Can bitcoin hit 1 million dollars? Bitcoin price Prediction
In theory yes. Lets look at this reasonably.
There will be a maximum of 21 million bitcoins
assuming that all are mined by 2140.
80 percent of all bitcoins that will ever be in existence are already mined.
Around 18 million coins now.
The price is mostly determined by supply and demand.
Right now the supply and demand is pretty much even.
next halving is in 2020 where the supply will halve again.
If demand shoots up by that time then the price will increase dramatically again.
Lets assume it would go 10 fold to 60,000 like we know from many previous spikes.
so 2020 it might reach 60k
so 2021 it might reach 500k
so 2022 it might reach 5 million
now we come to perceived market cap value.
we know that bitcoin now is mostly traded and not used for commerce.
Once companies start to stash it for asset and trading purposes and ecommerce
then there will be real demand.
$1 million dollar per BTC is $18 trillion in value right now
$18-21 trillion is only doable if it becomes the defacto standard for any kind of monetary transaction.
But since there are so many other coins which fix the problem of fiat money and work perfectly well
i think this number $21 trillion will be divided amongst several coins.
so lets assume 10 coins take all a certain slice of the pie.
I assume $100,000 to $200,000 for Bitcoin is reasonable anywhere in the next 5-10 years.