Maybe thats the takeaway…
Discussion
If he’s right then nocoiners are gonna have a bad time, and there are ~40x more nocoiners than there are Bitcoiners. I don’t think Bitcoiners care either way. So if any nocoiners buy Bitcoin because of this, maybe that’s a win?
Yeah maybe his thought process is just using the bet as a siren and wake up call by being insanely extreme.
$100k prediction wouldn’t be that unreasonable, but $1M would be like a 20 trilly mcap or something which is bonkers to me personally. I don’t like to think of the overall collapse that has to happen to get to that number. It’s not a good scenario for anyone.
I don’t understand why it has to go hand in hand with destruction and collapse? Wouldn’t it just take a few percentage points of current wealth to bring it to that number?
I would hope that’s the case but regardless of the asset, having 19.5 trillion dollars flowing into something that fast usually would mean something is happening on the flipside of it all. I just don’t see whatever that flipside is being a good thing.
I don’t know much nor pretend to know much as the entire system is so very complex but just seeing that kind of potential movement that fast worries me.
No it doesn’t take $20 trillion to bring it to $1M per Bitcoin
Thats right. I didn’t clarify that well. But my point still stands as that is a crazy increase in mcap in no time at all and would be like nothing anyone has ever seen.
I’d be all for it though, assuming no negative externalities but i just personally don’t see that happening in such a short timeframe.
It would mean hyperinflation which will have massive tail effects. Starvation, civil unrest, mass unemployment..
This is my entire point. In that short of a timeframe things break. Everyone knows the titanic is going down, but if you want it orderly you need it to go down slowly so people can get on the lifeboats. 90 days is not slow, its insane and i don’t see any scenario where btc hits $1M that fast and things stay orderly.
Very much the ‘don’t fuckin dance’ scene from the big short. I don’t want to get ‘rich’ at the extreme expense of others because if things break that much and that fast its bad for everyone imo.
💯 A desperate starving bear will eat its young. If the world is burning, what are all those people who don’t hold bitcoin going to do? Nothing is more scary to me than a desperate majority. We need more time to build the rafts.
All the Bitcoin in the world won't get you a couple of tins of bean if the infrastructures go worldwide no internet banking just outright War.
Plans need to be made.
Hes saying that hyperinflation happens fast by showing this chart
💯 & if any weak hand bitcoiner decides to keep it's stack untouched or increases instead of lowering their stack in favor of worthless fiat, then I consider it a win and a small step for reaching the requested intensity of #BitSignal
Balajis made a comment in his twitter spaces last night subtly hinting at this. I think he is aware that his price target is insane for such a short time frame BUT it is great marketing and will get eyeballs and minds thinking about having an exit valve. 🤙🏻