Ninjastic
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Re: If bitcoin price is $10.000, will fiat be worthless?
by
jaysabi
on 29/11/2016, 00:49:08 UTC
Quote from: Bitcoin0916 on November 24, 2016, 10:08:43 AM
Quote from: goldcoinminer on November 24, 2016, 08:09:59 AM
Quote from: freedomgo on November 24, 2016, 06:41:06 AM
Quote from: batang_bitcoin on November 24, 2016, 02:23:50 AM
Quote from: clickerz on November 23, 2016, 02:08:13 PM
Quote from: Positid on November 22, 2016, 12:44:17 PM
Fiat has been proven to be stable for a longer period of time since we are still using it, maybe I will believe  that some investors will transfer their money in bitcoin but not to do away with fiat, they still need fiat as more than 99% in the world population are using FIAT.

Thats why an option to buy bitcoin is for those who has sapre money to do so and for a person who are well aware of internet and cryptocurrency. Still fiat is king, everyday we used it and still it it is needed in daily real life transaction. Even bitcoin is @ $10.00  fiat is still stable and important.

And that's will make fiat still worth it and for bitcoins adoption today still we all know that stores are very limited to those who are accepting bitcoins. It won't make fiat worthless even the value of bitcoin will be even higher as $100,000. Because it has been used for many years already and the people is trusting it more rather than bitcoin.
Maybe the question that must be answered first is, is bitcoin will hit the value of $100,000 per BTC?
That's too unrealistic for now, I do not see in the future that price will happen. If miracle will happen but I double people will be able to sell that amount because I have feeling that when the price hits $10,000 people will be willing to sell their bitcoins for money.
I think it is still possible, 5 years ago no one thought that the price will reach $750. With increasing number of users and transactions, certainly no more than 10 years again to reach $10,000.

The straight line upwards in price that would require completely ignores slowing growth as market cap increases. Once you sit down and do some basic math, you see how ridiculous that assessment is. In 10 years, there will be 19 million coins in existence, and at $10,000 each, that puts the market cap of bitcoin at $190 billion. Considering the current market cap is $11 billion, that would require bitcoin to grow by roughly $18 billion per year, whereas bitcoin in its entirety is worth only $11 billion currently. That growth rate seems... overly optimistic, to put it mildly.