Flat bottom hole bit
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That would represent almost a 50X return from current levels. This would not be the first time someone has thrown out outrageous price predictions regarding bitcoin. I wrote a piece a couple weeks ago talking about Wences Casares and his million dollar Bitcoin call.
It can be read here:. He says that he is assuming cryptocurrencies will account for roughly 10 percent of the average daily volume of all fiat currency trading within the next 10 years. From there Van-Peterson says that Bitcoin's market cap should be roughly 10X it's current average daily trading volume.
By his calculations, there should be approximately 17 million bitcoins in circulation 10 years from now at the current inflation rate. He will be the first to admit that this is a very rough calculation that is subject to many variables between now and then. However, at least he attempted to use some data and arguably reasonable projections to back up his dollar target. In his opinion there will likely emerge a handful of winners from the space and Bitcoin will be one of those winners mostly because of it's first mover advantage.
I found his conviction regarding the entire cryptocurrency space in general very, shall we say, encouraging. If your prediction is right I will be very happy and nearly in a position to be able to retire: My hope is that people who get into Crypto stay there. I think retiring early is a nice goal but I'm hoping that people have a mindset that bitcoin IS the future currency and not one to just invest into just to sell back into FIAT.
What we really need is for McDonalds to have a little window sign bitcoin accepted here mainstream to accept it as a payment method in other words. I agree with you, but have a hard time seeing how this would work, at least in a capitalistic society. In such a society, it really requires a small positive inflationary adjustment every year.
This is what keeps people buying things, because the price is always going up. If prices stayed the same, or went down as in a deflation there is no incentive to make that big purchase now, if I can get by a little while longer without it. That said, another alt coin that does not have a hard limit, can certainly and likely will be used in the future.
But if it can be mined ad nauseam, then we are right back to square 1 again. Another excellent piece on top of being able to educate us on the potential of Bitcoins future. Yes I have heard all kinds of numbers being thrown around. That might be the most conservative number, but still represents massive percentage gains on the year. I think what we can all agree on is there is no precedent for this type of growth which leads me to believe, even as outrageous as many of these predictions seem - there is a possibility even for some of the most extreme, that it is possible.
Whether you are in the game or on the sidelines, it's going to be an interesting show. This will be attributable to a combination of a weaker dollar and the proliferation of Bitcoin in our lives and in commerce AND the inspired property it posesses of being a deflationary currency thanks to its limited coin run.
The days of dealing in whole Bitcoins will be numbered as it becomes more and more valuable, with transactions using micro Bitcoin payments remember Bitcoin is effectively infinitely divisible with common fractions of Bitcoins commanding their own terms.
Never the less - both are very realistic. Only the mater of years not decades. This made me want to do some digging. So I made this: But I think we're going to see an explosion in Steem with some of the new improvements they have lined up.
Yea, I mean we will see I guess. Grab a bitcoin or 2 as well as a couple of your favorite altcoins steem , stash them in a safe place and then just wait for the next decade to come and go. We will have our answer then. Thank you for taking the time to put this post together. My biggest take away from this is that cryptocurrency is not a fad and it is here to stay.
This is very encouraging and reinforces my research. I don't care if BTC will reach k price tag in 10 years or not, the real question is what price will the dollar have. I think we are all pretty excited for the future here on steemit, watching the world change.
Blessing to us all. This prediction for ten year btc falls in line with that. While Clif High and the web bots can follow predictions made upon what people talk about on the Internet, I still believe crypto currencies are a reaction to overly oppressive governments around the world. Much like the printing press, crypto currencies fill a need to escape asset fortitude and law enforcement abuse.
The lesson here is backup, backup, backup! I wish they would make a prediction on that as well However, even in that scenario at least it preserves your wealth. Not sure what that means for Steem exactly, but Steem has a lot of things going for it, so hopefully it is one of those handful of cryptos that "makes it" as he says. If bitcoin hit k a coin that would be fantastic: I would look at the fact that it isn't as more of a gift than as an expected continuation.
I wish I knew: So far it seems to be moving with the rest of the altcoin market. If massive buying comes in again like we saw a few months ago.
It likely drives steem up as well. There are also some steemit specific events that could help the price in the near future.
From new apps being developed and built on the blockchain to better functioning of steemit. Thanks for that detailed reply. Steemit reminds of a machine that need to constantly be fed by either getting new members, more posts, more buying steem! Its a monster of a machine!
Thank you for this information. For so many reasons, I'm supporting a blockchain revolution. My support started with an uninformed gut feeling and continues to grow with a combo of gut-n-reason.
That said, to avoid constraining my thinking in a confirmation bias mindset, I also like to find contrarian opinions regarding coin. Predictably, some gold bugs are finding the loss of capital that would ordinarily flow to gold in uncertain times as a threat not only to their gold holder base, but to their gold-guru reputations as well.
It is in their motivation to portray gold as favourable to crypto that I mine for nuggets of crypto-thinking weaknesses. Governments and banks confront similar fears as people leave fiat currencies, bonds, and stocks. Fear of loss of control and treasure is a great motivator to pick apart a new, competing asset class for finite resources. As far as crypto bubbles, I am more concerned about entering a bubble of crypto-confirming-euphoria where our feeds provide only positive reinforcemen without critical thought.
As the old adage cautions, "Good news can wait. That is a great way to look at it, and probably some critical thinking would do a lot of good right now. Bitcoin, Ethereum, Stable Coin s and a new one we probably have not heard of yet will be big winners along with a slew of asset tokens. He is right trillions of dollars worth. All things are possible not all things are probable, I'm hoping steem beats bitcoin in the long run, you get my upvote.
I wonder what he puts the odds of that happening at? In this scenario, it would be very interesting to see which other currencies survive along with Bitcoin. I wish I knew.
If I did I would be buying those all up. As of right now I would guess Bitcoin first mover , Ethereum wallstreet firms backing it , possibly ripple or steem for different reasons. Other than those your guess is as good as mine How do you get around that?
That is a very good question There a number of altcoins with better technology, yet they languish behind, why is that? Like you said, bitcoin is first mover advantage. Ethereum seems to be is first early challenger for the crown, I'm sure there will be others.
Remember - Myspace originally dominated the social media space until facebook ate it's lunch with a better UI and experience, as a loose example. Yep, and if Bitcoin doesn't adapt and improve it's technology, I imagine someone else will eat it's lunch too. Myspace to Facebook are perfect examples. I think the other altcoins are simply suffering from a lack of exposure.
I read an article about bitcoin 3 years ago and continued to monitor prices but didn't do anything until purchasing a little bitcoin and ethereum 2 weeks ago. Then again, it took me years before I trusted the credit card swiper at the gas pumps. Aside from technical scrutinization on bitcoin, the facts remain that of the 7 billion world population, there are only about 6 million bitcoin users so far. The influx of flight to safety right ahead.
Yep, those were some of his points as well I have heard that argument as well. Do you remember what the annual average growth rate is over the last 10 years or basically since it's inception? Gold and Silver Bugs understand completely that paper can go to zero against silver. Paper cannot buy silver indefinately. There are many banks now, "Free Banking" has returned and we are all bankers now.