It seems to me that the opposite is happening. The higher the price of bitcoin rises, the more we see calls from various high-level officials to tighten the circulation of bitcoin. The higher the price of bitcoin and the more capital is pumped into cryptocurrency, the more it attracts the attention of state regulators, because states will not stand aside, seeing how the structure of the global financial market is changing, which is becoming more and more unmanageable for them.
Anyway, between the rise in the price of bitcoins and its use as a means of payment or its acceptance by people, I do not see any relationship.

It has become speculative asset, so the cycle happens when people buy and sell. Since trading happens in terms of a fiat based currency hence we see the prices rise and fall. Otherwise 1BTC is always 1BTC, that amount never changes.

Event? bitcoin does not to do anything to rise in price. Rather the traders buying causes its price to rise. Of course any price is possible but feasible and the time period for such to happen cannot be predicted so easily.

I see where you are going to.

Lets say you want to buy bitcoin, someone out there has to sell their bitcoin. Now whenever prices rise there are people ready with sell orders at higher prices - those who are ready to exit. Hence a correction always happens. Rest is the organic/gradual/long term growth that happens with time by the hodlers. So "unaffordable" is a relative term. Someone out there might be willing to sell it at lower price too, but maybe not on exchanges.

First it has to be legally tendered. And it has happened in only one country and that too with a lot of bad rumors. Rest of the countries are not doing so. So why bother?

Depends on what you mean by "hand in hand" - as alternative type of investment, Yes. Ease of conversion? I dont think so.

But you have to understand that each mode of investment has its own pros and cons.

Silver marketcap is only $1.33 T - we were very close to this number (1.18T) when BTC was at ATH
Palladium - $ 460B - BTC is twice as big
Gold marketcap is $11 T - x12 from current price. Hell yea its possible.

Fun fact with gold is that gold:



55% of gold demand comes from invesment and central banks. Only 8 % from technology and ... 37% from Jewelry. It looks like gold value is based on its "store of value" title and fashion only.

Now as BTC:
1- better stock to flow model (gold stock to flow is around 66, while BTC 50 now, ~25 after next halving, ~10 after another and so on)
2- devided by 100 000 000 so you can operate with cents (1 troy ounce of gold = 1700$)
3- easier to store
4- easier to send
5- easier to cash in/out
6- fixed distribution while gold distribution is unknow long term and depends on price (higher price = it is profitable to mine from places it was not profitable to mine at lower prices)

Looks like BTC is far more superior than gold as long term investment. Taking only half of this "55% of gold demand" will push BTC to 150k$ easily.



"Do you also think bitcoin could emerge into a rate that is almost unaffordable?"

Lets talk about the most optimistic scenario. BTC is a legel tender in USA, China, and Europe. There is no euro, dollar or Yuan. There is only BTC.

M2 money supply of USA, China, Euro is ~$75 T, so lets say its now BTC marketcap. Its 3.5 mln $ per BTC (20 million BTC). 1 satoshi = 3.5 cents! You can even buy bread (~30 sats) , chewing gum (~10 sats) with BTC.

IIRC it was last year that all the banks here where I'm resident now did a forced buy back of any and all gold held in consumer accounts. Caused a minor uproar (minor as I guess there wasn't really a lot of people owning gold at banks). Essentially, there simply wasn't enough gold left for banks to buy, fiat (euro and dollar) were all looking less and less attractive.

I thought it was absurd they had to do the forced buyback (and customers couldn't withdraw it either, they were simply informed). The next time they look for gold, they won't find any. Bitcoin increasingly looking viable?

glad to see so many comments of people who are on the right side of the market. we're currently in a midcycle dip and expecting a parabolic move upwards over the coming 2-3 months, and yes likely 100k + before end of the year

Errr, I don't recall any news saying that Bitcoin was illegalized or was banned as a currency due to its price?
About the 100k price, we can only speculate about that for sure but we need to get first to 60k back before we make that high of a speculation.

I cannot agree with you about Bitcoin "transmogrifying" into some point that it will not be a legal tender, though we can say that it is not a legal tender to some merchants right now, because most merchants right now are still into fiats.

Of course, many big investors think that Bitcoin will exceed  $100k. But I don't think Bitcoin will become a legal currency in the coming years. However, Bitcoin is the world's largest business And the personality is being recognized as an acceptable currency.

I am not sure about what are the basis on how a particular currency/cryptocurrency will be a legal tender. El Salvador country already made Bitcoin legal tender.
So for me, if ever we will reach $100,000 in the future, I believe the volume on Bitcoin is extremely high, but I am not sure if the volatility is still high if ever we will reach that price, for me it will become less so for me it could be another reason why Bitcoin can become a legal tender.

Even if it reaches 100,000 US dollars, there will still be people buying Bitcoin. Bitcoin does not reach such a high price in an instant, it slowly rises little by little.
It is still a long time away from reaching US$100,000.
We are constantly buying and selling, and the price is now fluctuating between 40,000 and 50,000.
No matter how much Bitcoin is. It always circulates in the cryptocurrency world.