Oh boys and girls if the world could not get any madder than it is this year... 2020 for any time traveling Cryptocurrency buffs out there... But you may have heard the drums banging louder with the beat of "one million dollar Bitcoin, one million dollar Bitcoin" - and if you have not heard the drums or read all the hype in respect to Bitcoin going totally doolally to reach that dizzying number - have you been vacationing on Mars for the last year?
I know some of you reading this are shaking your heads, chewing down on a finger and possibly throwing me the old middle finger - you are obviously in the... 'don't be stupid Bitcoin will never be a millionaire' club... But just think back a few several years to the birth of Bitcoin - we all know you shudder to think what could have been - it is of my opinion, three years from now, you may well be kicking yourself harder than back in 2018 when things went a bit silly with the Bitcoin Bull Run.
Already this year we are beginning to see another Bull Run that looks to be sending Bitcoin further out of reach from the average Joe and Jane investors - having broken resistance at both $14,000 and recently $15,000... Where will this run stop? Who knows...
Bitcoin has been on the end of many financial arguments - one being just why Bitcoin came into existence - to be a decentralised, private currency without regular banking institution regulations and involvement... So how on Earth is Bitcoin going to hit one million dollars by 2023?
Here is the thing... Bitcoin has never been used as a national currency and any thought of such seems to be quite head in the clouds - until you start thinking about 'standards'... not to be confused with politeness.
The world currently operates financially via Gold and United States Dollar Standards - largely depending on what country you are financially governed by, and it's banking system, with depend on the model standard used - but currently there us a huge problem... This is stemming from more countries adopting the Gold Standard over the US Dollar - without going into too much detail, the choice of Gold over the Dollar has the potential to kill off the global financial dominance of the United States of America - hence now there is a sudden a rush by America to produce a stable Cryptocurrency to Adopt at a national and international trade level - possibley losing the Green Back forever and moving towards a cashless system.
"But it will never work, it is impossible" I hear you screaming - well what if I told you that it is in fact not impossible but it would mean a Cryptocurrency such as Bitcoin and its dominant place in the Cryptocurrency market, as well as pretty much stable high value put Bitcoin in the ideal candidate position you be used in a potentially viable Bitcoin Standard... However for this to be achieved and potentially used as a standard to back a national currency, Bitcoin would almost certainly have to be valued at a minimum of one million dollars, to be universally used at national level...and pretty much stable give or take a few thousand dollars.
Looking at Bitcoin in this light changes the complexity of national cryptocurrencies slightly - and now comes the race... The development of a national US Crypto Dollar, and who will achieve it - based on Bitcoin and backed by Bitcoin being the clear favourite in my opinion.
There are if course many hurdles yet to clear, with obvious room for a complete newbie or one of the bigger Altcoins to step up to the plate - however I find any token other than Bitcoin to be way too far off the mark to stand in the way of a Cryptocurrency Standard Model.
In a nutshell... This is how I predict Bitcoin to hit that one million dollars mark by 2023 - and could go even further through the roof by 2025 if mass adoption of a Bitcoin Standard takes off at national currency level.