Fox News: Bitcoin To Be Worth 1 Million (or 1 billion) a coin??? (and comment contest)
According to a Fox News Business Alert, which aired on June 30th, a prediction of Bitcoin being valued at 1 million dollars was brought up during a segment "Making Money" hosted by actor... err.. I mean anchor Charles Payne. Admitting to their previous oversight of the new technology as a "beenie baby" fad, they went on to predict a 1 million dollar per coin price for the 5 year old cryptocurrency.
Guest Naomi Brockwell, former policy director at the New York Bitcoin Center stated "It's going to the moon" after a very honest and logical testimony that Bitcoin's value is based upon its decentralized properties. As she stated “The main people promoting this technology are those who understand that governments can be dangerous", the 1 million dollar prediction for bitcoin was raised to 1 Biiiillllllion dollars, which is actually quite possible, if we experience a Zimbabwe/Argentina style hyperinflationary period.
Is Bitcoin going to reach 1 million, or even 1 billion dollars? I find that it is likely if a few scenarios play out.
- Bitcoin would have to become more secure and user friendly, with support companies making it as easy to buy and sell as any other currency onto a credit card. Examples of BitPay and the Shift Card, where crypto and Visa work together to make bitcoin spending anywhere more feasible is an example of how this is already in the works.
- A loss in confidence in the US Dollar and other currencies abroad. With Russia and China already trading oil outside of the petrodollar, the trend with the looming derivatives bubble is making this more and more of a possibility every day. With all currencies so closely tied together on a global scale, one domino falling could lead to the whole house of cards collapsing.
- Following a loss of confidence and an exodus of fiat currency, nations will adapt. With Japan already recognizing cryptocurrency as legal money as of 2 months ago and Russia, India and Australia on its way, Western nations will feel the pressure and fall behind as they are late to adapt. (However, early adopters individually will be able to prosper during these times).
- A significant loss in purchasing power within the sphere of the fiat currency market. As a safety net, people will flood to hard assets such as gold, silver, property and cryptocurrency. The lack of transferability of gold and silver globally will increase the recognition of the cryptosphere's value and cause a massive injection of new capital. Unlike a pump and dump in financial markets, the actual use of this currency will cause sustainable growth as the fiat buying power continues to become crippled.
What are your thoughts? Share, and the best comment will get a 100% upvote
I think the 4 items you pointed out are very probable. 1 billion won't be what it is worth now thoughts
Good content. Although it seems in that scenario the right question is what will 1 USD be worth? Maybe 1 BTC will be 1 billion USD, but only because USD is dead!
If bitcoin reaches $1,000,000 then Steem will probably break $100!
Hopefully the predictions are correct.
Congratulations on the article :)
A billion dollars is too optimistic, I am afraid, but $100k should be doable over time.
I think that prediction is insane. Bitcoin will reach whatever goverment allows it to reach. It is volatile in a sense where if exhanges become illegal and there is no link to fiat nobody would feel safe having these tokens. Watch the price plumett.
I guess it all depends on how far people can be pushed against by oppressive law makers until the "oh shit" moment arrives, this point being when a sizeable chunk of the population realizes the law does not serve them.
Maybe a federal move against btc is what this world needs, for now the sleeping American public consents to the plundering of the world by it's banking & corporate masters.
I do not think the public can oppose that unfortunately. I mean literally 100% of wars are created for profit and millions of people are being killed for profit, does anyone do anything? My dream is to actually fuck the elite up and be independent as society but it is just laughable to think crypto is the way when the elite could shut it down in like 1 day.
Then why haven't they yet?
Dr. Evil said, "Not one billion dollars ut.... WAIT FOR IT..... ONE MILLION DOLLARS..... BWAHHHH HA HA HA HA HA HAAAA. " Evil laugh. I hope for the best for Bitcoin and gay frogs too. I love Elmo.
I think the btc price is going to rise consistently as it has been in the past (and drop consistently too following its pattern) and 1 million dollar predictions are irrelevant and made by attention seekers.
I think segwit will make a large difference to its overall accessibility as it will make things cheaper and faster, and think it's only a question of when crypto currencies will be adopted just look at the overall currencies that are left for most of our countries, they are pretty much all facing down bearish markets. Also I think cryptos currently at the moment are more like commodities like gold so when currencies are weak people invest in these things. :)
I'd like to see a Gajillion dollar price tag, but agree with your analysis on the 1 mil to 1 Bil price tag. But Bitcoin has got to successfully work through it's scaling issues before we see this all happening. In either case I'm holding onto my Bitcoin! :-)