Ninjastic
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Re: Bitcoin: $100K in 2021?
by
thecodebear
on 31/08/2017, 09:07:15 UTC
Quote from: hello_good_sir on August 31, 2017, 08:10:26 AM
Quote from: henmark on August 31, 2017, 05:24:38 AM
Quote from: iamTom123 on August 10, 2017, 10:50:08 AM
Quote
Harvard academic and bitcoin investor Dennis Porto believes that, given a few years, it will soar far higher than either of those predictions. In an interview with Business Insider UK, Porto explained that the bitcoin price could reach $100,000 per coin in February 2021 if it follows Moore’s Law, one of the so-called “golden rules of digital technology.”

According to Porto, rapidly growing technologies have a doubling time, meaning that their effectiveness doubles within a consistent, repeatable timeframe. Traditionally, Moore’s law has been applied to computing technology, but Porto says that the bitcoin price has thus far followed the trend by more or less doubling every eight months throughout its history.

Assuming bitcoin continues to follow this golden rule in the near-term, Porto anticipates the bitcoin price will extend beyond $100,000 by February 2021. Using the current BTC supply for simplicity’s sake, this would give bitcoin a market cap of about $1.65 trillion. Needless to say, a $100,000 bitcoin price would thrill today’s investors, assuming they have the fortitude to resist the temptation to sell them.

Source here (the full newsarticle).


I am posting a part of this article here because I am sure that many would be excited to hear about this. So there is a basis for the doubling of value for Bitcoin and Mr. Porto refer to it as the Moore's Law. I am sure that many Bitcoin holders would be happy to know that in 2021 the value can be so high. This can embolden people to hold to their coin and to add more Bitcoin to their arsenal. Never give in to the temptation of selling since the present value is just actually the tip of the iceberg.







That’s a very huge one though but its going to only happen if and only if some things are put in place if there is no interference in the market by nations or big companies then we can be sure its reaching there

No. The deciding factor here is really none of the two things, bitcoin can survive even with government intervention/interference. There is really no way to stop p2p trading from occuring even if you are the government. All you can do is stop centralized exchanges.

$100k will mean that bitcoin market cap grows 20x from right now, so it'll break 1 trillion. To achieve this, bitcoin must gain a sizeable amount of followers in the 4 years we have between now and 2021(at least 10% of world population has to adopt bitcoin).

Plus, we have to see fiat inflate drastically during the 4 years, to drive bitcoin prices up. These are the two main conditions that has to be met if bitcoin has any chance of going to $100k in 2021, and they are of very low probability. $10k? Maybe. $100k is too much imo.


Only the first of your two conditions needs to happen for bitcoin to be $100k. If bitcoin reaches an audience of 10% of population (700 to 800 million) by 2021, which is certainly possible, that alone will raise it up to the $100k range. There doesn't need to be anything more than just normal fiat inflation. If there is for some reason a drastic fiat inflation, which I don't see why there would be, that's how we could have bitcoin be worth several hundred thousand dollars in a few years.

Facebook apparently has 2 billion users. That is a good goal for bitcoin in the next decade. So being 35%-40% of the way there in 4 years is reasonable, and therefore $100k in 4 years is a realistic possibility. Personally I think it'll probably take until 2022 (though i would not at all be surprised if it happened sooner), but who really cares about a year longer difference when talking about those kind of gains.