Translation of the original post written 1-st of June, 2020: http://www.wonabru.org/todamon-bitcoina/:
Will bitcoin ever cost a million dollars?
Let’s check 😉 But what to check here? Well, maybe the foundations, if any.
- Bitcoin’s utility is mainly about the transfer of value, i.e. the replacement of money.
- Bitcoin supply is up to 21 million.
- The number of transactions on the bitcoin network is approximately 3,000 per 10 minutes.
And now, if bitcoin costs $ 20,000, larger blockchain traffic starts. The transaction price jumps to $ 25. This was already the case in 2017. Bitcoin’s utility is declining. You can’t pay for coffee with bitcoin 😉
If we increase the number of transactions per second, for example, as it is on Ethereum, i.e. 12-14 transactions per second. It is starting to be a different staircase. There is no possibility of synchronization on a laptop, because the blocks are generated quickly and the weight of the entire blockchain is terabytes that you cannot carry on a normal computer. It remains only large servers maintaining the blockchain, i.e. blockchain is no longer decentralized. It was also in 2017.
So what? there is no possibility that the current types of blockchain will have a value greater than in 2017 in December, i.e. around $ 1 trillion for the entire crypto. It was then around $ 17,000-18,000 for bitcoin.
I believe there will be a slight hype on crypto until December this year. And then time will tell.