Quote from: avikz on November 05, 2017, 07:23:58 PM

Quote from: zigglr6 on November 05, 2017, 04:57:42 PM

McAfee said Bitcoin will be $500k within 3 years: https://www.cryptocoinsnews.com/john-mcafee-claims-bitcoin-will-worth-500000-three-years/

Do you think he's worth listening to?

The may be possible or may not be. No one knows for sure. To reach that price point, the bitcoin market cap should be somewhere to close 7.5k billion USD. The current market cap of bitcoin is 110 billion USD. So the current market cap needs to be 7500 billion USD for the bitcoin price to reach $500k mark. I believe, that is not going to happen in three years. This exponential growth will need support from organized financial market as well as form the governments. If we see some economically strong countries legalizing bitcoin, then it can be possible but otherwise not.

I have found a very interesting tool to calculate bitcoin's price based on its market cap. Try it for yourself to know the prediction.

http://worldbitcoinnetwork.com/BitcoinPriceModel-Alpha.html

There aren't too many places where it's illegal. Are you more talking about adaptation? I like that Japan is ahead of the curve, and I hope that other countries catch up soon!

Like I mentioned above, which is just me repeating what other analysts and speculators say, if BTC was involved in just 1% of the currency exchange of $5 trillion per day, you can get into the range of 6 figures per coin pretty easily. However, 95% of that is institutional, so the whole thing with CAME and possibly Goldman Sachs becomes pretty pivotal. Hopefully Bitcoin can prove itself there.
I read something else where if the offshore tax havens were to exchange their cash for Bitcoin, Bitcoin would show similar gains on 1%.

Will it happen, in the next 3 years? I would say that if it proves itself as a solid investment in mainstream futures trading, it could be adopted into ETFs within that time frame. That time would certainly give it time to gain market the cap to reduce volatility if all went well.

I'll be curious as to whether these altcoin projects bring in new money as they prove themselves out, or if they rob from BTC. Hopefully they just bring in more $ and can stand on their own independent of the movement of Bitcoin.

Screw what the banks say... they'll always protect their interests and that means trying to permanently damage Bitcoin's rep until they can figure out how to capitalize on it and not lose those fees for ATMs, ACH, wire transfer, etc.