New Report finds roughly 100 million people own crypto globally...
How many people do you think own bitcoin and crypto currently? Do your friends or family own bitcoin/crypto?
If you answered this question last year it would probably be a lot less than if you answer this question today.
Personally I know quite a bit of family and friends that are starting to get into bitcoin and crypto, mostly without me saying anything to them about it.
You see, I have this investing rule where I never give investment advice to friends or family, ever. The only thing I will do is tell them what I am doing if they ask...
The reason for this is because if I give them a tip or some advice and it doesn't work out, I never hear the end of it. It can damage relationships and friendships. And if I am right, I rarely even get so much as a thank-you.
Therefore doing a quick cost/benefit analysis shows that it's simply not worth it to give investment advice to family or friends.
Hopefully those readying my blog also know that I am not giving advice but instead simply relaying my personal views and thoughts and moves. I don't know your personal situation and therefore cannot give investment advice, even if I wanted to.
Back to the Report...
Anyways, there was a new report that came out from Crypto.com that estimated there are currently more than 100 million crypto users globally...
The full report can be seen in that link above. There's a lot of good info in there and worth the read if you get the chance.
That is actually a slightly bigger number than I expected, but in the grand scheme of things, it's still a pretty small number.
Based on the current growth trajectory a much bigger number is likely ahead of us...
A number that Michael Saylor couldn't help buy notice as well.
Bitcoin has the wrong market cap...
Based on the current trajectory, we are likely to see a billion people involved in crypto roughly 5 years from now.
Though Saylor takes it a step further and says a billion people will own bitcoin 5 years from now:
(Source: ~~~ embed:1365034820187918340) twitter metadata:bWljaGFlbF9zYXlsb3J8fGh0dHBzOi8vdHdpdHRlci5jb20vbWljaGFlbF9zYXlsb3Ivc3RhdHVzLzEzNjUwMzQ4MjAxODc5MTgzNDApfA== ~~~
A billion people!
That represents about 13% of the entire globe owning bitcoin within the next 5 years.
That's a big number...
If that is indeed the case then Michael Saylor is right, an asset with just 18 million coins in circulation (not counting the like 3 million or so that are likely lost forever) and a market cap south of a trillion is just too small for something with a billion people holding it.
Either bitcoin's going away or it's got the wrong market cap, myself and Saylor are betting on the latter.
Stay informed my friends.
-Doc
Posted Using LeoFinance Beta
There is always the option of adjusting the code and inflating the coin. While thats not ideal for holder, the developers might decide so. A slight chance but you do have to take it under your account.
Posted Using LeoFinance Beta
It will be incredibly hard to get enough hash power power to agree to this, and then even if they somehow did the others could immediately fork and continue on with the hold chain. Doing so would crush the price therefore killing miner revenue. Not to mention, all the coins won't even be mined until more than 100 years from now. People who think this is possible, don't really understand how bitcoin works.
The "all at once" is going to happen much faster.
The US$ is on its last leg. All other fiat currencies will fall first.
Soon it will be only bitcoin, silver and gold.
So, although we have been waiting (and waiting) for the death of the dollar
this time, i think the dollar actually intends to commit suicide.
Not much past this year.
Bitcoin will probably hit $100,000 this coming Christmas.
And then, before it hits a million, it will go no bid. (or maybe just after)
Meaning no one is trading bitcoin for dollars.
The price of one Bitcoin will go way, way up, the lofty price of 1 BTC
I do not feel that we are going to make it to the 5 year mark in this report.
The only part I disagree with is the "soon" statement. I don't think what you are describing here will happen for some time...
@jrcornel In a previous post you said the price of Bitcoin is going to stay in a level between $44.000 and $55.000 in the next few weeks before resuming the uptrend. Why do you think that?
If this is the case, I guess we are going to see an alt-coin season.
I think it will based on how long it often takes for price to consolidate. If you look at some of my previous posts that talk about how similar the current rally is to 2017, you can check that chart to get an idea how long these consolidation periods often last.
A billion? I wonder if I'll be one of them.
If crypto remains anti-privacy and pro-centralization, then I doubt it.
Hopefully privacy and decentralization will become crypto's focus once again, but it seems mass onboarding and being accepted by banks and corporations is the new plan.
It was always the way bitcoin was going to go if it was embraced by instutions and governments. There may be privacy coins in the future, but bitcoin won't be one of them. It's digital gold, it's not an every day payment currency.
Always, or almost always?
Did Satoshi say Bitcoin would be digital gold, or a payment currency? (Not rhetorical)
I remember being told (and telling others) that Bitcoin was a currency back in 2011. It seemed to morph into the role of digital gold as other cryptos began popping up, and taking on the roles Bitcoin had been playing (day to day currency, privacy coins, etc).