People who have been investing in Bitcoin for several years all share one characteristic, they are extremely bullish about where the price of Bitcoin will be heading in the future. You have likely heard many of their predictions. That someday Bitcoin will be worth millions of dollars per coin, and it will cause the largest transfer of wealth that the world has ever seen.
It’s an incredible prospect or sales slogan that is enough to make anyone want to join this market. After all, the world is extremely difficult out there for most people financially, and it appears that it will only continue becoming more difficult. Many people are looking for their one chance, or their lucky lottery ticket that could propel them out of living in debt. And begin to have hope for the future again. This is the idea that brings so many to Bitcoin.
However, even if you have an incredibly strong conviction about the future of Bitcoin; there is a very thin line between being optimistic, and being out of touch. It’s important that you always try to remember this fact and keep yourself in check. When people are predicting that Bitcoin will reach a price of $1 million within the next 90 days, always take it with a grain of sale. Remember that Bitcoin is a long-term play, and the goal is to survive long enough until those prices actually become a reality.
With that said, today let’s take a look at some of those outlandish predictions, and imagine that it becomes reality. What would you do? How would you react? While it may never happen, it’s important to have your plan ready, just in case it does.
One of my favorite things to do is browse the internet for anything news I can find about Bitcoin and the crypto market in general. Today on Twitter I came across a tweet by David Bailey, (CEO of Bitcoin Magazine) that became the inspiration for this article.
In his tweet he simply states that he could see Bitcoin reaching a market cap of around $12.78 trillion in 2025, resulting in a Bitcoin price of $600k. During the FOMO phase of the last bull cycle, we were hearing these types of price predictions seemingly every day. But with everything the market has lived through the last year and a half, people have become sensitive to these types of predictions. Even looking down on them and calling them out for spreading hopium.
A lot of the comments on his tweets did call him out on his prediction, with one specifically asking if he thought this prediction was too high. David responded that he believed Bitcoin would have reached a price of at least $100k if it wasn’t for the FTX Ponzi scheme.
His reply really resonated with me. I have been saying for months that I felt Bitcoin’s previous cycle was cut short and hamstrung due to all of the insolvencies that took place, especially FTX’s fraud.
So once again, let’s imagine that Bitcoin’s price would go up to at least $600k by 2025. What would you do? Would you sell?
The answer for me is a resounding no.
The first reason is something that I mentioned earlier, for me Bitcoin is a long-term play. There is no denying that $600k is a lot of money, life-changing for nearly everyone. But you also wouldn’t want to sell your treasured asset before it has reached its full potential.
The second reason is that with BlackRock officially applying for a spot Bitcoin ETF, everything has changed. When it is finally approved, the entire asset base will be legitimized. Meaning that in the not-so-far future, it’s likely that we would just be able to take a small loan out against our Bitcoin if you need the cash. Obviously, keeping the risk on the loan to a minimum to avoid being liquidated.
Finally, the third reason is that as the price continues to rise, more and more businesses will begin to accept Bitcoin. You will no longer need to sell Bitcoin. Yes, this means that the famous Bitcoin Matrix movie meme will finally come true. In fact, stores will begin to prefer being paid in Bitcoin and might even begin offering discounts for using Bitcoin.
You may believe the high price Bitcoin predictions, or you may not. However, one thing is certain. The next bull cycle will definitely be exciting to watch. Everything seems to be lining up perfectly for something special to happen.
How about you? If Bitcoin went to $600k or even $1 million in 2025, what would you do?
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