Even if bitcoin is worth $1 million, there will still be buyers and sellers, and transactions will continue as usual. [But I will also partially agree with what Minhxx said, when bitcoin becomes expensive, owning bitcoin will become more difficult and, therefore, will make it impossible for many people to own bitcoin.
Should I believe this? I really find it very difficult to see myself being convinced by it.
Are you aware that currently there is no fraction of Bitcoin that cannot be bought via P2P transactions?
Let's make this assumption: With the current price of Bitcoin as of now,
BTC0.00021 Bitcoin is worth about $5.48, and if I buy such a fraction of Bitcoin now, I will pay just about $0.8 in fees. Fast forward to year 2040, and if 1 Bitcoin is sold for $900,000, if I want to buy $5.48 worth of Bitcoin, it will be
BTC0.00000609. You can see that I am buying a lesser fraction of Bitcoin for $5.4, while in 2023, I bought a larger fraction for that same amount.
That scenario I gave is to demonstrate that quite a lot of people can still buy Bitcoin no matter what price it's trading at. The only thing there is that they will buy a lesser fraction of what they would have gotten if they had bought earlier than that time.
Also, don't forget that there will be new people to Bitcoin in the future, and as many as they will be by then, they will buy at whatever price they see.
That is also
why I recommend everyone to take advantage of this moment to buy bitcoin while it is still very cheap.
I don't dispute the fact about this; that's why old folks in Bitcoin like sir JJG would always advise on buying the dip and holding. It's not because Bitcoin cannot be owned by many people by the time the price is so expensive; it's just that anyone who even buys the dip now would be at a very big profit by then.
Take a look at the example I gave above. 0.00021 Bitcoin for $5.4 now, then in the year 2040, if the price of Bitcoin becomes $900,000, then the 0.00021 would be worth $189.
Like your comparison, when bitcoin is less than 1$, buying it is a lot
easier. And thought that if it hit $1 million, it would be extremely difficult to buy it.
Yea, easier, you said, but many people did not buy then. You can say people were more skeptical about Bitcoin then, but as people got off their skepticism in 2021, lot of people still bought.