1.

Yep, this should be the simplest explanation for the people who is worried about how bitcoin is going to be adopted when it's only limited in supply and it's price is consistently increasing. I thought all people who have been involved in crypto already knew these.
No matter how high the price is, there will always be a few fractions of bitcoin to be allocated with the people who wants to have bitcoin in the future. Therefore, the continued rise in value and the limited supply of bitcoin is not gonna be an issue for global adoption.

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I think if bitcoin price reach $100000 or higher then the number of bitcoin adoption will increase a lot because many news about it will spread around the world. I think there is no problem with the price, because people still can buy some satoshi, honestly I am so optimistic that btc price will surpass $80k or more.

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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?

Over the past, we have seen much of this kind of prediction from influential bodies and top financial advisors, but it always appears not to be happening as we expect it to. Those who predict the price are not going to actually use their hands in making it happen, and we should give much attention to such predictions, as higher expectations can give us an expected disappointment.

There could be possibilities for bitcoin to break its all-time high in the coming year, which is 2024, but when we can see that new ATH, I really don't think anyone can give an exact date of that, so until that happens, we should just have a lower expectation, assuming everyone was taking the prediction of Ark Invest, led by Cathie Wood, that a million dollars was made and people rushed to accumulate more than they planned to with the hope of getting a lot of profit. What do you think would have happened to many?

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No, I don't see any reason from those predictions limit people from entering and adopt Bitcoin. Yeah, it may sound intimidating if these predictions keep on coming and the price actually reaches to those figures. But I don't see that this simple reason could affect the global adoption. Whenever the market turns into the bull run, that's how everyone is going to be back at it. The more action that people are seeing in the market regardless of the price and predictions that many are projecting, entering is going to be quicker than what we're expected and that's what typically we see.

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Quote from: Asiska02 on August 23, 2023, 03:26:19 PM

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?

I don’t agree or believe that this will limit its global adoption. The global adoption of bitcoin does not depends on the speculation made by bitcoin enthusiasts alike but on the positive side it’ll have for them when they invest in it. Adam Back speculation can be seen as a positive one and if he had speculated before and turned to be true, his speculation this time around will just make more people to buy bitcoin and sell at an higher price later.

Aside from that if the price told by these positive speculators are realized, I think, it will even trigger global adoption since hype and FOMO will be triggered just like in every cycle where Bitcoin breaks its ATH. There are new money injected to the Bitcoin market, and new companies from different world are created to integrate and ride the Bitcoin popularity during this events.

Quote from: Asiska02 on August 23, 2023, 03:26:19 PM

Quote

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?

You don’t need to have a substantial amount of bitcoin before you can make it big in bitcoin. All fingers are not equal and the amount you’re able to afford will be the same profit you’ll earn later when theres increased value in the price of bitcoin. The excessively high price should only give the people more hope that bitcoin will continue to increase, and that should convince them to join instead of procrastinating on when to opt in or wait.

It is a good thing that Bitcoin is divisible and there is a unit known as satoshi. If one can't afford 1 BTC he can always buy the fraction of it in satoshi. So it is wrong to say that buying Bitcoin is impossible when its price reaches to $200k or more. Any one can still buy Bitcoin in fraction and in as small amounts or maybe lower than $5.

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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?

I don’t agree or believe that this will limit its global adoption. The global adoption of bitcoin does not depends on the speculation made by bitcoin enthusiasts alike but on the positive side it’ll have for them when they invest in it. Adam Back speculation can be seen as a positive one and if he had speculated before and turned to be true, his speculation this time around will just make more people to buy bitcoin and sell at an higher price later.

Quote

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?

You don’t need to have a substantial amount of bitcoin before you can make it big in bitcoin. All fingers are not equal and the amount you’re able to afford will be the same profit you’ll earn later when theres increased value in the price of bitcoin. The excessively high price should only give the people more hope that bitcoin will continue to increase, and that should convince them to join instead of procrastinating on when to opt in or wait.

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That’s a dream price and yes if peeps are not going to buy now then they are definitely going to miss it. However what amazes more is these rich peeps are always having very high expectations. I don’t know if they are just doing it out of thin air or there is really a basis for the same? May be they just do these conversations over social media way intentionally so that they can drive the public to get involved and may be start buying new positions. This could benefit them with the time as they are always in the possession of huge amount of Bitcoin. The net effect could be as equal to as insider trading by driving the market up. I don’t know, it could Far fetched but have you seen their predictions? Always off the roof.

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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 is a really great question! I always say one thing - Bitcoin is a great asset to hold but it's not a great currency. It is expensive and slow compared to many other crypto or fiat related currency systems we have available in the market. So I don't think the high price will not hinder its global adoption. rather, it will be regarded as the greatest asset/investment in the history of humankind. The transactions will take place in fiat or other currencies but Bitcoin will remain as an investment asset which will outperform every other asset classes.

Bitcoin puritans will surely go against this, but that will not change the reality!

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Quote from: Ale88 on August 11, 2023, 05:48:45 PM

I really don't see the problem because you can buy small fractions of bitcoin, so literally everybody can own whatever the can afford to purchase. If the price keeps going up it means there is a lot of demand, that how markets work. At the end of the day not everybody needs to own a full bitcoin just like not everybody needs to be a millionaire. Right now bitcoin price is still a bargain, for sure many people in the world can afford to buy one but they simply choose not to because probably they don't fully understand it.

Truely knowing what bitcoin price was during all time highs and how people were buying bitcoin like crazy at that time versus now when the market is bearish and the reduced interest in bitcoin shows that the major push to bitcoin buying came from internet buzz leading to short term flippers and not genuine long term investors.

I think this improves the adoption by a smaller instance but the gradual rise and acceptance of crypto by governments do much better in adoption. Shops accepting bitcoin at a discounted price always attracts the attention.

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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 really don't see the problem because you can buy small fractions of bitcoin, so literally everybody can own whatever the can afford to purchase. If the price keeps going up it means there is a lot of demand, that how markets work. At the end of the day not everybody needs to own a full bitcoin just like not everybody needs to be a millionaire. Right now bitcoin price is still a bargain, for sure many people in the world can afford to buy one but they simply choose not to because probably they don't fully understand it.

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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?

Just take it this way, imagine like 4-5 years back when the price of BTC hasn't reach this high I would like to think that same question were probably asked about people having the mindset to still buy if Bitcoin actually achieved a supposed amount but see here today even after it reached a whooping 69k people were still on course buying and selling so I think same fate is still going to play when the time comes that the price of Bitcoin will eventually hit that figure, all I pray for is that I would have saved a nice stack of coins before it officially reached such height.

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

Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

The price bitcoin was years back, what's it the same price now? It started at a lesser price before it skyrocket to today's price of $29k, and still, so many crypto investors are investing in it upon that without minding the high price it is now.
In years to come, if bitcoin had to skyrocket way more in price, there will still be many people wanting to invest in it like us when they remember that bitcoin will keep on increasing in price as the year goes on and on

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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 will not because Bitcoin can be sold in fractions. One can buy Bitcoin according to the fund the buyer has. A person can even buy $1 amount of BTC. This is the common misconception of people that the ever-increasing price of BTC will hinder its growth because people can't afford to buy it.

We should know the fact that Bitcoin is divisible and can be transferred in fractions. If the price of Bitcoin goes on an infinite uptrend mode, then there is a possibility that FOMO will trigger the global market to panic buy BTC getting the attention of more users, and global adoption might proliferate faster.

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No matter the price of Bitcoin, I think people are still going to buying because it can be fractuioned into small units which is one of the thing that makes it easily affordable no matter the amount you want to buy. Tye price is gradually increasing and we hope that it will reach the price that we have predicted it to reach.

If Bitcoin eventually reach like $100k, I think that is when people will start seeing good reason to buy Bitcoin especially people that had been discriminating the system that it will crash. The same happen when Bitcoin was below $1, many agitated that the price will never reach a $1 and now we can see that the price keeps growing like the trees in the forest.

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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?

The average person does not need to have a large amount of bitcoin to own one. That is why we also have satoshis. If the price has risen so dramatically in such a way with such great value, there should be even more motivation for them to keep at least a portion of it, no matter how little they can afford. If one buys while the price is rising, and the market continues to rise, the person's bitcoin value will have increased over time. It is never too late to acquire one, and the future price of bitcoin is expected to boost its adoption and rather than decreasing its use and acceptance rate.

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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?

They do not necessarily need to buy 1 bitcoin to become holders of bitcoin, they can always buy in small quantities as they can handle financially and gather it. When bitcoin gets to that price, I believe that it may no longer be attractive for investments, people may consider other alt coins for that purpose or hold on to their fiat. At that stage, it may not have an effect on global adoption, because bitcoins will then be adopted for the other reasons and other benefits that it can provide.

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I say that the relationship between the price of Bitcoin and its adoption is not direct or linear… Well, while a higher price can generate interest and attention in it, the global adoption of BTC is influenced by a number of factors, such as its usefulness security, regulation, ease of use and public awareness. It is true that as the price of Bitcoin increases, it may become less affordable for the average person... But, Bitcoin is divisible up to eight decimal places, which means that even if a person cannot buy a whole Bitcoin, they can buy small fractions, known as satoshis, allowing greater inclusion and access to investment in Bitcoin. I feel that the future of Bitcoin and its worldwide adoption depends on a complex interplay between financial, technological, regulatory and psychological factors... Although price is an important aspect, it is not the only factor that determines long-term success and adoption of Bitcoin as I said above. .

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I believe these predictions are what will create adoption. People do not want to miss out. So when they see these predictions, it would motivate them to buy Bitcoin now so they can make more profit later on.
I mean who wouldn't want to hold Bitcoin if he believes that Bitcoin will be worth 100k plus in one year?

The negative part of Bitcoin getting to 100k+ is that people who do not have an understanding of what Bitcoin is will further feel it's only for the wealthy. I'm saying this because a lot of people do not understand the divisible nature of Bitcoin. They don't know that you can buy Bitcoin worth $50. So I feel when they see that Bitcoin is at $100k+ it might further discourage them from affiliating with Bitcoin.

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This is why one bitcoin is divisible upto eight decimal places and we are talking about satoshis which will be carried by "common" people. Indeed the cost of 1BTC at this current price is wet dream to most people in my country coming from the middle class. For them a fractional amount is enough to run their yearly stuff.

Now coming to the fact why celebs are saying such big numbers, this is because they are bullish on its price and they want it to rise so they get a chance to sell and book some profit.

Take that with a load of salt though, final decision of how your interpret these messages are yours.

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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?

Could missing the bandwagon deter people from using Bitcoin? Perhaps. They might demur crypto feeling as they missed a profitable opportunity. But that is not actually as pertinent to global adoption as you might think. Regression and instability in price is more harmful to adoption than having a high price per coin.

If anyone believes that holding onto their inflationary fiat would be a wiser investment choice than adopting a rising asset, it's rather on them. Most people don't think this way.

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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.

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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?

Either they bet or not, bitcoin will get to $100,000 and beyond next year, we know this because of halving which bullrun will follow immediately, making bitcoin market price prediction is what someone like me and the other people could just have predicted, that is bot what increases bitcoin value when people bet over it, not even when the prediction is coming from prominent people, bitcoin market is determined by the demand and supply while the value increases over the period of marking halving and nothing more.

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

Since the price will be so high, the average person might not be able to afford a substantial amount of it.

An average person who have upto $10 or more can be able to have bitcoin in his wallet, even if the worth of bitcoin turns a million dollars, anyone can have access to exchaging and holding it in their own capacity.

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You know why Bitcoin has so many decimal values? To make it adopted globally even after it goes to 1 million USD per Bitcoin. You can buy any x amount of satoshis.
1 satoshi = 0.00000001 Bitcoin. So when Bitcoin reaches $10,000,000 1 satoshi will be equal to $1. And still will be able to buy by the normal person and spend it like a normal person.

In fact, it will become much more easier to use as the movement of big amount will stop and smaller transactions will be done on new technology or lightning network and we all will know that 1 satoshi is what we need to pay for $1.

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

Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

The value of any asset depends on supply and demand, when demand outstrips supply pushes the price up and that's one of the many reasons why people always want bitcoin to be global adoption. But if you think that bitcoin's high value will hinder global adoption, it means that the price of bitcoin will never go up because the demand is not there. So your thinking is incorrect and completely opposite of what people are expecting.

1 bitcoin= 100.000.000 satoshi. No one is forcing us to buy a full 1 bitcoin, we can buy as many satoshis as we want, even if bitcoin hits $1 million.

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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 think if we talk about adoption, bitcoin is being used as what it is design, payment method or scheme. So it that happens, then the price will not be a factor here? if people are willing to used it as just $10 dollars worth and not look at the price in exchanges, then it's good in my opinion. So I guess your argument is flawed is the beginning. It can still be adopted globally if it will be just used like what Satoshi wanted in the beginning.

The thing is that it become a commodity, store of value and an asset that's why we have to look at the price and if we are willing to spend it or not.

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Quote from: Nrcewker on August 11, 2023, 03:09:42 AM

If bitcoin reaches more than 500k usd, then definitely there will be debate and contest among people to acquire 0.001 Bitcoins. The global adaptation won’t stop though the price reached very high. People will still treat this as a valuable asset and will hold it to make profits. Yes the quantity of Bitcoins that are being traded now daily will be reduced due to the high price. Currently 500k usd price is very long way. Let’s see what price target Bitcoins reach in the next bull run.

Then 0.001 BTC worths $500 and it will be dream of many people that how they can revert time to go back to 2023 to work and use about $30 to accumulate just 0.001 BTC.

It is like we are jealous with people knew about Bitcoin circa 2013 or 2016 and with people who could work and receive very good amount of BTC from signature campaigns after a week or a month. We are already in Bitcointalk forum, have chances to join good signature campaigns and the important tasks for us is holding our BTC.

Nrcewker

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If bitcoin reaches more than 500k usd, then definitely there will be debate and contest among people to acquire 0.001 Bitcoins. The global adaptation won’t stop though the price reached very high. People will still treat this as a valuable asset and will hold it to make profits. Yes the quantity of Bitcoins that are being traded now daily will be reduced due to the high price. Currently 500k usd price is very long way. Let’s see what price target Bitcoins reach in the next bull run.

aylabadia05

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

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?

The basic logic is correct that the higher the price of Bitcoin will make it difficult for people to be able to buy Bitcoin, but based on the mindset of experienced investors in their investment activities, they can judge when the price rises to touch the new ATH of up to $100k, this could be the cause of people being more logical in thinking about Bitcoin where people are increasingly aware that Bitcoin is a good investment coin to invest in.
When the mindset is like that, this can accelerate global adoption.

TravelMug

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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?

Really depends on how you look at it, it bitcoin is to be treated as money then it doesn't matter what the price will be. But if you see it as a asset then obviously, they will be looking at $100k or higher every other bitcoin cycle and as you have said, many are speculating that we are going to hit it in the next bull run.

And we can't do anything about it as supply is really dwindling every bitcoin halving. So there will only be a few person around the world that can earn or hold bitcoin and maybe used it as whatever they wanted it to be.

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Do not look at the price as one bitcoin, but rather 100,000,000 satoshi, and therefore if the price of bitcoin rose to 120 thousand dollars, then the satoshi would be equal to 0.0012 dollars, and anyone in the world could still buy bitcoin at such levels.

If we assume that the obstacle will be when the price of 1 Bitcoin is equal to 1 Satoshi, then this means that Bitcoin needs to rise sharply, which will not happen in the next 100 years, and most of all of us will not see this thing.

The biggest obstacle is not to sell bitcoin or to drop its price sharply, as everyone now uses bitcoin more as an investment than as a currency for payments.

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

Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

No I think it will even push for adoption because many people will think like yeah it continues to grow in value and if they do not invest now they would certainly missed out. Look the adoption rate of bitcoin from 2020 halving period till now you would see that the number of new investors have increased compare to before then and the over 10x price increase then didn’t stop them from investing. A clearer example again is the gold which no matter how expensive it is now people still want to buy it if they get the opportunity.

Bitcoin is even easier to invest in no matter the price since it can be bought In fractions (satoshis) and not necessarily a whole one. If it would have been just a whole bitcoin that is buyable then I would have said it will limit adoption but with its fraction been available as low as 5$ then it wouldn’t cause any problem if the price increases, rather it will even create more demand and adoption due to FOMO

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

Could the excessively high price lead people to feel like they missed out, causing them to hold onto seemingly worthless fiat currency?

The question is: if the price is going up and getting high, it's because there are many people wanting to buy it and few wanting to sell it. If it gets extremely high, and if people lose interest in buying it, that could cause the value to start going down. Starting to have more people selling than buying, and that motivates a drop in value. If this happens, the value drops to a level where there is a balance between the number of sellers and the number of buyers.

This actually happens today, bitcoin was worth 60k, but as demand has dropped today it is worth 30k. If the price stabilizes at these levels (+100k), it means that there is a constant balance between sellers and buyers.

In short, this is actually not a problem. We just have to be aware that the value of bitcoin is not stable and can change quickly.

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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?

Topic: Would Bitcoin at this Price limit its Global Adoption? (Read 632 times)