{"id":571862,"date":"2024-01-26T18:30:28","date_gmt":"2024-01-26T18:30:28","guid":{"rendered":"https:\/\/uniquehot.com\/?p=571862"},"modified":"2024-06-11T14:45:03","modified_gmt":"2024-06-11T14:45:03","slug":"could-bitcoin-ever-skyrocket-to-10-million-possible","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/could-bitcoin-ever-skyrocket-to-10-million-possible\/","title":{"rendered":"Could Bitcoin Ever Skyrocket To $10 Million? Possible, But Based On This Condition"},"content":{"rendered":"

Peter Schiff, a well-known critic of Bitcoin, recently engaged in a thought-provoking discussion about Bitcoin\u2019s value relative to gold. Despite his longstanding skepticism, Schiff has presented<\/a> a scenario where Bitcoin could reach roughly $10 million by 2031.<\/p>\n

However, the Bitcoin critic responded that this could happen under particular economic conditions.<\/p>\n

Schiff’s Extreme Hypothesis On Bitcoin’s Ascent To $10 Million<\/h2>\n

This bold statement arises from the Economist’s comparison of Bitcoin’s potential<\/a> growth trajectory to gold, highlighting the volatility of crypto assets and the spirited optimism of their proponents.<\/p>\n

\n

No matter how low the price of #Bitcoin<\/a> falls, its proponents will always be able to claim its outperformed #gold<\/a>. For example, even if Bitcoin falls to $100 in 2031 and gold rises to $10,000, they will claim that Bitcoin is up 100x in the past 20 years, while gold is only up 5x.<\/p>\n

\u2014 Peter Schiff (@PeterSchiff) January 26, 2024<\/a><\/p><\/blockquote>\n

Commenting under this post, an X user asked<\/a>, “What if Bitcoin goes to $10,000,00 by 2031?” Schiff then replied with a “hypothetical” scenario that pivots on the dramatic collapse of the US dollar, akin to the fate of the German Papiermark post-World War I. During that period, Germany experienced rampant hyperinflation, devastating the value of its currency.<\/p>\n

Related Reading: Expert Calms Mt. Gox Bitcoin Liquidation Worries, Says \u201cCreditors Aren\u2019t Likely To Sell Soon\u201d<\/a><\/div>\n

Schiff suggests that only if a similar downfall of the US dollar happens does the BTC price catapult to $10 million. However, it\u2019s important to note that this scenario is highly “hypothetical,” and the crypto critic is trying to convey that Bitcoin can only reach $10 million in an “extreme” case of economic turmoil.<\/p>\n

\n

If the U.S. dollar goes the way of the German Papiermark then I supposed that’s possible.<\/p>\n

\u2014 Peter Schiff (@PeterSchiff) January 26, 2024<\/a><\/p><\/blockquote>\n

Community Reactions To Schiff’s Post<\/h2>\n

Notably, Schiff remains a staunch critic of Bitcoin. He recently expressed concerns about potential regulatory changes under the Securities and Exchange Commission (SEC) Chair Gary Gensler<\/a>. He predicted increased regulations could raise Bitcoin’s transaction costs and adversely affect its market value<\/a>.<\/p>\n

The crypto community, however, often counters Schiff\u2019s bearish outlook with a mix of criticism and humor<\/a>. Influential figures like Samson Mow and Mike Alfred have directly responded to Schiff’s comparisons between Bitcoin and gold, often highlighting Bitcoin’s resilience and growth over the years.<\/p>\n

\n

Bro, in 2011 when gold was $2k and BTC was $10 you said BTC was going to zero and everyone should buy gold. 13 years later and gold is still at $2k and BTC is at $40,000. Just stop.<\/p>\n

\u2014 Jeff Berwick (@BerwickJeff) January 26, 2024<\/a><\/p><\/blockquote>\n

Mow, in particular, has pointed out<\/a> that once Bitcoin surpasses gold\u2019s market cap, gold could be relegated to its “industrial utility cost.”<\/p>\n

\n

Once #Bitcoin<\/a> surpasses gold\u2019s market cap, gold will be demonetized to its industrial utility cost.<\/p>\n

\u2014 Samson Mow (@Excellion) January 26, 2024<\/a><\/p><\/blockquote>\n

These responses from the crypto community showcase the strong belief in Bitcoin’s potential<\/a> and its role in shaping the future of global finance.<\/p>\n

Related Reading: Bitcoin On Thin Ice: Peter Schiff Warns Impending SEC Regulations Could Tank Prices<\/a><\/div>\n

Meanwhile, in the current market, BTC has shown signs of recovery. At the time of writing, Bitcoin is trading above $40,000, a notable increase from its earlier values of below $39,000 earlier this week.<\/p>\n

\"Bitcoin
BTC price is moving sideways on the 1-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

Peter Schiff, a well-known critic of Bitcoin, recently engaged in a thought-provoking discussion about Bitcoin\u2019s value relative to gold. Despite his longstanding skepticism, Schiff has presented a scenario where Bitcoin could reach roughly $10 million by 2031. However, the Bitcoin critic responded that this could happen under particular economic conditions. Schiff’s Extreme Hypothesis On Bitcoin’s Ascent To $10 Million This bold statement arises from the Economist’s comparison of Bitcoin’s potential growth trajectory to gold, highlighting the volatility of crypto assets and the spirited optimism of their proponents. No matter how low the price of #Bitcoin falls, its proponents will always be able to claim its outperformed #gold. For example, even if Bitcoin falls to $100 in 2031 and gold rises to $10,000, they will claim that Bitcoin is up 100x in the past 20 years, while gold is only up 5x. \u2014 Peter Schiff (@PeterSchiff) January 26, 2024 Commenting under this post, an X user asked, “What if Bitcoin goes to $10,000,00 by 2031?” Schiff then replied with a “hypothetical” scenario that pivots on the dramatic collapse of the US dollar, akin to the fate of the German Papiermark post-World War I. During that period, Germany experienced rampant hyperinflation, devastating the value of its currency. Related Reading: Expert Calms Mt. Gox Bitcoin Liquidation Worries, Says \u201cCreditors Aren\u2019t Likely To Sell Soon\u201d Schiff suggests that only if a similar downfall of the US dollar happens does the BTC price catapult to $10 million. However, it\u2019s important to note that this scenario is highly “hypothetical,” and the crypto critic is trying to convey that Bitcoin can only reach $10 million in an “extreme” case of economic turmoil. If the U.S. dollar goes the way of the German Papiermark then I supposed that’s possible. \u2014 Peter Schiff (@PeterSchiff) January 26, 2024 Community Reactions To Schiff’s Post Notably, Schiff remains a staunch critic of Bitcoin. He recently expressed concerns about potential regulatory changes under the Securities and Exchange Commission (SEC) Chair Gary Gensler. He predicted increased regulations could raise Bitcoin’s transaction costs and adversely affect its market value. The crypto community, however, often counters Schiff\u2019s bearish outlook with a mix of criticism and humor. Influential figures like Samson Mow and Mike Alfred have directly responded to Schiff’s comparisons between Bitcoin and gold, often highlighting Bitcoin’s resilience and growth over the years. Bro, in 2011 when gold was $2k and BTC was $10 you said BTC was going to zero and everyone should buy gold. 13 years later and gold is still at $2k and BTC is at $40,000. Just stop. \u2014 Jeff Berwick (@BerwickJeff) January 26, 2024 Mow, in particular, has pointed out that once Bitcoin surpasses gold\u2019s market cap, gold could be relegated to its “industrial utility cost.” Once #Bitcoin surpasses gold\u2019s market cap, gold will be demonetized to its industrial utility cost. \u2014 Samson Mow (@Excellion) January 26, 2024 These responses from the crypto community showcase the strong belief in Bitcoin’s potential and its role in shaping the future of global finance. Related Reading: Bitcoin On Thin Ice: Peter Schiff Warns Impending SEC Regulations Could Tank Prices Meanwhile, in the current market, BTC has shown signs of recovery. At the time of writing, Bitcoin is trading above $40,000, a notable increase from its earlier values of below $39,000 earlier this week. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":538164,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[90811,91379,428,678,1119,78790,6664,1873],"class_list":["post-571862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-1-million-btc","tag-10m-btc","tag-bitcoin","tag-bitcoin-prediction","tag-btc","tag-btcusdt","tag-crypto","tag-economist"],"acf":[],"yoast_head":"\nCould Bitcoin Ever Skyrocket To $10 Million? 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These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). 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Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.\",\"sameAs\":[\"https:\/\/x.com\/0xEdyme\"],\"url\":\"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/\"}]}<\/script>\n","yoast_head_json":{"title":"Could Bitcoin Ever Skyrocket To $10 Million? 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/uniquehot.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Could Bitcoin Ever Skyrocket To $10 Million? 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