Michael Saylor is bullish. He is now stating that he can see Bitcoin at $10 million.
In this video I discuss some of the ideas surrounding this viewpoint and how realistic they could become. Actually, it all boils down to confidence and, if it remains with this asset, some of what Saylor espouses could come to fruition.
▶️ 3Speak
Well said, BTC is the first cryptocurrency to be created just like every product when it's being adopted the first of it's kind usually appreciate more, BTC value is based on raw demand and supply just like the dollar until it gets it's own asset when it truly becomes a medium of exchange.
I do believe the BTC volatile might reduce from what it is, as it's being adopted. Genericlly BTC value will the depend more on how humans use it and view it's relevance, the truth is BTC has an emotional attachment than most cryptocurrency which gives it more of a chance of being a medium which will get it, its own assets like the USD, the store of value you discussed will give rise to this.
BTC is what I like to refer as GOLD, because GOLD has little utility and still it is very cherished over silver with much utility.
That is all true. People look for fundamentals when it is confidence. If people have confidence in Bitcoin, it will be embraced. The value proposition is certainly long term store of value. If confidence remains, this will likely remain true as prices head higher, reinforcing the confidence.
Sometimes, I like to compare BTC with art, like painting. It doesn't really do anything, it doesn't have any specific purpose, and its value is what people decide it is. Some argue that it's the idea and what it represents that give it value. So as long as people continue to treat BTC as the best crypto investment, I can see it easily reach 10 million USD.
Or similar to gold. The use cases for gold are rather limited, especially in light of the market cap. Copper for example, has more use cases.
But you hit upon value: it is what people assign it.
If we, collectively, trust and have confidence in Bitcoin, then it will remain valued, hence the price could keep appreciating over time.
I think it is similar to gold as an investment, but gold actually has a lot of uses. Gold is necessary in electronics, gadgets, vehicles, and space related equipment/machinery. There is also gold's use in jewelry. Compared to bitcoin that literally has nothing else.
Yes it does have some use cases but when it comes to the amount of metals out there, it is minor. Plus, if it is utility that gave gold its market cap, it would collapse.