People are seeing the new recent high in bitcoin and hesitating on whether now is a good time to buy.
People were doing the same at $1,000 bitcoin.
And now we know we will never see those prices again.
People are now doing the same at $10,000 bitcoin.
And my best analysis is that bitcoin may pull back to $8,888 ish levels.
But still, next year, you will wish you bought everything you could at $10,000.
But, would you buy bitcoin for $1,000,000?
That is the question, and here is my answer:
The world either falls apart and goes into complete MadMax territory
. OR
Bitcoin becomes the new world reserve currency.
Well, not really the reserve... but pretty close.
People will use bitcoin to buy mansions, Picassos and Yachts
Corporations will use bitcoin to settle deals
Govern-cements will use bitcon to settle trade deficits.
By the end of 2020, or very soon after, bitcoin will hit $1,000,000.
and the question on everyone's mind will be, should i buy bitcoin?
And that answer is really tough.
We are getting close to mass adoption. (meaning, the start of when everyone starts using it)
We are also getting close to the end of the dollar.
We are also getting close to the end of the petro-dollar.
Of course, here on Steem we are way ahead of the pack. 97% of the people have no cryptos. Most have barely heard of bitcoin.
So, we tend to think that cryptos are old hat. That everyone who wants any is already in. But the truth is we have barely started adoption.
The dollar, the petro-dollar is losing its grip. Already we are seeing signs that dollar stores are going to need to change their signs. We are seeing tons of countries swapping oil for other currencies.
But worst, for the dollar, is that we have already seen a country settle its debt using bitcoin.
The dollar is doomed... but, it was set up to fail at its inception. So, i won't be shedding any tears.
When bitcoin gets to $1,000,000 there is going to be two scenarios:
- hyperinflation has hit, and you will want to trade paper dollars for anything as fast as possible
- all of the hedge funds will demand to get into cryptos... meaning billions, then trillions will all try to get into cryptos.
So, the answer to this question is buy food.
If you already have a year's supply of food, take any spare change and buy crypto at any price and then only trade it for the actual things you need/desire.
Btc fees are too high.
I would buy bch at 1m, if only long enough to change my sbd to fiat.
Presuming stinc continues to be par on their course, i won't live long enough to pull fiat directly from my steempay card.
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Yes, BTC fees are too high... but, when you are buying a Picasso...
Its still lower than bank transfer fees.
And i feel that the BTC team is going to keep things that way.
What is this "fiat" stuff you are talking about? >_>
i believe that BCH, LTC and even Digibyte will do much better % wise in the long run.
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I'm in ltc, btc, and bch.
My bch had been running circles on btc, but now they are nearly even.
Eventually it all gets spent or what good is it?
I'm definitely holding until fiat crashes.
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Absolutely. If it goes to $1M, there's no going back. At the very least it would be a safe place to conserve wealth during treacherous economic conditions. At best, and I think it's likely, it would continue to climb. Full adoption means more than a million.
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Are you sure?
I have this wonderful bond here!
If you give me $1,000,000 today, in ten years i will pay you back $900,000.
Its the best way to preserve wealth!
Are you sure you don't want my govern-cement bond?
:-p
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Lol
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I would buy it for that much if I thought it could go to $2,000,000
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The value of Bitcoin can theoretically continue to double again and again because the gains it makes can't be inflated away by a central authority and given to the top 1%.
The limit of blockchain's value is the same of technology in general: no limit.
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It all depends on how much of the old paper is allowed to get transferred into the digital.
Each transfer out is a block removed from the Jenga pile. Most of the derivatives will evaporate. But, at what point.
And of course, with a non-inflationary currency every thing brought to market makes cryptos more valuable.
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If we get to $200,000 this bull run, i do not doubt that bitcoin will go from through $1M to $2M during the next.
There are too many pieces and too many wild cards to determine the height of this bull run.
But, i can guarantee that it will be a hellava ride.
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Sure, I will buy at that price.
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No. I wouldnt even buy bitcoin at 100$ when there are much better alternatives.
Bitcoin is pumped up by big investors but i would never take Bitcoin over Steem for example, if i wasnt looking at crypto speculatively but rather at the token real value.
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I don't know if people will buy an entire Bitcoin, but maybe they would buy a portion. Just like people don't usually buy a ton of gold.
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Drat, right in my weakness. I still haven't gotten any of my friends to buy a full ton of gold.
I mean, don't they see that central banks are buying tons, so they should too!
Here's hoping that bitcoin fees become more reasonable.
Its like 40,000 satoshis right now. Soon, that will be $40,000
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I don’t see BTC being used as such. Maybe LTC/XRP/DGB , as you know, they are quicker and cheaper forms for everyday usage —- and of course stable coins
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But of course, i agree with you on that.
However, i see most of the big boys want the one, the original, bitcoin.
It will become a store of value coin, owned by hedge funds and early-adopter retirement accounts.
I believe that it will be SOOOOO overwhelmingly this way that bitcoin segwit will just die. That bitcoin will still be 10 minute blocks way into the future. The transactions will be slow as molasses and the old fuddy-duddys will like it that way.
And the price will be way over $1,000,000 in 2019 dollar terms.
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