Short answer, yes.
Now upvote me and move on :p.
Longer answer.
There are a lot of crazy predictions for bitcoin. Some who think the coin will eventually hit the $1,000,000 dollar mark and some who says it will be worth $0. I don't think we have ever had something that smart people have argued for on both dramatically different sides. If you ask me I am the 1 milllion over 0 camp if I had to choose one. But how is that so?
One argument, which I heard from the Winklevoss twins is look at gold. They argued bitcoin is better than gold and thus bitcoin could see a similar market cap. I looked it up and gold has a market cap at 7.8 trillion dollars. Bitcoin, today, has a market cap of around 138 billion. Doing the math (I have been doing a lot math is my posts today :p) if the market cap reached 7.8 trillion than a bitcoin would be worth roughly $452,000. Pretty sweet. You can argue both sides of this. Gold is psychical but bitcoin is easier to work with. So maybe it can hit these crazy numbers.
There is also the fact that bitcoin is deflationary. There will only be so many mined and without making more the value of the coin should, in theory, only go up.
To me the biggest factor comes from the fact that bitcoin is easier to sell for fiat than other coins. Bitcoin is going to be the gateway coin I think a lot of apps are going to take off that rewards crypto and bitcoin will be the way we get it in and out of the real world.
What do you think? Lambos for all?
My issue with bitcoin is still the incredible energy cost required to keep the network going. I would love more than anything to see a cryptocurrency bridge the gap between different international markets. However, I am not sure Bitcoin will win out in the end.
Many people say the Bitcoin devs can alter the coin to make it energy efficient and faster that it currently is. They also say the fee price for using it can be driven down. I like this idea and think it is true, but for a LONG term solution, the code of the most successful cryptocurrency must be unchanging, or relatively unchanging. Changing how the coin works often will more than likely result in uncertainty in price.
Currently, in real world scenarios, the coin really only seems useful for large purchases because of the high fee. Any small transaction is really not worth the fee. If it can be driven down, this could also help bitcoin make it to that $100,000 mark, or whatever ends up being stable.
I would love to see bitcoin be the successor to paper money and state sponsored cryptocurrency, but I'm not holding my breath that it will win out in the end.
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I can see that. It might not be bitcoin but another one that becomes the coin that is easy to buy and sell. One that is more cost efficient (if bitcoin can't solve that problem). To me that is the one that will makes it big as other coins, like those used for video games, will have more 'uses' but they will need that coin for people to turn into fiat. We will need that real world exchange and at this time that is bitcoin. But who knows.
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I really enjoy having these discussions. I am not sure about you, but I come at these with a computer science mind frame and not really an economic mind frame. Either way, I am really hoping for an easier/safer way to make payments. I still don't really have an opinion on blockchain solutions for real world problems. They all seem to fall into the "trying to solve a human problem with a software solution" trap.
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That's good math 😁
I'm also on the 100000$ camp, cause I want that lambo lol
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I'd like to go with the short answer lol. Could I see it hit the numbers you suggest? Why not, it is limited and if enough people want to hold it for future or die savings these numbers are achievable. 😊
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I agree with you, but I do not think that the price of bitcoin of those large amounts and fictional , thanks u for a great article so good luck my dear friend @whatageek 👍😃 all the best for you 👍😃😉
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I believe. btc prices will rise high. because now almost everyone has glanced btc. as we see. when an object has a lot of devotees. the price of the item will be expensive. first btc price is not worth it. but over the times. people are already using btc. btc price is higher
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a $1mil Bitcoin might be a bit laughable but I don't see any reason why we wouldn't see a $25k bitcoin in the near future. It's hit $20k before so it's not unreasonable to see it rising beyond it's previous high.
And it's all supply and demand. There's only so many bitcoins available, so of course if demand outstrips supply then the value can only rise.
The same goes for most coins of course, unless you're Tether and just keep producing more....
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That's all I wanted to hear. I upvoted and moved on :p
Like most crypto investors, I just want my lambo lol
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lol bitcoin will hit 100000$ very soon as the experts have predicted coz we should be optimistic and predict better things in future, hope for the best 😊
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Great article and very informative, thanks for sharing. I've smashed the upvote button for you!
If you are looking to get hold of some crypto without investing or mining, look into https://www.crowdholding.com. They are a co-creation platform were you get rewarded for giving feedback to crypto startups on the platform. You can earn Crowdholding's token as well as DeepOnion, ITT, Smartcash and many other ERC-20 tokens.
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its really possible
i think ,,in the present time i seee a great future ,its really increasing day by dayy,,,it seem to be gold.so its can become in future,
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Surely it can
But it won't probably
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what do I say I think is correct when compared bitcoin with gold more bitcoin price.
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Hey, just wanted to let you know I gave you an upvote because I appreciate your content! =D See you around
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I can say simply YES @whatageek
Nice post as well as Question regarding Bitcoin, bitcoin overall reputation is too much strong, its make a high revolution in history of digital currency market.
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It will go to 1000 000 remember what I told you
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If you love bitcoin then you will love my recent blog too.....please check it out.....
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this idea may be utopian for now .. but nobody could imagine that it would be 17k dollars .. so everything is possible
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One lingering concern for me is the continuing evolution of quantum computing. Will quantum computers be capable of hacking private keys, or worse?
If so, the very second that goes into effect, crypto-currencies will have their value slashed, if not become completely worthless.
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what do I say I think is correct when compared bitcoin with gold more bitcoin price.
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I think Bitcoin's future depends on a couple of things. 1) How many general purpose cryptocurrencies is their really room for? 2) Will Bitcoin adapt to new technologies fast enough to avoid being surpassed by newer cryptocurrencies? All these wild predictions about Bitcoin reaching ridiculous highs depend on it remaining king of the hill. That is by no means guaranteed.
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I don't think so. Not in next 5 years. If it will survive next 5 years, it should be around 50 000,. not more. Only my thought
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If Bitcoin reaches 100k
It would make So many people rich it is crazy
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Even though gold is physical, I still consider it having an associated value. It's expensive because we choose it to represent money. We craft jewelry out of gold because it's precious.
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I’m also fully prepared for Bitcoin to die out. But, the more I spend time in this space, the more I see that Bitcoin is here to stay.
bitcoin is here to rule
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I do agree with you 100% about the bitcoin.
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