Is Bitcoin's bullish projection above $1 million dystopian or utopian?
Researching I came across some projections more fundamentalist than technical, which mention that the arrival of the million dollars for Bitcoin could be sooner than you think, the whole prediction is based on the history of Apple, the Internet and mobile telephony.
Hence, it is necessary to ask ourselves the following question Is Bitcoin's bullish projection over $1 million dystopian or utopian, the answer at the moment is somewhat uncertain with the cryptocurrency barely holding above $40k per unit, so, projecting price action to $1 million seems impossible.
However, according to estimates by expert Jurrien Timmer who currently works for asset management firm Fidelity Investments, he puts that price on the horizon. Timmer published on Thursday, February 17, a series of insights on Bitcoin's market behavior and how its network effect could give us an idea of its appreciation in the future.
In Timmer's opinion, what really matters is the network, hence his reading on the future arrival of Bitcoin at one million dollars, so that, according to the graphs he presented, this possibility would appear towards the end of this decade or at some point in the next.
It should be emphasized that at no time during the thread does Timmer refer to the arrival of a million dollars, but the key is in the last graph he presented, if the demand and adoption curve (measured in Bitcoin addresses with an available balance) is maintained, that price mark looks possible.
To conclude, Timmer evaluated the growth of other technologies in history: cell phones and the Internet, with adoption curves of similar behavior to these in the Bitcoin network, the valuation of the cryptocurrency in the market should continue to rise.
Given this string of assertions, I come back to my question: Is the Bitcoin bullish projection above one million dollars dystopian or utopian?.
SOURCES CONSULTED
Nextadvisor Bitcoin Will Hit $100,000, Experts Predict. Here’s When They Say It Will Happen. Link
OBSERVATION:
The cover image was designed by the author: @lupafilotaxia, incorporating image: Seekingalpha
Hi @lupafilotaxia, certainly the price of BTC is projected to rise significantly in the months to come, but from there to its value being positioned above $1 million is somewhat utopian.
If we project the Bitcoin to 100K in just one year, why not see it in 1 to 2 decades at $1 million, for me if it is possible and more if it generates in the next 10 years the longed mass adoption.