Thought experiment (Possible?) 🤔
For #Bitcoin to reach a price of 500k - 1M per coin from its current price of 28k, several specific factors would need to come into play at the global stage.
Given the current state of global economic and political events, it would require a substantial and rapid shift in market dynamics.
Some of the most specific factors that could contribute to such a massive price increase include:
1. Widespread loss of confidence in fiat currencies:
Growing concerns over the stability of the US dollar could lead to a loss of confidence in other fiat currencies as well.
Which citizens would turn to #Bitcoin as a safe-haven asset.
2. Accelerated institutional investment in Bitcoin:
Major financial institutions and asset managers, like BlackRock, would need to make substantial investments in #Bitcoin, pushing the price higher.
3. Increased adoption of Bitcoin as a reserve currency by governments:
Countries like Malaysia, Saudi Arabia, USA, Russia etc, would need to begin holding #Bitcoin as a reserve currency, further legitimizing its use and increasing demand.
4. Widespread retail adoption of Bitcoin:
For #Bitcoin's price to soar, it would need to become more widely accepted for everyday transactions.
This could be spurred by companies like
@Apple
and
integrating #Bitcoin into their products and services, increasing its utility and demand.
5. Favorable regulation for #Bitcoin mining:
Governments around the world would need to adopt policies that protect and support #Bitcoin mining, such as the bill passed in Arkansas by the intense work from
@Dennis_Porter_
,
@SatoshiActFund
and
@BitcoinPierre
with many many more.
While defending other states, avoid creating a negative and anti-#Bitcoin mining narrative and legislation.
6. Significant global economic or political upheaval:
Events that lead to a loss of faith in traditional financial systems, such as the Federal Reserve's digital currency plans or China's growing influence, could drive investors to seek alternative stores of value like #Bitcoin.
7. Massive increase in demand for #Bitcoin driven by social and political movements.
We see it at the global stage daily...
People who say it cannot be done should not interrupt those who are doing it 🧡
Put your #BTC in Cold Storage 🧊
What would you add? 🤔 👇
