Here's what I think.
The price of anything around us depends on its supply and demand.
Bitcoin supply is limited to 21 Million, but what about its demand?
According to the latest data of Buybitcoinworldwide, about 1.3% world's population owns bitcoin. Despite this low ownership percentage, BTC is able to hit $69,045 ATH. More than 98% of the population can still jump into it which means that even if only1/10th of this population decides to own BTC, its demand will rise vertically like never seen before.
The adoption pattern of BTC is similar to that of the 90s Internet. If we compare it with historic curves of network-based technology, global bitcoin adoption will reach 10% by 2030.
Lastly, the World is sick of back-to-back inflations caused by falling paper currency. The billionaire investor Charlie Munger even predicted that the value of the fiat U.S. dollar would crash to zero within a century. Hence, countries desperately need sound money, which can ease global payment & reverse inflation. Bitcoin has established itself as a better alternative than both fiat & gold.
So yes, Bitcoin hitting $1 Million or over is not out of the question.
Can Bitcoin go down to 0?
Yes, it can. Due to some unforeseen swan events or other serious incidents, it is possible. But so could be anything like Apple, Dollar, and INR.
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