10 years ago, if you told the first Bitcoin users that the cryptocurrency would reach $ 1 million someday, they would probably laugh at you. Ten years ago, a single coin was traded for less than $ 1.00; it even happened to fall below a penny from time to time.
But time has changed. Now people applaud those who predict that they will get to seven digits instead of laughing. In the Bitcoin market, it has become a common feeling that the asset will eventually rise to a higher level and leave all other assets behind.
There is evidence to support these predictions, but one commentator recently reminded Bitcoin investors that the cryptocurrency that has reached seven digits will have serious social consequences.
$ 1 million won’t be easy for Bitcoin
While the global macroeconomic outlook has deteriorated over the past few weeks, the IMF has called for Bitcoin to rise suddenly, claiming that the ongoing recession is the worst since the Great Depression.
While this may seem contradictory, as the ongoing economic crisis worsens, more imperfections in the monetary system, the basis of modern society, will emerge and prove Bitcoin bull claim.
Leading investors such as Chamath Palihapitiya, a former Facebook manager, say the crisis will be a boon for the cryptocurrency.
Although this is potentially true, it can be said that it is a risky situation for the society.
Ceteris Paribus, an industry investor, has reported that in the past few years, “he doesn’t even know if he wants Bitcoin” to be $ 1 million over the next few years.
While the investor explained that this would require a “disruptive collapse of the current monetary system”, he explained that the fiat currencies would soon lose all their value.
Ceteris Paribus has announced that Bitcoin’s $ 1 million purchasing power will be an unpleasant transition “if it comes at this pace”.
Still a Popular Insight
Despite the problems that can occur with a $ 1 million Bitcoin price, the issue is seriously encouraged by cryptocurrency analysts. Simply put, there is legitimate evidence that a shocking transition to a new monetary standard will take place.
Ray Dalio of Bridgewater Associates, the head of the world’s largest hedge fund, emphasized that in a recent interview, it will be a “new world order” after this crisis.
A current Goldman Sachs manager and current vision of Real Vision, Raoul Pal, stressed that the ongoing crisis was a “failure of our monetary system” and that the “current financial architecture” might have collapsed.
He said that the risk of collapse of traditional financial systems is inevitable, so it should be noted that Bitcoin will rise very quickly, even at the cost of igniting discourse in society.