No I have not gone off the rails, hit the bottle, taken any form of hallucinogenic produce or had a severe bang on the old brain garage. Bitcoin is going to hit one million United States Dollars a lot quicker than many realise... And here is why.
Warren Buffet once famously said "if you do not find a way to make money in your sleep, then you will work until you die" - in truth that is pretty much how life is. So with that brings a question or several as to what these financially savvy big players in the fiat currency world going to do with that - some are suggesting - $300-trillion USD that needs spending to get on top of the game and control the biggest chunk of Bitcoin as the currency becomes scarcer... Do not think for one second that people like Warren Buffet are not jumping all over the crypto bandwagon and not just buying to hodl, but in turn ripping huge chunks of Bitcoin off the exchanges. Even mining pools are struggling keeping up with the sudden surge towards Bitcoin. My own Bank Manager is all hyped about Bitcoin which is a huge leap from the banking attitude of 'crypto will never replace fiat currency' not so far back in the past.
As Bitcoin starts to become scarce and demand surges as it is now, it then only takes one massive fiat currency company to start chomping at the bit to move at buying Bitcoin - one such company only recently spoke of the huge impact that Bitcoin is about to have on a global economic scale, going as far as to say that Bitcoin will be a global financial priority. That company is BlackRock the world's largest Asset Management firm holding (not hodling yet) somewhere around $7.8-trillion USD in wealth.
Also adding to the pack of Bitcoin chasers hoping to still cash in even if Bitcoin hits $500k per token is the US Treasury and its several institutions. What makes Bitcoin ESPECIALLY of interest to the United States Administration is not only the potential of the coin, and the urge to hoard anything of value like a pack rat and to own as much as possible... Guess who rather than what? China!
Many reports have circled in respect to China holding around 51-percent of Bitcoin. This is untrue... Yes there are a huge number of mining pools in China but a large amount of traffic mining via China is from outside of the country. Regardless the US Treasury has already spoken of not only a desire to move towards United States Cryptocurrency Dollar, but move to buy as much Bitcoin as they can...
On top of that the fact that Bitcoin has natural scarcity due to mining processes, halving and being only ever going to be limited in supply until the last coin is mined in a couple of decades... aaaand the very fact that good old paper money can just keep being printed and printed into a valueless bathroom commodity - just creates the perfect storm when you factor in the havok this is going to play on Bitcoin exchange prices as the coinage is hodled by the big boys and girls.
We have to expect as the prices of Bitcoin rise that even mid-level whales are going to be hoarding as much Bitcoin as they can leaving not much Satoshi to go around for Joe and Jane Smith from Dundee in Scotland.
So what does this mean for Joe and Jane Smith from Dundee?
There are a couple of good things to come and one good reason not to be disheartened by the prospect of owning just 140k to 150k Satoshi in 5-years as this will probably buy Joe and Jane a good sized house. Thus in many respects Joe and Jane are still getting in early... But again Joe and Jane will be hodling that Satoshi for the next few years.
Altcoins will see a huge surge... Ethereum may well be one that moves in the direction of Bitcoin, a bit like a medium size business moving into the area. However the likes of Ripple, Litecoin and ChainLink could see massive demand and genuine usage... I am not promising anything but the future even looks bright for the old DOGE in Dogecoin.
The next few years are going to be huge, and for those with patience, honesty and resilience, will be the rewards - not only for the general population of the planet financially but Altcoins could be the fightback from the gloom of 2020 regarding businesses that have been effected by lockdowns - which is a whole other report...
