A lot of us have heard of Bitcoin having the potential to hit $1,000,000.00 - but what would it take for bitcoin to hit $500,000.00 and approximately how long would it take to get there? Would we need upgrades (for transactions fees and speeds)? There are up and coming competitors, but never estimate the first-movers advantage.
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I think after 10 years there will be more powerful mining machines but it will be worthless as the value of btc will also go high.
I'm a miner and I can tell you that there will always be room for it. Unless the entire space goes POS, which I don't see happening in the foreseeable future. People value security.
It would be nice, but I think if the Bitcoin reaches this worth it will be in 10 years. Follow me to receive cryptos, technology and innovation news daily: @marcosoliveira. Thanks!
I give it 5 years! :)
I hope so 😃
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This is incredibly unrealistic, If bitcoin were to hit $500,000 per coin the total market cap would be worth approximately $10,500,000,000,000 (10.5 Trillion) The us GDP Being 18.57 trillion per year. Which is one of the largest in the world.
GDP Standing for gross domestic product which is the total value of goods produced and services provided in a country during one year.
Invest wisely but realize Just because something can happen doesn't mean you should think it will happen.
It was already incredibly unrealistic when it hit parity with the USD. And incredibly unrealistic when it was $10! Even more unbelievable was when it was $100! And definitely impossible to hit $1,000!!! Well it will never hit $10,000.00 !!!
Appreciate your comment though :)
Hows does a pay check to pay check person get in? I only make 11.00hr. How much i Need to save to get started?
Disclaimer: This is NOT financial advice.
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Bitcoin has the potential to reach that price, buy what you can now that still has a low value. Another problem with bitcoin are the high commissions, imagine how much we should pay to transfer bitcoin if it costs 500k, it would be crazy and it would be impossible to use it as a payment method.
They would definitely need to scale. BTC is doomed if they don't scale this year. Even now, moving BTC is a pain. That's why we saw a massive exodus into the alts. Alts are so easy to move and exchange. DGB is one of my favourites. DragonChain for an ETH competitor is looking strong.