Looks like $1 million is a nice number to speculate on the future value of bitcoin.
$1 Million Prediction
Max Keiser
A London-based financial broadcaster and former stock broker, Max Keiser, discusses the future value of bitcoin on RT. He makes the bold prediction that the price per bitcoin could reach $1 million each in the not-too-distant future.
Gil Luria
Gil Luria, Managing Director at the Los Angeles – based investment bank Wedbush Securities (the first investment bank in the U.S. to accept Bitcoin as payment for fees) said that: “If Bitcoin lives up to its potential and becomes the working capital of international trade, instead of countries and companies sitting on yen, U.S. dollars, Swiss francs, they could just use Bitcoin for cross-border transactions. It would be far more efficient. If that were to happen, Bitcoin would be taking $10 trillion of foreign currency that sits in multinational companies. If that were the case, each bitcoin could be worth $1 million. The probability of that happening would be very low but it is possible.”
Hugh Hendry
Chief investment officer of Eclectica Asset Management. “This is the environment where Bitcoin could go to $1m. There is no qualitative reason, but it is trending. If I could own Bitcoin, I would. If I own 3D printing, it is just the same thing,” he said for Investment Week.
Reddit also has a a few topics on this theme. Rassah recently made a few calculations if this is statistically possible. He figured it out that 20-30 years from now bitcoin could hit $1,000,000 – but only if bitcoin continues being adopted and doesn’t fail or get replaced along the way.
$300.000 Prediction
In the recent general report published by the World Economic Forum (WEF), the organization, made up of leading experts in economics, estimate that 10% of world GDP could reside in bitcoin in 2027. If today’s GDP is 7.5 trillion and if 21 million bitcoins will exist by 2027 that means that each bitcoin may be worth $ 300,000 at that date.
See other bitcoin fun stuff.
I am not an economist, so much of the commentaries on Bitcoin go way over my head. But what I can’t get my mind around is that Bitcoin is purchased with FIAT (illusionary) currencies, so surely it must be, as Warren Buffet says, a mirage as well?
It is bought by fiat, but it is also currency on its own.
For example, you can work and get paid in bitcoin from someone who already has bitcoins. You then spend these bitcoins further on your purchases. So, this way, no fiat is involved.
You forget to mention ans explain it is also created
by the mining Process. same for almost all the
cryptocoins.