Bitcoin could swallow the world’s total fiat currency if reaches a price of $223,186.19, according to an online conversation of notable crypto industry personalities.
Bitcoin Think editor Beautyon discusses the ‘hyperbitcoinization’ phenomenon with Blockstream CEO Adam Back and CSO Samson Mow on social media. This is about speculating on the possibility of consumers totally giving up fiat all at once for Bitcoin.
The world’s entire supply of fiat currency is estimated at $4,686.91B referring to Wikipedia, according to Beautyon’s tweet. He claims that Bitcoin can have an “extinguishing capacity” when its price goes up to $223,186.19 gobbling up the value of the M1 money in circulation.
It doesn’t stop there, to fit M2 & M3, according to a tweet by Adam Back, all Bitcoin needs to do is reach $5M apiece.
While Bitcoin is laying low at $6,000 range in the past months, the bulls, in Q2 2018, continue to hold on to the belief of an impending Bitcoin rally.
American Nobel Prize winner in economics Robert Shiller, while not putting a price tag on Bitcoin, was quoted saying it is “a social movement; [as well as] an epidemic of enthusiasm.” He also described Bitcoin as a speculative bubble whose value will not drop to zilch.
Fundstrat co-founder and strategist Tom Lee has not gone south on his “forecast” of a 25,000-dollar Bitcoin by the year’s end. Based on their company research, Fundstrat Global Advisors places BTC at $36,000 in 2019.