Bitcoin just got some pretty high praise from someone working at a fortune 500 company...
Jesse Lund, the vice president of blockchain and digital currencies for IBM, recently stated that he believes bitcoin will hit $1 million dollars, eventually.
He made this prediction in an interview with Finder.com.
More from his interview can be seen here:
Why does he think it will hit $1 million?
He didn't really go too much into the details of why he thinks it will hit $1 million besides one very wishful reason...
He said that at $1 million per bitcoin, one satoshi would be the value of 1 penny.
The entire network would be valued north of $20 trillion, which isn't outrageous according to him as long as it catches on as a global payment system.
Cool! So what does Lund see for the end of 2019?
Lund went on to say that he thinks by the end of 2019, bitcoin will be worth about $5,000.
Though, he was quick to add that he thinks it will be worth significantly more later on...
His exact quote:
“I see maybe $5,000 at the end of the year, but I see a way higher upward trajectory.”
(Source: https://cointelegraph.com/news/bitcoin-will-hit-1-million-says-ibms-vp-of-blockchain-jesse-lund)
$5k doesn't sound great condsidering where we were, but it is almost a double off the lows this year.
What will the purchasing power of the dollar be if bitcoin is valued at $1 million USD per coin?
If the purchasing power is roughly what it is today, yippy!
If it has been devalued by 99% like what is going on in Venezuela, well then it wouldn't be such good news for bitcoin holders.
Reading between the lines I think he is calling for bitcoin to be worth $1 million dollars AND the dollar's purchasing power to be roughly what it is today.
That sure would be nice wouldn't it?!
Stay informed my friends.
-Doc
Despite the decline, Bitcoin is still one of the best performers amongst investable assets over the past decade and it has had its ups and downs. The urge for more to come into the ecosystem is great and will likely lead demand going forward.
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Yep, well hopefully.
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I think the base value of Bitcoin will be over a million in nine years, but it should spike up over a million during the bubble after next... 7 years.
I base this on... magic! :D
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I like magic!
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That would be nice, maybe one day who knows. Thanks
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That would sure be something, wouldn't it.
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At least dreams cost nothing. Thanks
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Thanks for sharing the Blog.
I thought I would share this with you for your readers to watch.
#Bitcoin is heading to +$1,000,000 without any shadow of doubt.
Stephen
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Ha, well I hope you are both right!
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👍😁👍
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have you heard anything on the cryptopia exchange hack
all i can get is old news on the topic
poor people leaving their coins on an exchange
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This is the latest I have seen:
https://www.ccn.com/crypto-exchange-cryptopia-hack-reopen-nz
Haven't heard anything else.
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only 5k by end of year? :/
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At this point, I would take it!
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i have a feeling we will see it long before years end:D
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great interview. Good to see more mainstream technology getting on board with informed and supportive leaders. Lund talks about crypto banking on phones, which is great timing as Samsung has announced its new phone will be able to securely store private keys.
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Yep. It will be interesting to see if that wallet/phone spikes adoption at all. I could see it not doing much of anything, and I could also seeing it being one of the biggest events of the last year or two. We will see...
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Bitcoin could totally be worth that much some day...if they continue to adopt code improvements. How bad it got in that spike to over 20k really scared me about it's future effectiveness. But, after the crash, they accepted changes. That may have hurt people's trust in it as a currency though.
But, I don't think it's realistic to think $1 will be worth as much in such a future. Part of the reason the dollar is worth so much is because the world has adopted it as a standard. People don't just blindly trust in the United States anymore though. We aren't the global powerhouse we once were. What happens when the dollar stops being what is used to trade oil and everything else, and instead they use crypto? Well, I can tell you, crypto will sky rocket...but I'm not so sure the dollar will do as well.
I don't think that's actually so far fetched either. You can transfer billions in crypto as easily as you transfer $100. Why wouldn't they switch to it rather than using a wire transfer and having a lot more hassle?
Hell, the rich could even have crypto banks that handle all the complexities for them, so they don't have to worry about the hassles we have even.
But...for Bitcoin itself to be worth $1 million, it has to continue to ride on it's hype train of being the first, and keep adapting, and getting more and more people investing and holding it, as well as trading it. It's a predilection based on a lot of things going right...or at least not going too wrong.
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SegWit actually was implemented well before the crash, though it wasn't widely adopted until well after the crash had happened... We are night and day now compared to then in terms of network congestion if were to have another run like that.
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