In its short life for just about 11 years since birth, Bitcoin has been announced dead more than 300 times. But it has survived each death penalty and come back stronger and stronger! With its recent high over $64K, its next highs over $100K is more than ever reachable. How about the ultimate high at $1 million? It may still sound illusionary but when Bitcoin was just $0.001 10 years ago, wasn't a $60K price also like an illusion? With the current price around $50K, we just need 20 times appreciation to reach that magic number, much less than the magnitude of increase from $0.001 to $64K, right?
So when we may see a million dollar Bitcoin? Another 10 years? Before I answer your question, let's first get rid of the fear of Bitcoin being wiped out by governments. The biggest threat has always been the US government. But below I have seen three good reasons why the U.S. government will not ban bitcoin (shared by my friend):
Banning bitcoin is impractical. It's impossible for the U.S. government, the Chinese government, or any government to stop bitcoin. It would have to shut down the entire internet everywhere in the world and then keep it off. And even that wouldn't be enough, as there is a network of satellites constantly beaming the bitcoin network down to Earth. Further, the bitcoin network can be communicated over radio signals, and small portable solar panels can power the computers running the network. All aspects of bitcoin are genuinely decentralized and robust.
The best that governments can do is play an endless – and ultimately futile – game of global whack-a-mole.
The cat is out of the bag. Bitcoin is bigger than any government. It's entirely impractical to ban it.
It's too late to ban bitcoin. Supporting a ban on bitcoin means going against tens of millions of Americans – no small number of whom are wealthy, powerful, and well-connected. Outlawing bitcoin is not going to help anyone win an election. It's already too politically popular to outlaw, and every day it gets stronger as adoption grows.
Banning bitcoin will only benefit U.S. rivals. Is the U.S. going to ban bitcoin and give China and other U.S. rivals a golden opportunity to become even richer and even more powerful by dominating the future of money? I don't think so. I'm not the only one either. A flurry of high-level U.S. government officials expressed similar sentiment recently.
In short, the U.S. government doesn't like bitcoin. It would probably ban it if it could do so effectively and without giving China or other U.S. rivals an edge. But it can't, so it won't. The U.S. government will have to adapt to that reality, and there are signs that it's already doing so.
With this fear out of our way, let's talk about the projection when Bitcoin may reach one million dollars.
The chart below gives the answer. Someone (unknown so far who is this guy) has shared a formula that is based on the past 11 years of Bitcoin prices and estimated the Bitcoin floor price curve (the blue line), which has perfectly supported the price fluctuations of Bitcoin since its birth as its base. Each time when the price came towards the floor line, it bounced. Given it has been tested for 11 years without failure, we have reasonable confidence that this floor curve may be a good one to project the future Bitcoin price trend. Let's just assume this is indeed Bitcoin's floor price movement tipping to the upside of course. With this trend continuing, we will see a $1 million dollar Bitcoin floor price in Apr 2029, i.e. just less than 8 years from now. If this is correct, then it is highly likely we will see a Bitcoin reaching $1 million much earlier than that as its highs can jump around widely above the floor. 🤗
Folks, keep the faith in Bitcoin and you will be greatly rewarded!!💪
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