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Bitcoin Could Go To $1 Million

Bitcoin Could Go To $1 Million

The value of the electronic currency Bitcoin has hit a new high of $340.


This is not surprising.

Earlier this spring, when Bitcoin was in the middle of its last price spike, I “raised my Bitcoin target” to $400.

This was an inside joke — I don’t have a Bitcoin target. But I was getting at a more profound point. $400 is a perfectly reasonable target for Bitcoin. As is $1,000. As is $10,000 or $100,000 or $1 million.

And as is $0.01.

This is because Bitcoin has no inherent value. It’s adherents refer to it as a “store of value,” but Bitcoin is only a “store of value” because, right now, its price keeps going up. Unlike gold or dollars or other things that have widely accepted utility, Bitcoin’s price is determined entirely by what someone else is willing to pay for it. Right now, because Bitcoin’s price is going up, and Bitcoin is in relatively short supply, people are willing to pay $340 for it. And the ever-increasing demand for Bitcoin will keep driving the price up until people don’t want to buy or hold it anymore.

At that point, by the way, the price of Bitcoin will collapse. And anyone who thinks it can’t collapse all the way to zero is delusional.

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This entry was posted on November 8, 2013 by and tagged .

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