You are viewing a single comment's thread from:
RE: Could Bitcoin Hit $1-Million By 2020?
I think it will hit 1 million on one condition..
People need to forgot about this idea of cashing out in a blaze of glory 10 years from now..
If everyone cashed out the market would collapse.
All we need to do is SPEND the bitcoin.. using ATM cards. Then the money is just transfered around and used.. generating more bitcoin.
You don't need to cash out to fiat if you can buy everything you ever wanted with bitcoin.. you could live of your cryptocurrency earnings for the rest of your life.
No, no, because when you use an ATM card what happens behind the scenes is that your crypto gets sold for dollars and the merchant receives dollars. In essence if you spend crypto this way, you are 'selling' your crypto just as if you were selling it on the open market.
The only way to keep crypto within the system is to find merchants who allow payment in crypto but which will actually hold that crypto instead of cash it out for fiat. We're still some ways off from that point.. We may get there sooner if we do spend the bitcoins first, to get merchants used to the idea.