Could Bitcoin’s Price Reach $1,000,000? (ARK Invest)

[johnarb]

If BTC becomes one of the biggest assets in the world, then a large drawdown would be a huge worldwide wealth shock. I can't imagine that this wouldn't have a massive impact on the entire financial system.

The good thing about Bitcoin is that the pain level of a huge drawdown is proportional to the amount of bitcoins you own

Let's run through the scenarios so it's clear

Let's say an entity owns $8B at the peak price of btc bull market cycle, it will lose valuation on its holdings all the way down to $2B. The m2m value of the portfolio went down, but it's not going to affect the company to make it bankrupt if the management is not a bunch of idiots. I'm somewhat describing MicroStrategy

Let's say you're a wealthy dude and put all your net worth to Bitcoin at the top, $100M, now you're down to $25M, hey you're still ok, just wait for it to go back up over 2000% on the next bull market cycle

Let's say you're a dude that put all your net worth to Bitcoin and at the peak you $1M and when it crashes to $250k, you should still be ok, and if not, then you should have sold when it was $1M or close to it

And how about that family guy who put the life savings of $10k worth to Bitcoin, ahh, you're stupid if you do this, unless you've calculated all your income and expenses and know that you'll be ok, you can afford to lose

Anyway, as you can see, that doesn't affect the worldwide stuff, there will be no problems. Makes sense or not, I dunno,

 

[engineering]

Bitcoin is the best performing global asset in the world this past quarter - Bloomberg Intelligence

The ET Bitcoin haterz will not be happy as bitcoin goes to $1M/btc by the end of the decade

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But is it an asset or a currency?

Bitcoin lovers talk about it replacing USD, but imagine if you had taken out a 30 year mortgage denominated in Bitcoin 10 years ago and now you have to pay it back....You'd be bankrupt.

Bitcoin is garbage for real people who want to engage in sane, everyday financial transactions.

As an "asset" it has had some remarkable performance, but then so did stock in the Mississippi Company or the South Sea Company.

 

[jbusse]

But is it an asset or a currency?

Bitcoin lovers talk about it replacing USD, but imagine if you had taken out a 30 year mortgage denominated in Bitcoin 10 years ago and now you have to pay it back....You'd be bankrupt.

Bitcoin is garbage for real people who want to engage in sane, everyday financial transactions.

As an "asset" it has had some remarkable performance, but then so did stock in the Mississippi Company or the South Sea Company.

If Bitcoin were to replace the USD, both the house associated with the mortgage and the mortgage itself is priced in units of Bitcoin, as is the salary backing the mortgage. You'd only be bankrupt if you had to take a significant Bitcoin salary cut, but if the cost of living is in units of Bitcoin, how could employers cut everyone's standard of living by paying them far fewer Bitcoin?

 

[johnarb]

But is it an asset or a currency?

Bitcoin lovers talk about it replacing USD, but imagine if you had taken out a 30 year mortgage denominated in Bitcoin 10 years ago and now you have to pay it back....You'd be bankrupt.

Bitcoin is garbage for real people who want to engage in sane, everyday financial transactions.

As an "asset" it has had some remarkable performance, but then so did stock in the Mississippi Company or the South Sea Company.

Bitcoin is both plus it's also a global monetary network that is 100x better than SWIFT, VISA, MC and Bitcoin is also a banking network that is 100x better than JP Morgan, Citibank, Credit Suisse, Deutcsh (Douche) Bank, ... and more

I'm not an engineer, but....

Here, educate yourself, it's painful to discuss anything with you as you're an ignorant fool that uses superficial inaccurate, ill-informed subjective data

The Multifaceted Nature of Bitcoin

 

[semperfrosty]

But is it an asset or a currency?

Bitcoin lovers talk about it replacing USD, but imagine if you had taken out a 30 year mortgage denominated in Bitcoin 10 years ago and now you have to pay it back....You'd be bankrupt.

Bitcoin is garbage for real people who want to engage in sane, everyday financial transactions.

As an "asset" it has had some remarkable performance, but then so did stock in the Mississippi Company or the South Sea Company.

Its a bit of a first world comment too,in my opinion.

The exciting part about BTC isnt the guy using it for a Coke at the 7/11 when he has 12 other payment options.Its the adoption in 3rd world/semi 3rd world communities.Peer to peer digital transactions without the reliance on a bank.For that demographic it is certainly not garbage.

Adoption in parts of Africa and indeed South Africa is ahead of the curve.

Once we talk about it is an asset or an investment vehicle then it is subject to all the usual assessment criteria but yes it is performing well of late.

Disclaimer-Not an engineer...

 

[semperfrosty]

If Bitcoin were to replace the USD, both the house associated with the mortgage and the mortgage itself is priced in units of Bitcoin, as is the salary backing the mortgage. You'd only be bankrupt if you had to take a significant Bitcoin salary cut, but if the cost of living is in units of Bitcoin, how could employers cut everyone's standard of living by paying them far fewer Bitcoin?

Im glad the jb brain is on our side!

Might have started second guessing myself!

 

[The_Krakenite]

> I can't imagine-

Dude, I've watched live as oil went into NEGATIVE price territory.

 

[engineering]

Its a bit of a first world comment too,in my opinion.

Because no one else would care about price stability? Really?
Having a reasonably stable currency to price things matters everywhere.

[/QUOT

Adoption in parts of Africa and indeed South Africa is ahead of the curve.
[/QUOTE]

I expect it is extremely useful for corrupt officials. Then there is also the ransomware aspect...

https://guardian.ng/technology/ransomware-hits-71-of-nigerian-organisations/

Ahead of the curve indeed.

 

[engineering]

Here, educate yourself, it's painful to discuss anything with you as you're an ignorant fool that uses superficial inaccurate, ill-informed subjective data

It's interesting to note that you have not pointed out a single factual inaccuracy, but instead have resorted to ad-hominems.

As neat as Bitcoin may be, I think it's doomed to be the Netscape Navigator of the crypto world.

 

[engineering]

how could employers cut everyone's standard of living by paying them far fewer Bitcoin?

They have to. Bitcoin by design is deflationary.