leo23 - what is your professional / crypto background? You seem to reall know youy stuff
I don't have any official educational background on crypto or finance or investing etc. I am neither an active investor or trader in crypto as well.
But I am an active user of Bitcoin for payments from the early stages of Bitcoin development when I didn't even know what Bitcoin was and I never bothered to even check the price of Bitcoin while accepting payment. I am talking about years probably between 2011 and 2012 from which I started using Bitcoin.
The BTC price came to my notice when it reached around 200 USD and before that I was using Bitcoin price probably between 10 USD to 100 USD per BTC.
So roughly I have seen BTC price from 10 USD 100 USD, 100 USD to 1000 USD and finally, 1000 USD to 10,000 USD when actually I created this thread in myfxbook and predicted the BTC price ahead in time when it was around 2500 USD.
I know BTC price will go to 100,000 USD very soon and reach 1 Million USD later on and probably settle around 2 to 3 Million USD within next 5 to 6 years by which entire fiat money will be converted to crypto and there will be 90% crypto transactions and hardly 10% fiat transactions.
I mean the switch of fiat to crypto of total amount of 100 TRILLION to 200 TRILLION USD will happen in coming few years.
I expect at lest 100K per BTC by end of this year and as high as 200K per BTC, but I will not feel guilty if I am wrong in my prediction, because it is my opinion and not any financial advice to anyone to buy or sell cryptos. Because overall I know where the cryptos will lead to and if I am wrong by few months back or forth I don't mind.
For example, last year I expected and predicted the price in this thread to be maximum 10K when it was around 3000 USD and never expected to hit as high as 19.5 K, but it actually hit 19.5 K and later on I predicted the price to go further, but it went to a period of bearish trend and so it is never 100% accurate.
By saying this I want to clarify that I am not holding large chunk of Bitcoin or any other crypto due to which I am doing such predictions. There are few people who think that way though.
I am doing such predictions based on various fundamental factors considering not only finance, but all other latest technologies where these are heading and their behaviour over time. For last 10 years I have been actively researching on most latest technologies of the times which are about to explode and considering all these I am predicting these value.
Though there are many reasons which I already discussed earlier. But fundamentally 2 reasons:
1.Fiat money is controlled and printed by central banks of each country and hence, it is limited demand, but unlimited supply from central banks by money printing. So naturally the unit value or utility value of each currency unit will tend towards zero when there is infinite supply.That's why there are trillions of dollars of national debt pending to be repaid by most countries governments.
2.Most cryptos are fixed in amount and can't be printed or created from nothing. So there is fixed supply, but growing demand.
Though few people argue on this point by considering hard forks as a way to create money, but the unit value of each original crypto is bound to increase because of fixed supply.
But due to the promising technology of Blockchain behind cryptos, the price of cryptos even explod more rapidly.