Can BTC hit a million?

One-million dollars isn't an impossible hurdle for a cryptocurrency like Bitcoin, but it's definitely a stretch and not particularly likely. Bitcoin (BTC -0.07%) has been on a wild ride the last few years as it spiked to highs above $60,000 and currently trades between $16,000 and $17,000 as I'm writing.

fool.com - Can Bitcoin Reach $1 Million? | The Motley Fool

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Bitcoin (BTC 0.04%) has been on a wild ride the last few years as it spiked to highs above $60,000 and currently trades between $16,000 and $17,000 as I'm writing. It wasn't long ago that investors believed this cryptocurrency could reach $100,000 or more. Could it reach astronomical new heights of over $1 million in the future? Let's look at the thesis behind Bitcoin's value.

The best digital store of value

I think the best argument for Bitcoin's future value appreciation is that it's a digital store of value, like gold. The token is scarce because it's limited at 21 million when all are mined and there will never be more. For investors who are looking for a place to store wealth that's not in stocks, bonds, real estate, or other traditional goods, this could be a good option in the digital world.

The challenge is that if Bitcoin reached $1 million, the value of all Bitcoins would be $21 trillion, more than the $11.7 trillion of all gold today. Could Bitcoin be worth more than all of the world's gold?

The inflation-hedge argument has lost credibility

One of the talking points of Bitcoin advocates in 2020 and 2021 was that it would be a hedge against inflation. Now, inflation is here, and Bitcoin has proven to be a worse hedge than just holding dollars. If there's one chart that's concerning for Bitcoin's value proposition, it's this one (above). Gold has held steady over this time, showing that it's at least a decent hedge, but Bitcoin has proven to be more of a speculative commodity than a hedge against inflation.

Bitcoin has fallen behind as a utility token

The last three years have also proven that multiple blockchains have passed Bitcoin in terms of speed and functionality. According to a study by venture capital firm A16Z released in May 2022, Ethereum (ETH 0.30%) has nearly 4,000 developers; Solana has nearly 1,000; and the oldest blockchain, Bitcoin, has just over 500 developers. Bitcoin's blockchain wasn't built with smart contracts in mind like Ethereum or Solana (SOL -0.72%) were, and that's fundamentally put the blockchain behind in utility development. It's also much slower than a blockchain like Solana, which is completing around 3,000 transactions per second. And Bitcoin is far more costly than Solana's fraction of a penny cost. If the blockchain is going to be used for real utility, it's likely not going to happen on Bitcoin.

Is $1 million ever reachable?

I don't think it will ever reach that far.

Bitcoin has proven to be a store of digital value, but like gold, it will have limited upside because of its limited-use cases. I think there's far more upside in tokens like Ethereum and Solana that have blockchains used for real utility. That's where the value will be created in decades to come.

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How much do I get if I buy 100 in Bitcoin?

Investing $100 In Bitcoin: A $100 investment in Bitcoin today could purchase . 004268 BTC. The $100 investment would be worth $293.59 if Bitcoin returns to all-time highs, representing a return of 194%. There is no guarantee that cryptocurrencies will return to levels seen last November.

benzinga.com - Here's How Much $100 Invested In Bitcoin Today Will Be Worth If It Hits ...

Cryptocurrencies are crashing in value with fear of higher inflation and holders liquidating positions. Here’s a look at how much a small investment in a leading cryptocurrency could be worth if all-time highs are hit once again. What Happened: Bitcoin BTC/USD is among the cryptocurrencies seeing its value fall double-digits Monday. The price of Ethereum ETH/USD has fallen to levels that are nearing 52-week lows. Bitcoin is trading at $23,427.54 at the time of writing, down 16% in the past 24 hours. Over the past 52 weeks, Bitcoin has traded between $22,812.38 to $68,789.63. The cryptocurrency marked new 52-week lows on Monday. Bitcoin, the leading cryptocurrency by market capitalization, hit all-time highs on Nov. 10, 2021. The coin traded over the $60,000 level several times in the month of November 2021 and fell just shy of hitting a potential meme amount of $69,420.