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Balaji wasn't wrong about #Bitcoin going to $1M, but he was wrong on the timing and the catalyst.

My $1M call is based on a massive rapid influx of institutional capital while Bitcoin available for sale is at historical lows, compounded by the halving.

His $1M prediction was predicated on money printing and banks failing. Those two things could potentially be a driver for a rapid run to $1M but not likely. The money printing already happened and then dried up. It will take a few more years for the market to adjust accordingly. As for banks failing, normies will just look for a "safer" bank. They aren't at the stage where they realize no bank is really safe and Bitcoin is the only option.

TL;DR: #1MBitcoin is in play.

Derek Ross 2y ago

You are now the biggest bull I know. I had always thought we'd hit 1M around 2030. Maybe you're right. Maybe it's in play this next coming year. I just can't fathom it.

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Discussion

tanel 2y ago

hope it doesn’t happen this rapidly, not good to see money change hands this fast

Samson Mow 2y ago

It may blow past $1M and then drop to $500k. Media reports Bitcoin is ded. 😜

zhenya 2y ago

RIP #Bitcoin 🪦

Derek Ross 2y ago

Haha. Absolutely. I'm sure whatever it crashes to, it will be declared dead again. As is tradition.

nobody 2y ago

The massive supply of bitcoin for sale coming in to drive the price down from $1M to $500k in this example that you state, would come in far before bitcoin ever got close to $1M. Bitcoin is not going to gain the equivalent of US GDP ($19T!) before this supply comes in. Pure hopium, and unfortunately, just like last cycle, people who cant afford it will over invest at the top because of ridiculous predictions like this.