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BTC at 3 million? 3 million x 21 million = (probably more money then is in circulation worldwide?) I guess anything is possible but it seems highly improbable

BTC at 3 million? 3 million x 21 million = (probably more money then is in circulation worldwide?) I guess anything is possible but it seems highly improbable to me. (edit) Just for fun I checked with quick and dirty math/2 second Google lookups. Say BTC does 100X and attains 3 million. 3million/BTC x 21 million BTC = six hundred thirty trillion! Right now there is around 40 trillion worldwide in the form of "money". So they are going to have to print a lot more money and BTC is going to have to represent all of it near as I can tell for 100X to happen.

lowkey 5y ago
- BTC at 10x is the size of the gold market - The market for negative real interest bearing bonds is over $200 Trillion or 200x Bitcoin’s current market cap. Why would anyone store their savings in negative yielding debt? - The total addressable market for BTC is much larger than most expect, though it will take time for the gains to be realized.
randomhodler84 5y ago
Bitcoin will hover between 10-100 million USD, yes.
- mythrwy 5y ago
  I'm curious in this scenario (total collapse of USD with no .gov structured replacement) how you envision the lights being on and the internet up and running? BTC I guess?
  - randomhodler84 5y ago
    Who said anything about the lights not being on. You will be paying $100/kwH for your electricity in your $2M/year job.
    - mythrwy 5y ago
      Ah ok that makes more sense. In other words, what BTC will "buy" in terms of goods and services is more or less the same it buys now (maybe more is predicted?). Just the dollar will drop dramatically in value. This might happen sure. Couple of points (just my opinions). If the dollar declines that precipitously in value (in our lifetime), seems it might get slated for replacement. Particularly given what we now know digital currencies can do. Will governments throw in the towel on control of currencies? Seems unlikely, willingly, but maybe they won't have a choice. Would some kind of international monetary standard, agreed to by treaties, replace sovereign currencies with a digital currency? What kind of problems might this solve? (or claim to solve anyway). I don't know. Just don't see nation states giving up control quite yet. I suspect BTC has it's uses for national interests or seems it would have been stomped to death some time ago. If that's even possible, idk. If the dollar declines that precipitously, that rapidly, it seems like significant social upheaval would accompany the decline. Back to my point about the lights being on and networks up. Were I to chose a store of value in this scenario it would be essential physical goods, water and land. Seems you could pick up a lot of baubles with that during the tough times and have wealth when things smooth out. BTC depends on a number of underlying assumptions about social order, at least to the level of maintaining utilities and production lines so there is something to spend it on.
      - randomhodler84 5y ago
        I suspect the only way to prevent the collapse of all fiat currencies will be nations holding BTC, and probably other fixed issuance coins used for shorter term trade. There will be a pegged redemption rate, for fiat currencies to the Bitcoin. Because states can keep printing more fiat, there will be some shenanigans with fake Bitcoin. Make sure you always take custody because the banks will try to inflate it! I believe this because it is the only honest money we have. It was invented to keep us honest.
- aantix 5y ago
  Why not Eth? Seems like it has more utility with the smart contracts.
  - randomhodler84 5y ago
    Nah. Eth sucks actually. Eip1559 is a totally broken model. I get the impression the devs are completely clueless.
naveen99 5y ago
63 trillion which is probably around 10-15% of global wealth right now. Plenty of people are already keeping 15% of their portfolio in bitcoin.

lowkey 5y ago

- BTC at 10x is the size of the gold market - The market for negative real interest bearing bonds is over $200 Trillion or 200x Bitcoin’s current market cap. Why would anyone store their savings in negative yielding debt? - The total addressable market for BTC is much larger than most expect, though it will take time for the gains to be realized.

randomhodler84 5y ago

Bitcoin will hover between 10-100 million USD, yes.

mythrwy 5y ago
I'm curious in this scenario (total collapse of USD with no .gov structured replacement) how you envision the lights being on and the internet up and running? BTC I guess?
- randomhodler84 5y ago
  Who said anything about the lights not being on. You will be paying $100/kwH for your electricity in your $2M/year job.
  - mythrwy 5y ago
    Ah ok that makes more sense. In other words, what BTC will "buy" in terms of goods and services is more or less the same it buys now (maybe more is predicted?). Just the dollar will drop dramatically in value. This might happen sure. Couple of points (just my opinions). If the dollar declines that precipitously in value (in our lifetime), seems it might get slated for replacement. Particularly given what we now know digital currencies can do. Will governments throw in the towel on control of currencies? Seems unlikely, willingly, but maybe they won't have a choice. Would some kind of international monetary standard, agreed to by treaties, replace sovereign currencies with a digital currency? What kind of problems might this solve? (or claim to solve anyway). I don't know. Just don't see nation states giving up control quite yet. I suspect BTC has it's uses for national interests or seems it would have been stomped to death some time ago. If that's even possible, idk. If the dollar declines that precipitously, that rapidly, it seems like significant social upheaval would accompany the decline. Back to my point about the lights being on and networks up. Were I to chose a store of value in this scenario it would be essential physical goods, water and land. Seems you could pick up a lot of baubles with that during the tough times and have wealth when things smooth out. BTC depends on a number of underlying assumptions about social order, at least to the level of maintaining utilities and production lines so there is something to spend it on.
    - randomhodler84 5y ago
      I suspect the only way to prevent the collapse of all fiat currencies will be nations holding BTC, and probably other fixed issuance coins used for shorter term trade. There will be a pegged redemption rate, for fiat currencies to the Bitcoin. Because states can keep printing more fiat, there will be some shenanigans with fake Bitcoin. Make sure you always take custody because the banks will try to inflate it! I believe this because it is the only honest money we have. It was invented to keep us honest.
aantix 5y ago
Why not Eth? Seems like it has more utility with the smart contracts.
- randomhodler84 5y ago
  Nah. Eth sucks actually. Eip1559 is a totally broken model. I get the impression the devs are completely clueless.

naveen99 5y ago

63 trillion which is probably around 10-15% of global wealth right now. Plenty of people are already keeping 15% of their portfolio in bitcoin.