Given its up 10x since 2020, why wouldn't it reaches $1m in 5 years, only 6x than it is now.
your thoughts?
https://files.ozbargain.com.au/upload/476873/122140/screensh…
Will Bitcoin Reaches A$1m in 2030?
Comments
Humanity says "I can predict second order chaotic systems this time…"
It can fall out of investor favour at any time.
I prefer the BScoin I created. It’s on a blockchain like all the others and I just need another 10K people to “believe” and put in $100 each for me to cash out and retire.
Retire on 1m? How?
We don't need you BScoin - Bitcoin can go to $1m right now!!
It's easy, I'll tell you what, why don't you buy 3 bitcoin for $504,000, I'll two bitcoin for $336,000, then you buy my one bitcoin for $1m .
I'll make $664,000 and promote the sh!t out of it all over social media and pay for influencers to talk about how much I made and that bitcoin is worth $1m and going to $2m next!! (and still own half my bitcoin)!You'll be in for $1,504,000 but as Bitcoin has now traded for $1m each, you'll own $4,000,000 worth!!
Then you offer to sell 2 to OP for a discounted price of $900K each and cash out $1,800,000 … you are already up nearly $300,000 (and still own half).
….Don't flood the market too quick, slowly convince others to pay more as you sell of the rest slowly and become over $2m richer! Flash around your earnings and credit bitcoin!
I'll do the same until I sell my remaining one off in bits for more than another $1m and also follow the golden rule, we all make sure we tell everyone and talk about it going to the MOON and howl down any criticism!!… sad thing is, this is how Bitcoin and the whales actually works (Play that scenario out with big enough volumes to influence the world price).
But undeniably, plenty of money can be made as proven along the way and is by lots of people so I guess it can be worth the risk. So it very well could go to $1m as soon as the collective crypto group decide it and throw in their cash.
MrFrugalSpend has discovered how markets for 'collectibles' like abstract art operate.
@tenpercent: Wanna buy my AI generated NFT? If you've got a big following and can convince them to buy, I've got a whole set of special limited editions that will never be repeated, and can do you a great deal that makes us a lot of money!
I hope it does so people like me can accumulate more and hold with dear life.
Will AUD continue to fall against every other currency? Yes
Is your assessment based on your extensive experience in international currency trading?
Yes
Well… Australia actually produces something.. so should never be worth nothing. Commodities, even historically, farming etc.
Australian land produces something, however the owners of said land are more and more becoming foreign interest. It's great to say farming, however weekly we're seeing more and more farms being sold off to international buyers (i.e. China), and whilst we can levy and tax what is being produced, it's not Australian anymore. Beef, rice, pork, wheat, etc, are foreign owned.
We can say the mines are producing resources, but with the growing push to renewables and green, that bubble is going to burst, whether in the next 5 years, or 20 years, but that bubble will be popping, especially when we lack the capacity to fulfil the demand for rare earth materials as opposed to our coal, bauxite, etc.
I mean the biggest industry in Australia is arguable real estate at the moment, and that's not something we can go exporting.
Whilst the dollar may not drop to nothing, unless Australia makes a hard pivot into something else, anything else, we are in a precarious position.
We can say the mines are producing resources, but with the growing push to renewables and green, that bubble is going to burst, whether in the next 5 years, or 20 years, but that bubble will be popping, especially when we lack the capacity to fulfil the demand for rare earth materials as opposed to our coal, bauxite, etc.
Have you not heard about Future Made in Australia…?
the biggest industry in Australia is arguable real estate at the moment, and that's not something we can go exporting
Two empty, chinese owned, land sites next to my home in a quite sought after suburb in Melbourne begs to differ. But I agree, AU economy isn't ready to thrive in a competitive global trade overall.
just a little over 200 years is historic?
Exactly how much market data do you need?
@cfuse: At an interest rate of around 3%, the average lifespan of a fiat currency is approximately 80 years. 1971 was 54 years ago so I reckon we've got another 26 years left in the fiat tank. Maybe less considering 1931 was 94 years ago. Maybe more considering the financial wizardry and the going direct reset.
Now if only we could figure out where inflation comes from…
@tenpercent: Where'd you get 1971? We swapped from the Australian pound to the Australian dollar in 1966.
1971 was the UK & Ireland…
The AUD is not backed by commodities or anything. Each Australian dollar in circulation is either an IOU to the reserve bank or an IOU to a commercial bank.
Everything hinges on the unhinged in charge of the uSA. It's a no from me.I'd get out very,very soon.
It's the same every presidency. Doom and gloom, and then the next cycle continues.
Sure.This is just like every other presidency.LOL
Apart from the digital panopticon we live in driving people to unprecedented levels of shameless hysteria I fail to see the difference.
@cfuse: Wilful blindness is one thing, but wilful ignorance is the bigger problem. I see the lanes have merged for some.
Speculation will run out of speculators to speculate and drive speculative prices up.
Just need one country to ban and the price will drop like no tomorrow
China did, but their government were smart for doing it.
Next question will be, "can anyone think of a reason not to follow consensus financial advice from ozbargain".
Poll needs more options
* Who cares
* Will you celebrate if BTC comes a gutser
Hang on I’ll ask chatgpt
I asked Grok, but it's response is not repeatable here.
Yes liquidate all your assets and go fully into crypto
Yes liquidate all your assets and go fully into crypto
I have personally made fun of such things (i.e selling your assets to invest in BTC) but people who have defied this, have made an absolute killing. Here is a story of a Dutch man who sold his house and bought 100BTC in 2017.
Now I am sure there are many sad stories as well that we don't know about.
a story of a Dutch man who sold his house and bought 100BTC in 2017.
Speaking of the Dutch - Crypto always reminds me of this story about tulips.
The Dutch tulip bulb market bubble was one of the most famous market bubbles and crashes of all time. Also known as tulipmania, it occurred in Holland during the early to mid-1600s, when speculation drove the value of tulip bulbs to extremes. The rarest tulip bulbs traded for as much as six times the average person’s annual salary at the market’s peak.
Tulipmania reflects the general cycle of a bubble from the irrational biases and group mentalities that push up prices of an asset to an unsustainable level to the eventual collapse of those inflated prices. The example of tulipmania is used as a parable for other speculative assets
Yeah there would have been somebody who sold tulips at the peak.
I didn't read the story whether this guy who put his house on bitcoin has sold? If not, I'd say he's as likely to lose his house on his gamble as to make his fortune.Tulip Mania was a speculative frenzy in the Dutch Republic during the early 17th century, primarily spanning from 1634 to 1637
3 years
Pump and dumps are great for those buying in the pump and disasterous for the chumps left holding the bag in the dump.
Pyramid schemes are also hugely profitable for those who get in early, but it doesn't make it a good idea to get involved.
I'm just about to buy some so it will definitely crash and burn shortly after.
Oink
Oink oink
technically with the 4 year bull cycle coming to a close, the bear market is expected to start soon
You would be a fool not to bank on it.
So will a digit receipt for spent processing time & energy retain value? Hmmmm, let me think about that.
OP is gettings lot of goods advises here.
Drill,baby drill. Drill that bitch coin till your eyes bleed out.
I feel like the poll could have asked "Are you holding bitcoin?" and the results would have been identical.
Will Bitcoin "reaches" A$1M in 2030 (not before, but in 2030, so, sometime between Jan 1 and Dec 31)?
It could. Perhaps it will. Perhaps it won't. What do I think will happen? I think there is a decent chance it will reach $1M by 2030, sure.
But even if 100% of people polled voted 'yes' - that doesn't mean anything.Based on slipping global stability, and the rise of the lunatic right, It will bust before this year ends. How low? Not sure. Do I care? Nope. Bring it on. Do I care if my prediction is wrong? Nope.
Crypto is a scam that helps the rich elite become richer. The rich elite crypto holders don’t HODL, they constantly buy and sell. They can make millions if Bitcoin goes up by a mere 5%. When it drops 5% they buy more. There’s no risk in it for them. If it crashes over night they’ll buy more. Some of them use bots to buy and sell. Slowly they will suck more and more wealth from the poor and middle-class crypto investors hoping to make a buck or two.
Crypto is an unproductive asset that ties up trillions of $ in cyberspace, and is therefore bad for the economy while simultaneously shifting wealth from the poor to the rich.
Don’t know if it’s “for the rich” but it’s almost like the lottery. The odds aren’t in your favour, your likely to lose and it has another similarity- that of a Ponzi scheme (need a greater fool to buy it at a higher price)
@ForkSnorter you just described the stock market lol
you just described the stock market lol
No I didn't.
Investing in the stock market puts money into real businesses that:
Produce goods and services
Employ people
Innovate (R&D, infrastructure, etc.)
Pay corporate taxes
Contribute to GDP growthCryptocurrency investment, on the other hand, is unproductive speculation that doesn’t contribute meaningfully to economic output. It's a closed-loop economy that doesn’t touch the real world.
You forget it's core objectives.Money laundering and criminal activity funding.
@danwylie: I suppose even organised crime needs lunch money. I guess the key question is, is a civil society OK with that?
( whatever a civil society is, these days )@Protractor: A few years back I thought the answer might be "no", but now there's bitcoin ETFs and the US "strategic reserve" so now ¯\_(ツ)_/¯
I gotta agree with @NanoDuke on that one.
Unless you're investing in IPOs and share purchase plans etc, the business doesn't see a cent of the bet you place on it's price rising.
In the Stock market, when you buy a share, you’re buying a piece of a business. Some people are speculators stock prices go up (they want to buy low) - this is separate (and is just one way brokers/ people make money)
But here’s the defining difference, when you buy a piece of a business. Just for holding, you can actually get a dividend in the form of cash when the business makes a profit (in perpetuity. And you get to keep the share!). Bitcoin won’t do that for you.
And the value of said share will likely increase if it consistently creates high profits/dividends.
It’s also backed by people performing work to generate those profits (creating jobs)
And the best part about Australia is, we get tax breaks for doing so. (we pay CGT but only if we sell…) but the dividends we get, we receive “Franking Credits” -effectively a company pays tax, so the dividends that get paid to our bank accounts we don’t get taxed on twice (as another form of income) - so you get a tax break (money back at tax return time) if you get paid a lot of dividends.
One of the best parts.. our shares are relatively cheap comparatively to the US market.But you can get exposure to the US market - sign up and throw some money into an ETF like Vanguard, Betashares, VanEck etc and own a piece or google, Microsoft, Nvidia, Facebook in the form of an ETF.
i thought you were referring to banks and fiat for a minute
Probably. Personally I’ll be cashing out the second Kraken gives me my free referral crypto.
Might be waiting a while…
Given its up 10x since 2020, why wouldn't it reaches $1m in 5 years, only 6x than it is now.
This logic is…..wow. Just wow.
a newbown child will grow 1 inch each month on average. How many infinitely tall people do you see walking around?
what is the correlation between biology and finance?
Never said there was.
It's called giving an example.
terrible example which bears no resembalance to what's being discussed you mean?
Ye.s…
Will Trump be president in 2030?
Nope, but by then unless someone tops him first, he's likely to be running the US entirely by, using and abusing martial law.It will be pretty easy too. The trigger happy war mongering military is eager to run some serious blood for him. Most ppl in uniforms of power and those who have personal arsenals in America worship him.The guy is a deranged psychotic sociopath unseen until now. Don't underestimate the evil in his intentions. It has no limits.
Most mil/gov US govt types also think he is an unhinged criminal lunatic and continue in their 'deep state' role AKA doing good public service.
Thought they could serve total of 2 terms
Yeah but this is Trump, he thinks he can just modify the constitution and run indefinitely.
They can also change the rules.
If it does not, I will be so much dissapointed as most of my super is hold with dear life in Bitcoin for quite a while.
if it does, I might have a stroke with happiness.
Nothing in between. To the $10m?
Your are wise grasshopper. Invest every coin you have in that winning strategy. We have your back.
It will be used to back the failing USD, so yes, it will get there ;)
I expect all the naysayers will be of the view that the property magic pudding will be producing exponential gains.
Live in your bitcoin… oh wait.
There’s 2x assets,
1 that produces money (in the form of dividends)
2nd needs someone to spend more for the same itemProperty is a little of both, depending on what you have (or your strategy).
Ie will property prices rise faster than the rate of inflation, (to sell)
It produces money (rent)
Yes mortgages may come into play… however not the same.Bitcoin is purely speculative.
I own my own house AND i own bitcoin. Why is it one or the other.
Any bet on any asset class forever rising is speculation. The crazy leverage people have on property now is literally gambling.
If buying a house is literally gambling, what is buying bitcoin?
Property prices don't have to rise to justify buying a house, they provide shelter and/ or produce income.
@SlickMick: There's a difference between borrowing a million dollars on property and dabbling in bitcoin. I bought at $40/coin back in 2012. Not exactly gambling.
But like everything one should diversify. I also bought into Gold, which most will say is useless, but it has proven to be an excellent hedge against AUD.
People don't seem to grasp investing for income vs investing for growth. Not everything needs to be income producing to be worth investing in. My original comment I made here was aimed at this stupid notion of property being the one true asset class I see in Aus.
I expect all the naysayers will be of the view that the property magic pudding will be producing exponential gains.
Just incase somewhere in the future someone calls me out im 'not' a naysayer BTC is by far the best assest class and has had a crazy high ROE
but i got no idea what the price will be in 5 days let alone 5 years - i do think we are 'coming to a point' where price growth and price falls (volitility) has pattered out a lot due to ETFs and instutional investors the next bull run will probably be at the next halving event
Full disclosure i do not hold BTC (i wish i did but i sold out a long time ago for a profit but cry a little every time i reaches a new ATH same with ETH)
Believe me, the time will come and you'll saying, 'I dodged a bullet'.And it has already left the barrel.
Amazing how we've had this exact same discussion on Ozbargain for a decade now and the same idiots keep repeating the exact same shit.
The team thanks you for personifying your point
I think it will reach $10M meaning 1sat = $1 making me happy
US gov prints more money and uses that to buy up Btc?
Yes, and fund Michael Saylor with 0% interest rate so he can keep buying BTC on a weekly basis.
he buy regardless of anything
Even at A$1 million at a A$20 trillion market cap, Bitcoin would still fall short of gold's market cap.
There's a strong 50/50 chance.
Probably before that. Trump is all in. They print money worldwide to pump the price up. It's all about making Trump filthy rich. Even UAE are sponsoring him by investing billions in his useless stablecoin.
He has a stable coin?
Yes, just google it "trump stablecoin"
You mean his memecoin? That’s couldn’t be further from a stable coin. They are literally the opposite of each other.
Crystal Ball says 'I dont know'