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RE: All Eyes On Bitcoin - $17,000

in LeoFinance4 years ago

For me, the "theoretical ceiling" of Bitcoin is when the market cap approaches the market cap of gold... which is about $7.5 trillion. Even assuming the economic and regulatory climate stays the same, I'd guess it would take at least five years, but more likely ten years to get there.

Of course, in the interim, something could be invented that renders our current blockchain/crypto paradigm obsolete, but I expect Bitcoin would still retain a fair amount of "Legacy Value."

Disruptive technologies all go through similar evolutionary cycles. They start as "exotic" (think personal computers, then the Internet, then cellphones), then they become "leading edge," then "mass adoption" happens, and finally we have "total integration" OR the technology becomes obsolete because it's replaced by something else.

Bitcoin? Well, it's not really functional, except as an investment vehicle and potential store of value. Other than that, it's clumsy, slow and expensive to use. So it rides the legacy of being the "gold" of the crypto world. But just like most people don't actually own gold, nor do they pay for their afternoon latte with gold, Bitcoin will be a special case, but not what (IF it happens!) makes cryptos "integrated" into society.

=^..^=

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Disruptive technologies all go through similar evolutionary cycles. They start as "exotic" (think personal computers, then the Internet, then cellphones), then they become "leading edge," then "mass adoption" happens, and finally we have "total integration" OR the technology becomes obsolete because it's replaced by something else.

love that...