Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
i do expect that the price of bitcoin will trade betweem $850 and $950 for some time,
I don't think so. Too many people want to have at least one bitcoin.
true, and not even every millionaire (denominated in $) could have one. there are more millionaires existing than bitcoin.
I understand your point, but What a silly one, no? At today's prices, as I type, a million dollars could get you about 1,093 bitcoins, but if you have a million to invest, you might need to diversify a little bit, no?
Frequently, I mention to people who might be skeptical about bitcoins, that 1% to 10% of your quasi-liquid investment funds could be reasonable to invest in bitcoin, but if you happen to be fairly skeptical and skittish about today's prices, then maybe you would feel comfortable with only 1% in bitcoin, and all those variations seem reasonable. So, at today's prices, a person who has $1million to invest but is fairly sceptical about bitcoins could still get 10.93 bitcoins... in other words, what seems to be your point, 600watt, those millionaires should act now, while the price is seemingly reasonable in a globally distributed mindset and while supplies last (before everyone else finds out the value of bitcoin).
my point is that even today, hell, even if bitcoin price tanks to $100 - no matter what price - not every existing millionaire can have one bitcoin. even if all existing btc hodlers would sell all their coins. there is no theoretical way possible, because there are more millionaires than bitcoins. to me this is an interesting fact, to lots of others it seems silly. i don´t understand why people get so itchy about it.
edit: hodlers
This is interesting. I tried to find some data and decent information about the numbers of millionaires around the globe and found this article from mid 2015...
http://www.cnbc.com/2015/06/24/how-many-millionaires-in-the-world-it-depends.html
So depending which source you take, the number of millionaires at that time was around 14.5 to 35 million.
In addition to that there are ~1800 billionaires!
So hodl your coins guys!!
I personally believe that the best measurement of wealth is to take all net assets that a person has and add them all up to determine whether the person is a millionaire (that is net worth); however, some folks have a much more liquid set of holdings than others, but that should not take away from their status regarding how much wealth they do have.
If a person is really wealthy in non-liquid assets, they are not going to be much of an investor because a large portion of their liquid is then going to be tied up just for daily living expenses, etc.
We likely need some term that is between millionnaire and billionnaire, anyhow because through inflation of the dollar, it has become a bit too easy to become a millionnaire, but it does not mean the same that it did 20 years ago. With the inflation of recent times, maybe having $10 million in wealth would have a bit more of a meaningful significance as compared with the mere millionnaire status.
Finally, I do understand the point about not every millionnaire or whatever can have a whole bitcoin, but it still remains a bit of a silly point to me... because there are a lot of things that not everyone can have and it becomes a kind of so what, even if it is making a point about upside price potential of BTC when we already have some folks hoarding 100s or even thousands of coins, and other folks with a much smaller means, of course, struggling to build up their bitcoin holdings to even one coin (I doubt that all of those strugglers are teenagers, too)