Quote from: CrazeCoinz on November 11, 2018, 10:21:10 AM

Yeah that's right it's a huge amount of money and your too ambitious to think. Although crypto is full of surprises I just cross my fingers because dreaming is free. All of us has our own prediction of bitcoin price. I'm happy to see bitcoin at $50k level.

I have my reservations about the price of bitcoin reaching a million dollars anytime soon. It is possible but the chances of it happening are very slim due to various factors, such as the industry itself, the nature of bitcoin, its status and legalization among countries and the possible implications of implementing it as a standard use for currency. What separates cryptocurrencies from conventional currencies is its component- which they solely exist digitally. Unlike gold and fiatwhich are made from materials such as precious metals and paper, cryptocurrencies has no innate value.

When we talk about its price on the market, what primarily determines its price is the law of demand and supply in the market. Investors acquire cryptocurrencies and sell them on a value higher from what they acquired initially- which explains its high volatility.
To give you an actual example, last year around December 2017, the price skyrocketed and reached a value of almost $20,000 but it quickly submerged down to $15,000 and ultimately to $6,000-$7,000. I doubt that bitcoin would reach a million dollars but I am keeping my hopes up once it reaches a value that is higher from what I acquired them initially for easy profit!