If people are selling off their productive assets to drive bitcoin to $13m, I am going to be buying those assets like crazy. XOM sold to me at a P/E of 4? Yes please.
You're like a chameleon, you were all over shitting on the hodlers here on this forum and on Baron's crypto journal thread during the bear market saying bitcoin may never come back We told you then, bitcoin will go up and exceed ath, even as bitcoin was down over 70% Last year, you kept saying that bitcoin was not going up after the halving, and I told you so,, patience, So today, bitcoin is $94k, I will remind you, have patience, touch grass, and all that jazz, bitcoin is long term Within 5 years bitcoin will hit $1M, it can be this year, or next year, or the year after, before you know it, $1M/btc
$13 million x max 21 million bitcoin = $273 trillion USD Sum of all the currency in the world $80 trillion. Even if bitcoin replaced every existing currency it still couldn't warrant a $13 million valuation.
This is a fair assessment, but I think we also need to add a couple of more factors. Bitcoin isn't going to just replace all currencies, it will also demonetize lots of other assets. Real Estate surely has a significant monetary premium attached to it. If investors sell properties, since the upkeep is too expensive and price appreciation is likely not going to happen this decade, it ever again, this will put downward pressure on this huge asset class, and it will flow into bitcoin. Us bitcoiners also feel that gold will also get demonetized one day. All of that gold is just sitting there, and using it is very difficult. Bitcoin on the other hand is literally designed from the ground up to be the easiest asset to exchange. This feature alone should demonetize gold in the future. And lastly, the 273T figure is based on prices how they are today. If the government starts to massively print, GDP can easily double in just a few years, all because of inflation of course, and so this $13M BTC figure is likely at some point in the future. Perhaps a better metric for bitcoin will be not in terms of another currency, but based on what it buys, or expressed against an average salary. As much as I think governments will print, I also am not going to overlook the possibility of a massive deflationary bust. So Bitcoin might actually drop in price against USD, but won't drop nearly as quickly as other assets, and this will in turn show that bitcoin is still appreciating.
It's possible that the hysteria goes this far, but let's say it does. Clueless people with dreams of instant wealth will be selling their houses and becoming renters while hoping that the Bitcoin they receive goes up in price. Houses will not be "demonetized"... whatever that means. They will just be sold at a discount by people chasing Bitcoin. Others will buy them and charge them rent. Eventually everyone who's going to fall for it, will have done so. Even if all those people stay convinced that they made the right decision and keep plowing money into Bitcoin for the rest of their lives, it will only be able to grow at roughly the rate of global GDP growth. If any of those people ever lose faith, the price will drop like a rock. Sparking what will probably be the largest financial panic in all recorded history. Meanwhile they'll have sold off all their actually productive assets at fire sale prices. I'll buy them at a P/E of 4 and retire while they dream of another 10000x run in Bitcoin prices.
This is called moving the goalpost, again, as usual. It used to be get rich quick asset, but now that it matured and everyone bought in who wanted, we need a new goalpost. If I have to say a 21 year prediction it would be ammo, canned food and water. Like dig a well on your property or something. The world is getting so stupid I hope I won't be around in 2 decades... By the way how much BTC did this author buy? You guys have been saying predictions without actions are worthless. That should apply to him. He just wants to sound relevant and the current flavor of the year are crypto and AI.
BTC only reached current level due to Tether. If Tether not shut down any figure is possible. If it gets shut down, then we will see the real price discovery. It might shock everyone.
Bitcoin is a global store of value monetary asset, not a currency The nominal value of all global asset will expand in 21 years, i.e. think back to 21 years ago, the nominal value of all the tech stocks, mag7, real estate, collectibles, gold, etc, compared to today The price of bitcoin is set at the margin, there will not be $273 Trillion USD that will be required to push the price of bitcoin to $13M, there just needs to be an equilibrium of buyers and sellers at each price level , i.e. $200k, $500k, $1M, $2M, $5M, think of Manhattan real estate land, the industry experts can assess the market price, but there are hardly any sales, meaning there's not trillions of $ that were put in to push the price of Manhattan real estate land
It will hit $273 Trillion at some point. But $273 Trillion will be worthless toilet paper at that same point. Under hyper inflation you are better off holding hard assets like real estate rather than worthless digital tokens that have value based only on the greater fool theory.