The Bitcoin price saw a strong increase in 2023. However, real Bitcoin fans see things in the longer term and think that one Bitcoin will be worth significantly more in the coming years. Very optimistic people are already thinking that in 10 years Bitcoin can be worth as much as 1 million US dollars. In which scenario could this Bitcoin price be possible? Can Bitcoin reach $1,000,000?
Where will the Bitcoin price be in 10 years?
Bitcoin has seen massive gains in value over its 14 years of existence and has been the best-performing asset in the world. At the end of 2021, Bitcoin rose from a few dollar cents to a value of over 68,000 US dollars. So we can assume that we will see a much higher price for the Bitcoin price in the next 10 years.
In 10 years we will still see 2, maybe 3 more big bull markets. In 2033, the top of the third bull market since today could be in the future. This means that the price could still rise massively. Some analysts even see a Bitcoin price of $1,000,000 as a possibility. But how can that be possible?
Factors that contribute to Bitcoin reaching $1,000,000
An increase to 1 million US dollars seems very optimistic from today’s point of view. But there is a possibility that we can ever reach such a high price. Because Bitcoin could not only gain in value through adaptation, but the FIAT money could also lose value in the next few years.
We have seen very well over the last few months that FIAT money, even the strongest FIAT currencies like the US Dollar and Euro, can see severe inflation of up to 10%. Quite a few observers think that in the future these large FIAT currencies can also end up in hyperinflation.
History has shown that there have been more than 50 hyperinflations of FIAT currencies worldwide since the end of the gold standard in World War I. With the massive expansion of the money supply by the FED and the ECB, the US dollar and euro are becoming increasingly weak and the Bitcoin price is rising against these currencies.
Can Bitcoin reach $1,000,000?
In the future, it will depend very much on how stable the current monetary system is. The US dollar is still the reserve currency of the entire world. But the US hegemony of the monetary system seems to be dwindling more and more. Should the US dollar fail in the future, the whole FIAT system would go haywire.
In this case, Bitcoin, which has a fixed supply of 21 million BTC, should appreciate massively against the US dollar. In 2033, $10 million would be worth $1 million that year (or less). In any case, you would be one of the biggest beneficiaries of the collapse of Bitcoin.
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