Bitcoin doesn't need merchant adoption to be wildly successful
bitcoin·@jrcornel·
0.000 HBDBitcoin doesn't need merchant adoption to be wildly successful
# Bitcoin may not even need to become a global currency in order to go up significantly. Naysayers lover to point how little bitcoin is used for payments. They love to point that out and say bitcoin has already failed. My response to that is two things: - For one, bitcoin is basically just software, so whatever it can't do today it could in theory do someday due to upgrades/updates. - Secondly, bitcoin doesn't have to necessarily become a massivly adopted currency to go up in price from current levels. # In my opinion bitcoin's best use case is as a store of value. Something akin to digital gold. Gold is roughly an $8 trillion dollar market. Bitcoin is a $72 billion dollar market. If bitcoin were to capture just 10% of the gold market, you are talking about an $800 billion dollar market. That is roughly 12x the current price. That would equate to roughly a $48k price. If it were to capture more like 25% of gold's market, that would be a $2 trillion dollar market. That would be roughly 30x from current prices and equate to roughly $120k per coin. And we are just talking about 1/4th of the gold market and with just being used as a global store of value! https://i.postimg.cc/BvYQ3qJ7/bitcoin-is-new-gold.jpg (Source: https://blockchain.us/is-bitcoin-the-new-gold/) # Do you see the potential here? The next time someone tells you that bitcoin has failed as a currency, you can just tell em that doesn't really change the fact bitcoin is likely going a lot higher. I would actually prefer if they never change the bitcoin code and it becomes globally accepted as a store of value and another coin catches on as a form of payment... I'm looking at you steem or SBD! Now that would sure be nice wouldn't?! ;) Stay informed my friend. -Doc
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