I guess it's possible. But to put that in perspective, it would mean this: US national debt: $28tn Total value of NYSE: $25tn Total worldwide savings*: $22tn US GDP: $22tn Money held in bitcoin: $17tn China GDP: $14tn Total value of above ground gold: $11tn * Breakdown by country: https://www.theglobaleconomy.com/rankings/savings_dollars
Imagine paying $1 million dollars for a single line of computer code. Makes the Holland tulip people seem rational.
conversely, if Bitcoin drops to 4 digits to 3 .... 2 .... 1 you can change the $ sign to Indonesian Rupiah or Vietnamese Dong or Iranian Rial or ultimately Venezuelan Sovereign Bolivar
The madness and the confidence of the sheep can take it beyond $ 1M as much as the same madness and the euphoria of the sheep can bring it down to 10 Guinean franc. As long as the sheep owed cash and their mentors at www.big-scam.shit are in full service, all is possible.
If the US defaults on the 28trilliom of debt, most of those other rows will fall 90percent overnight.
I can see bitcoin gaining that much over a couple of decades, with a lot of qualifiers. Gold was under $300 on 9/11, then ran to 1800+ in the years after GLD came out. If we reach that kind of market cap, it means the market is much deeper, more institutionalized and likely more regulated, so much less volatile than today.
The Only way the U.S. can default is for the Country to disappear and a new one with a different Constitution takes its place. (that could happen, very low probability however.) When Italy got in problems and there was fear of a default, investors bought Italian paper at bottom prices and sold later with hundred's of millions profit. Risk free. How would the US default? Can you explain that? BTC lost already countless times over 75% to 90% of its value. The US never came even close to a default.
they refuse to print more money to pay the debt. i never said it was a likely event and i never disputed that BTC can lose 90% of its value easily. But its the way most of those numbers can lose 90% overnight. Another way to make most of those numbers to drop 90% overnight would be if the US, China, or Russisa decided to launch a pre-emptive nuclear strike.
The politicians who would do that would at the same time kill their own political career. And if you have any idea about the impact of a default on the US citizens, these politicians might get killed too. So probability that the US will default is close to zero. The probablity that the next US President will be an alien is much higher. Especially if you know that even Trump could get elected.