A price over $100k can only be justified by a currency penetration equal to sterling, according to John. It can only become a currency if it achieves a price above $100k according to @WolfeTone.
Yes, and between me and Kelleher, both of our views are speculation. Open to be proven right, or proven wrong.
That makes today's price of $47k extremely speculative indeed for it says that it needs to more than double from here to justify its existence.
Except it is Kelleher who is speculating that bitcoin
must become a medium of exchange to have any utility. He speculates at what point that would/should occur, but is clear in his commentary that it is a simplified estimation and encourages others to make their own projections for vsluations.
Your frequent reliance on Kellehers speculative views indicate that you place, somewhat ironically, a great store of value in them.
For myself, I don't dismiss his views but I don't make the claim that bitcoin
must become a medium of exchange to have utility.
As invited to do by Kelleher, I make my own projections.
That is, regardless of what governments and central banks tell us, or instruct, or advise, people will act in their own economic interest in the long-run. That interest, typically, should operate within the parameters of a sound monetary system, backed by over-arching authorities providing trust and confidence in the system.
It is a central argument of those who buy bitcoin that we do not operate within a sound monetary system. That confidence is being ebbed away by virtue of a system that does not operate within defined parameters of a sound monetary system - despite what our leaders tell us.
To get a tiny sense of the distortions manifesting in our monetary system you only have to look at the headlines on the RTÉ business website today.
UK economy retracts 9.9%
House prices increase 3.5%
Are banks about to start charging us for our savings
Office space take-up down 49%
What is going on? This is just one snippet of headlines on one day, that signal (to me at least) clear distortions manifesting themselves in our monetary system.
Eventually, these distortions will feed into a widespread realisation that the monetary system is not operating within defined parameters of a sound money system, that realisation will induce people to utilise other means to sustain the value of their own wealth.
There is an obvious trend in motion now, at institutional level, to sustain the value of their own wealth by others means other than within the parameters of the global central bank monetary system.
I can't say when, or if, bitcoin will become a medium of exchange, but I suspect it will. The higher the price, sustained, the sooner that realisation will emerge.