Is it even possible for Bitcoin to reach a value of $1,000,000 per Bitcoin? Let’s dive deeper into the logistics of the possibilities of that happening.
At this moment Bitcoin is worth approximately $17,000. If the value of Bitcoin went up to $1,000,000 that would be a 5780% gain in price. Wow! Seems hard to believe that could ever happen right?
Now let’s look at how far Bitcoin has come in the last 1.5 years. Nearly 1.5 years ago Bitcoin was worth $100 and now we are at $17,000 per Bitcoin. If we do the math on that in the last 547 days Bitcoins value has increased 16,900%!
So Bitcoin in the last 1.5 years has gained more percentage wise then the gain we need to get to the price point of $1,000,000 per Bitcoin.
So now that we talked about the growth potential of Bitcoin, let’s now look at if Bitcoins market cap could even handle Bitcoin at $1,000,000. So if we take the maximum supply of Bitcoin which will be 21,000,000 and multiple that by $1,000,000 (price per Bitcoin) that would give Bitcoin a market cap of $21,000,000,000,000(yes that’s trillion) . If we look at the value of global financial assets, since Bitcoin is a global currency. We see that the global market cap for global equities is $294,000,000,000,000. So Bitcoin would just need to reach approximately 10% of that price.
How can this happen? Bitcoin will need global acceptance, and big companies such as Amazon and Apple to start accepting Bitcoin. I personally do believe this is possible that Bitcoin hits $1,000,000 in the next 3-5 years.
What are your thoughts on Bitcoin hitting $1,000,000 per coin? Let me know in comments below.