Many like to throw out the BTC $100k phrase, but is it really possible?
We have all heard the phrase, "Bitcoin is going to $100k", especially if you have followed my blog for any length of time.
I have probably uttered said phrase at least 20 times or so within the last year on my posts and comments.
That being said, is it even possible or if it is possible, is it sustainable?
The short answers to both of those questions is...
"YES!"
(Source: https://medium.com/swlh/can-bitcoin-really-hit-a-100k-if-so-then-when-4ef792027e6c)
How much money needs to come in to keep BTC at $100k?
For this post lest assume that bitcoin eventually makes it was to $100k after a giant rally from current levels.
At that point the market cap of bitcoin would be worth roughly 25% of the current gold market cap, something that seems entirely plausible to me.
However, once we get to that number we will need quite a bit of inflows to keep it there...
With 900 new bitcoins created every day, we would need roughly $90 million worth of inflows every single day just to keep the price steady at $100k.
Yikes!
But hold on, that number isn't quite as scary as it initially may look...
For some perspective, lets say we had 10 million people buying bitcoin on a daily basis, which seems plausible in a world with close to 8 billion people...
And if those $10 million people each bought $9 worth of BTC every single day, it would offset the amount of new bitcoin being created each day.
When it's broken down like that it doesn't seem so scary after all.
And entirely possible with cash app and others implementing ways for ordinary people to have a small portion of their earnings automatically buy BTC each week etc.
While BTC may not be able to hold those lofty numbers on the first touch, there is plenty of reason over time for bitcoin to absolutely be able to trade for those seemingly impossibly high valuations.
Stay informed my friends.
-Doc
Posted Using LeoFinance
A billion is a thousand million.
So out of 8,000 people only 10 have to buy Bitcoin on a daily basis, I think that's probable.
Yep, I think that is achievable as well. If not now I would think by the next halving when it ONLY takes $45 million of inflows to offset inflation at BTC $100k.
$9 USD is roughly the cost of a fast food "meal" (burger, fries and drink) in my area at this time, June 2020.
Todays BTC price (24hrs) High: $9891.94 Low: $9575.00
At 22:00 hours (GMT -8) $9 USD = 0.00093 BTC
Just some current stats for future reference.
Cannot wait to see Bitcoin at 100.000$. That would be freaking amazing. And that day will come. The only question is...when?
Most models are pointing to by the end of next year.
On the path to $100K, we need to top, and hold, $10K first.
That level has proven strong so far.
Posted Using LeoFinance
Ha yes. There will be multiple hurdles along the way that must be cleared first.
I think we’ll hit 100k but I doubt we will stay there until the next cycle. In the next halving it’ll require 45 million, correct?
Yep, that is correct. With each halving, it takes less new money coming in to offset the inflation.
With the current level of things, I think Bitcoin is heading towards $100k