Re: Will Bitcoin become a long-term trusted store of value?

If it does become a long-term trusted store of value, BTC should trade around $2,000,000 a coin (depending on how many coins are lost and are actually in circulation). That is over 100x the price of where BTC is today.

Where do you get this figure from?

Bitcoin has the basic characteristics of a store of value, the main one being a limited supply. It will need to have some utility for it to be trusted as a store of value so it must succeed in some form as a currency.

It could be a store of value if it wasn't subject to futures contracts and that's capacity to make money betting against bitcoin without even buying.

Why does it need to have utility apart from its capacity to move wealth easily avoiding bank charges. If by utility it needs to be easy to buy a cup of coffee with it I disagree. Although it's egalitarian in nature, avoiding brokers, it isn't simple and it relies on faith. Faith that their money won't just go poof or that its value won't drop like a blimp with a hole where the naysayers are sucking out value making money betting against.

It is not going to happen, future contacts are being used precisely to keep the price of bitcoin down in a very similar way in which future contracts are being used to keep down the price of gold and silver, the big advantage that we have over those markets is that many prefer future contracts for gold and silver since moving so much gold and silver is a problem but with bitcoin this is not the case, since we can move a huge mount of bitcoin to the other side of the world without any effort.