I can always dream. I like Litecoin and think it’s a good altcoin to add to a cryptocurrency portfolio but I don’t see it going to 1 Million USD anytime soon. If any crypto will go to 1 million USD it’s Bitcoin and it has a long way to go.
For Litecoin to reach 1 Million Dollars one of four things would have to happen (or a combination of all four).
- The US Dollar hyper inflates.
- Bitcoin shoots to the moon (goes to 1 Billion USD) and Litecoin keeps it’s Satoshi value.*
- The Litecoin team discovers a new technological innovation that solves blockchain scalability, while keeping the chain secure, and decentralized. Their implementation of it is so successful that everyone abandons Bitcoin and Litecoin becomes the “new Bitcoin”.
- Bitcoin get’s hacked but Litecoin is able to survive the same hack.
Option 1 is the most realistic scenario and is unlikely. However, currencies like the Zimbabwe Dollar had severe hyperinflation; for instance at one point 100 Trillion Zimbabwe Dollars was the equivalent of 70 US Dollars. If the US Dollar ever hyper inflates who knows what the value of cryptos like Litecoin could go to. But it won’t be because the cryptos are going up in value but because the Dollar is going down. Regardless, I don’t think that would be a “win” for crypto holders but would be better than holding a bag of rapidly declining Dollars.
Option 2 is pie in the sky without hyperinflation. There will be 21 million Bitcoin by 2140 and there are 18.5 million Bitcoin in circulation today. If Bitcoin went to 1 billion dollars it’s market cap would be 18,500,000,000,000,000 which is completely absurd until we become a multi planetary civilization. Perhaps, this will be reality in a couple hundred years and maybe Bitcoin and Litecoin will remain. But none of us will be around to see it.
Option 3 is impossible because there is no reason Bitcoin wouldn’t implement Litecoin’s superior new technology. Litecoin adopted Segwit first and then Bitcoin adopted it after Litecoin proved it was reliable. If Litecoin made the game changer Bitcoin would follow suit and become a better Bitcoin.
Option 4 I can’t even conceive of; If Bitcoin get’s hacked (and it has the strongest proof of work network of any cryptocurrency) then I don’t know how Litecoin would survive. Litecoin’s the weaker network and is built in similar way to Bitcoin. If hackers can figure out how to take down Bitcoin they might as well get “the little brother” while they’re at it.
I want to point out that Litecoin doesn’t need to go to 1 million USD to be an amazing investment. Today Litecoin’s at 58.00 Dollars if it’s Satoshi value* (.0038 BTC) remains stable and BTC reaches 1 million USD Litecoin would be worth 3800 USD; or a 66x gain. However, Litecoin usually has a higher Satoshi value and if it went up to .01 (a much more normal number for LTC) it could be worth 10,000 USD if Bitcoin reaches 1 million; this would be a 173x gain. Litecoin having a Satoshi value of .02 did happen in 2018 and in the short bull market of June 2019 it went up to .016. So if Bitcoin went up to 1 million and Litecoin had a Satoshi spike to .02 it would reach 20,000 USD or 346x gain. Of course, everything I am saying is highly speculative and extremely bullish on Bitcoin and Litecoin. I am spelling out what I see as a best of world scenario for Litecoin (and Bitcoin). This isn’t financial advice.
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*Satoshi value is the value an Altcoin has next to Bitcoin. For instance, today Litecoin has a Satoshi value of .0038 Bitcoin. If Bitcoin went up 1,000 USD in value and Litecoin maintained it’s Satoshi value then Litecoin would go up 3.80 USD in value. We are currently seeing Litecoin’s lowest Satoshi value.
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