For several years now, bitcoiners have been predicting that the price of bitcoin will surpass its all-time high by 2017, and many believe it will climb to the $ 100,000 or six-digit price range. This week, Bitcoin enthusiasts discussed at length the possibility of the crypto asset reaching $ 100,000.
In mid-December 2017, the price of Bitcoin (BTC) hit an all-time high (ATH) of USD 19,600 per coin. Today, BTC is 45.81% lower than the 2017 ATH, but a number of Bitcoiners believe the crypto asset will exceed that price range. For example, at the Virtual Blockchain Week 2020 event, well-known venture capitalist Tim Draper said he believed the price of BTC will hit $ 250,000 by 2022 or early 2023.
Mark Yusko, the CEO of Morgan Creek, said he thinks BTC will hit $ 100,000. Other influencers who believe $ 100,000 per BTC is achievable include Simon Dedic from Blockfyre, Charles Hoskinson from Cardano, and Anthony (Pomp) Pompliano from Morgan Creek.
This week, a large number of average citizens using the Reddit forum also discussed the possibility of BTC reaching $ 100,000. The Reddit post, titled "How many people here think 100,000 will happen at any one time?" was a topical discussion on Sunday and hundreds of people commented.
A deep scan of the thread reveals that a vast majority of Bitcoiners believe that $ 100,000 is destined for this. Though there was a fraction of people who didn't believe BTC could hit the six digit zone.
"I think it's inevitable at some point," said the top comment on Sunday's post. “Yes, definitely inevitable. It's just a question of how much time it will take, ”one person responded to the top comment. One person noted that BTC has a better chance of touching six digits than going to zero.
"It's not inevitable, but I think it will happen," the Redditor wrote. "I think if it doesn't get to $ 100,000 it will be near worthless in 5 to 10 years, and that means something else has finally been taken over." It has a better chance of getting to $ 100,000 in my opinion than worthless, but I always consider that chance. "
A number of other people have given reasons why they believe the crypto asset could hit this psychological price range. Some people compared BTC to gold, saying that the crypto asset will mimic the value proposition of the precious metal.
"Just look at the market cap for gold in trillions, around $ 9 trillion," the individual said. “If BTC reached the same market capitalization, it would translate to about $ 485,000 per bitcoin currently in circulation. Only this year's numbers are used. and don't count for lost BTC. "
The R / Bitcoin subreddit isn't the only place on the internet where individuals are discussing BTC hitting the six-figure range. On Twitter, the $ 100,000 per BTC conversation is also very important.
On September 25, the inventor of the stock-to-flow Bitcoin (S2F) model, Planb, conducted a poll on the six-digit price range, which received over 24,000 votes. While 34% said BTC will stay below $ 55,000, over 26% said the crypto asset would be $ 100,000 and 19.5% voted for $ 288,000 per coin.
On the same day, Twitter user "Anasatsia" announced that she would dance when BTC hits the $ 100,000 region. "When Bitcoin hits $ 100,000," she tweeted. "I'll dance around everyone who said that putting $$$ in Bitcoin is a bad idea when you say, 'sucker, sucker, sucker". " Bitcoin influencer Michael Goldstein jokingly told his 40,000 followers on Sunday that "$ 100,000 bitcoins will be more useful than $ 10k bitcoins."
On Friday, Crypto Capital Venture told its 19,000 Twitter followers that $ 100,000 would be incurred but that the crypto asset would likely drop back to $ 30,000. "Bitcoin at $ 100,000 is not a final target," he tweeted. "It's a pit stop. A service area where the rest of the world finally has a chance to say," Ok, let me get on board, please. "… and then it'll be back to $ 30,000."
Between a number of Reddit forum posts and Twitter conversations, the belief that BTC will reach six digits is strong among BTC advocates. The dominant rationale for most individuals believing why the crypto asset is going to jump so high is the macroeconomics and fiat creation of central banks. The supporters believe wholeheartedly that the price range will materialize. It's just a matter of when most people discuss the subject.
What do you think of the belief that Bitcoin will hit $ 100,000 in the future? Let us know what you think on this matter in the comments section below.
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