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RE: Bitcoin Booms Above $10k as Next Wave Starts
I wonder what will the final ATH of Bitcoin be. You have yourself expressed in the past that even during the lows it was still overvalued (I think - don't want to put words in your mouth.) But some people seem to think that BTC will grow in price to tens and even hundreds of thousands of dollars cough McAfee cough.
Were that to happen, the actual burst of the bubble would be absolutely devastating to some people. Probably more than the DOT com bubble, right? What's your take on this? Do you think it will not get such a high evaluation? I think you also expressed that crypto will bring about a new generation of investors. I think that if this market has a doomsday type crash then the new investors would be few and far between.
Andreas Antonopoulos, the well known BTC promoter, said that we already have too much of hashing power, which still increases day by day. I have a bad feeling that eventually BTC corrects to a level that makes mining profitable only to those, who have 0.06 USD/kWh or cheaper electricity or those who mine with co-generation of heat. And that level would be below 2000 USD/BTC.
Why 0.06 USD/kWh? What's special about that price?
Because there are plenty of energy sources at this price level to still ensure proper decentralization level. Lower prices would cause larger and larger centralization, until bitcoin user base would eventually switch to more decentralized solution.