Is $1,000,000#Bitcoina joke to you?
When @balajis announced on March 17, 2023 that Bitcoin would hit $1 million in 90 days, the price of Bitcoin closed that day at just $27,454.
Most people's reaction to his prediction was that it was a joke and a bit of a stunt, mostly because of the 90-day time frame.
More than a year later, Bitcoin is at $65,000.
Bitcoin would need to rise approximately 15x to reach $1 million.
The Bitcoin bull market has had returns exceeding this in 3 of the previous 4 cycles (yes, all 4 cycles so far have had diminishing returns!)
But it does show that $1 million in Bitcoin is no longer a joke.
But with ETFs launching in the U.S. and $100 trillion in new funds about to hit the market, that's a different story.
Not when you look at:
- US deficits, unsustainable debt and huge interest payments.
- Gold prices hit new highs.
- rising oil prize.
- Commercial real estate is in trouble.
- Banks conceal huge losses.
What happens when panic strikes and more people look for assets with zero counterparty risk?
Read Balajiâs original paper, because $1 million in Bitcoin is no longer a joke.
