Is it possible? Is it probable? Under what conditions could it happen?
In this video, I take a stab at all these questions. I wouldn't mortgage the house to get involved but there is a chance we could see it under a certain scenario.
▶️ 3Speak
Bitcoin To $1 Million?
3 years ago in Threespeak by taskmaster4450le (81)
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it would be nice and all for bitcoin to go that high but I think scalability issues would be as huge as the price :) and equally as challenging to solve. We've all seen what happens when you try to improve how fast your blockchain ( or second layer) runs. :P
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If Bitcoin is the store of value, scalability means little.
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maybe I lack imagination but I think valuable things are associated with transactions
Gold?
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you can transact gold in lots of ways
Instead of the old Gold standard that all FIAT money was based on. I can a see a future where some currency ties itself to BTC.
We then have a BTC standard and other currencies will peg themselves to that currency. We don't have to change how any current systems work just add in BTC.
This is what i see happening.
It will not be the USA for sure, but someone will do it.
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The idea of Bitcoin being the base and all other things collateralized using that is logical. It can replace gold forming the basis for a completely new financial network.
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Good question: will we need a store of value? From our current general mindset, yes, but as you said in the computer evolution analogy, it's hard to envision all of that.
Since you mentioned DEFI, I'm curious what's your take on Uniswap and UNI?
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@acesontop
The UNI token is showing how valuable governance can be. It is something that I think it drastically overlooked on Hive. Hive is actually a governance token in addition to providing access.
I still hold my UNI that were dropped since I think there will be much more activity on Uniswap in 2021.
And to think, that token did not exist a year ago and now is worth more than a billion.
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If Bitcoin reaches $ 1 million, only institutional investors will decide.
For small investors, participation rates will be increasingly restricted
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A catalyst that may propel Bitcoin to $1 million is the replacement of the Federal Reserve Note as the reserve currency of the world. And it may happen in our lifetime.
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It could. Although it will likely replace a lot more since it will be the basis for which all else is built.
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Summary:
In this video, Task discusses the possibility of Bitcoin reaching a million dollars and explores the factors that could drive its price to such heights. He mentions that while some believe Bitcoin could serve as the store of value for an entire financial system, he remains skeptical about this potential future. Task highlights the increasing institutional interest in Bitcoin, the growth of DeFi, and the role of Bitcoin in a potential new financial system based on its scarcity. He also touches on advancements in technology and energy that may shape the future landscape of finance. Ultimately, Task raises questions about whether Bitcoin will indeed become the primary store of value and the future of financial systems.
Detailed Article:
Task delves into the intriguing topic of whether Bitcoin could achieve a staggering price milestone of one million dollars. He points out that while it's theoretically possible for Bitcoin to reach such heights, the likelihood and the circumstances necessitated for it are up for debate. Task acknowledges the prevailing notion that Bitcoin could potentially serve as a store of value equivalent to that of gold, projecting a target range of $400,000 to $500,000 based on current evaluations.
The discussion progresses to consider the potential for Bitcoin to reach a million dollars or even ten million dollars, with references to opinions from figures like Pomp on the subject. Task briefly contemplates the scenario where Bitcoin becomes the foundation upon which an entire financial ecosystem is built, expressing personal reservations about this vision. He challenges the idea of Bitcoin as the ultimate store of value in a future characterized by the metaverse and advanced technological developments, hinting at a broader shift away from conventional structures.
Task then pivots towards the influence of institutions, central banks, and governments in the Bitcoin space, anticipating a future where these entities could drive the development of an expansive financial system supported by Bitcoin. He highlights the growing interest of corporations like Tesla and Home Depot in holding Bitcoin, suggesting that such moves could further propel Bitcoin's value upwards. The narrative transitions to explore the crucial role of Bitcoin's scarcity argument in positioning it as a foundational element in a potentially evolving financial framework.
Discussing the intersection of Bitcoin with the burgeoning DeFi sector, Task underscores the significance of Bitcoin as the underlying asset for various financial innovations. He contemplates the potential heights that Bitcoin could reach with derivatives and DeFi gaining prominence within the cryptocurrency realm, indicating a path towards significant valuation increases. Task emphasizes the necessity for conceptual buy-in amidst evolving technological landscapes and emphasizes the importance of energy and computation in shaping future possibilities for Bitcoin and financial systems.
In conclusion, Task raises thought-provoking questions about the future trajectory of Bitcoin, the feasibility of it becoming the preeminent store of value, and the broader evolution of financial systems. He prompts viewers to ponder whether a store of value like Bitcoin will be essential in the future and presents a contemplative outlook on what lies ahead for the cryptocurrency and financial sectors.