Bitcoin for $100 million and the new ATH hashrate network
Bitcoin for $100 million? Clem Chambers, market analyst at Forbes and CEO of ADVFN has made an astronomical projection of the future bitcoin price. In his opinion, the price of one BTC could rise to $100 million or even more.
In a new article in Forbes Chambers he wrote that because of the increasingly limited supply of bitcoins it is possible that one Satoshi may one day be worth 1 dollar.
There is 100 million satoshi in every bitcoin, which means that if Chambers is right, one BTC could be worth 100 million dollars.
In addition, Chambers pointed to the issue of halving in the Bitcoin network. He said that halving the reward for mining a network block is the main mechanism that will drive the rising price of the leading cryptocurrency.
“The reason for this is that a BTC resource of 12.5 BTC every ten minutes means that there is a new supply of 1,800 coins a day, let’s call it $14 million a day. These new 14 million dollars, which are currently being absorbed by buyers, will now be halved to 7 million dollars.
However, demand will remain roughly constant. Unchanged demand combined with lower supply means an increase in price. That is how it has worked in the past and that is what I am putting my money into.”
Chambers adds that there are many critics who believe that miners can leave the BTC if the price does not rise fast enough to counteract the impact of halving. The analyst said he was able to take this risk. The question is, is there such a requirement?
What does Bitcoin miners have to say about this?
Data from blockchain.com confirm the new ATH in the field of hashrate in the Bitcoin network. Yesterday, October 23rd, the network reported an increase in the hashrate index to 114 Th/s. What does it mean?
This is the largest reading so far. BitInfoCharts recorded a record of just over 114 Th/s at the same time. The Coin Dance numbers showed a record level of 134 Th/s on October 10.
Due to the inability to accurately measure the hashrate, all charts are estimates based on blocks from previous periods.
The hashrate refers to the overall computing power involved in validating transactions in the Bitcoin block chain. Greater power suggests greater network security as well as an interest in the profitability potential of bitcoin production.
In other words, it can be said that in the long term, bitcoin miners are in good shape when it comes to the future valuation of BTC.
What is your opinion on the astronomical price projection by analyst Forbes? Is bitcoin for $100 million a pipe dream that has no right to come true? We invite you to discuss it.