IPFS News Link • Bitcoin
Bitcoin Could Go To $1 Million
• Business InsiderThis 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.
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2 Comments in Response to Bitcoin Could Go To $1 Million
A satoshi is the smallest division of the Bitcoin currency... like the penny currently is for the dollar. A satoshi is the 100 millionth part of a Bitcoin. If Bitcoin goes to a million, a satoshi will be worth a penny.
Watch the price jump around on the MtGox site at https://www.mtgox.com/. Was at $373 a minute ago. Then jumped down to $364. Now is slightly over $373. Check the Friday night time stamp of this comment. Wonder what it will be like tomorrow. Seems to be going up about $50 a day. The Chinese volume at at the Chinese Bitcoin exchange, Bitcoin China - https://vip.btcchina.com/ - is way higher than the MtGox volume. In the past, MtGox was the standard of measure for the world. This may change as the Chinese bring the price up. The old saying was, What goes up must come down. We'll see. Wonder if the big Bitcoin owners will bring the price down again.