Comment: premise

(See in situ)

In reply to comment: I think Bitcoin will reach $1700. (see in situ)


The basic premise of why Bitcoin will reach high amounts is the potential if they ever gain market share as a currency.

If there are $14 trillion dollars in existence and 10 million Bitcoins in existence, if Bitcoins were to replace the dollar they would need to cost $1.4 million each.

If Bitcoin gained just 1% of the dollar currency it would be worth $14,000 each.

Just .1% of the dollar currency and they would be worth $1400 (your $1700 may have been when there were less Bitcoins).

If one day they became the world currency replacing all currencies...

All I can say is, it would be worth dropping $13.50 to just have one you can store for a long time.