If Bitcoin hits $1,000,000 – Where does DEMAND come from?

You know sum that up for me so when it comes to 
thinking about the next cycle if it hits over a   Million or certainly in the future when it hits 
a million 10 million 100 million what if if only   Where is that demand coming from it is it coming 
from more elons more business owners you mentioned   Some countries where does the demand come from 
yeah it's a good question so like I think if you   Look at the adoption metrics today uh let's say 
somewhere around uh 10 of like Americans own a   Meaningful amount of Bitcoin all right uh that's 
actually an undershoot based on what like Kraken   And coinbase data says uh of like they're 
in Gemini like they're us users but let's   Just say it's 10 I think that's fair it's not 
just about going from 10 to 90 percent U.S uh   Investors owning Bitcoin but it's also about their 
allocation right so you know uh uh most people who   Are sitting on uh you know podcasts and this point 
in the cycle it's not that they've got one percent   Of their allocation uh you know their Network 
in the Bitcoin they've got a hundred percent or   70 or like something way higher and so you know 
where this comes from is not only the adoption of   Bitcoin in terms of just like more people buying 
it and using it but it's also about it becoming   More and more of the financial asset that people 
are comfortable with in their own use in general   Uh and so that's a huge uh aspect of the driver 
you know instead of 10 with uh uh you know 10 of   Their wealth in it 90 with 90 of their wealth in 
it uh uh like that's where we're headed I'm not   Saying it's gonna happen next cycle but that's 
where we're heading added and so then that's   One factor secondly you've got a lot of countries 
around the world who are flirting with uh Central   Bank digital currencies Nigeria is definitely one 
to be keeping track of I think that the situation   There is fascinating uh uh you know they to 
catch people up basically they've implemented   Their Central Bank digital currency and they've 
deprecated cash uh they're saying basically you   Can't use cash anymore you have to use their cbdc 
and this is already a country that's adopting   Bitcoin at a pretty surprising rate uh and so 
you know are people going to move to a like   Financial surveillance tool given to them by their 
government that it eliminates all like non-taxable   Markets you know like uh all black markets 
you know you can't pay your babysitter with uh   Central Bank digital currency without registering 
that with your tax you know that's just not what   People want right they want to get government out 
of their lives on their financial lives and so I   See tons of people in that situation moving to 
bitcoin in a pretty very meaningful way uh and   So like that's just a fast-growing country and 
then we're talking about uh companies you know   Companies that do international trade as more and 
more Forex transactions become very difficult to   Navigate Bitcoin is a settlement layer for for 
just about anyone it's a much easier way to do it   Uh don't have to go through any banks don't have 
to worry about anything getting seized you know   Like this it's so much easier it's a much more 
simple process to move money internationally uh   Uh if you're just international corporation and 
then you get to countries I think all of these  

Things are in play in the next cycle I think you 
will absolutely see like another country maybe   Two maybe five maybe ten like maybe more uh uh 
start holding Bitcoin on their balance sheet in   A really meaningful way uh so yeah I mean you 
know and that's on top of like again this like   10 to 90 allocation right El Salvador currently 
has you know uh a decent slug of money but you   Know by no stretch maybe like uh 10 20 70 mil like 
somewhere in that range like tens of millions of   Dollars in Bitcoin currently uh they're trying to 
issue a Bitcoin bond for a billion dollars right   Like they're they're already looking at a you know 
100x of what they're currently allocated plus you   Know they have a growing GDP like where are they 
going to store that uh uh the excess they're not   Going to store it in US Dollars I can tell you 
that so they're gonna be buying more Bitcoin so   You know that's also a trend to be watching 
so I don't know there's a lot of different   Disparate threads but that's kind of where I 
see the adoption coming from the next cycle   So I don't know if you've ever thought about 
this I'm sure you know people I know people   Who own Bitcoin oh and some I think a lot of 
Bitcoin more than .01 more than 0.1 I assume   You know I don't know for sure but what is to 
become of those people if Bitcoin hits those big   Numbers is Natalie Burnell and Peter McCormick 
now the new you know you know Elon musk's and   Jeff Bezos like seriously like the people who own 
like big chunks of Bitcoin now and will hold you   Ever think about like what's gonna happen are 
they gonna just be the the richest of the rich   Yeah so I mean I think you have to look at like 
uh uh when when we go to a number like a hundred   Million dollars in Bitcoin right like in 10 years 
uh a bold claim I know but when you're looking at   That all right that is a uh uh roughly what if 
uh 50 000 X from here five thousand X from here   I'm bad at math right now uh let us know 
in your comments 5000 x uh from here uh   And sorry if I'm wrong on that so that would make 
uh uh the Bitcoin market cap somewhere around uh   Uh in the quadrillions is that right maybe like 
two quadrillion um so yeah I mean you're looking   At a scenario where like the Bitcoin market cap 
is a bit divorced from current reality in terms   Of like how big it's getting and the reason 
why I think that happens is because you're   Going to see hyperinflation of currencies uh 
and so you know the the it means like you know   To some extent like both bitcoin's value is going 
to be growing and the denominator by which we are   Measuring it will be shrinking uh and so you 
know it's hard to say like what does that get   You in terms of purchasing power in the future 
definitely a tremendously more purchasing power   Than you have today but I don't think it's the 
same amount of purchasing power as if you had   100 million dollars today uh so you know that it's 
kind of the cop-out answer is to say I don't know   Exactly what that will mean for them and how rich 
they will be but here's what I do know is that uh   Uh if you create a system in which the people 
who were non-consensus contrarian Believers   In Bitcoin early on right and they they poured 
their souls into kind of uh uh helping you know  

Increase adoption around the world those people 
have a certain set of values and a certain way   Of thinking that uh enables them to allocate 
resources in a way that Society currently is   Not and so the the bullish case on those people 
becoming wealthy uh uh or the wealthiest folks in   Society is that they'll be funding the things that 
they think is important and so that's refunding   You know uh how we do education that's refunding 
how we do uh Investments which I think you know   You'll see a huge amount of investment into energy 
and energy security and renewable energy and you   Know uh uh growing energy capacity in developing 
countries and uh so I think that's going to be a   Huge thing I think uh uh you know uh uh governance 
I think some of these people will kind of become   The leaders of their local communities and those 
local communities could be way more wealthy than   What you know countries are today because you'll 
have like uh leaders who are willing to give back   To their communities like that so you know uh it's 
an interesting kind of topic to explore in terms   Of like what do these whales look like in a hyper 
bitcoinized world uh there's plenty of dystopian   Takes as well uh uh you know it's not too hard to 
imagine the the classic who will pay for the roads   You know kind of trophy things when when you're 
talking about like a potential where all these   People are bigger than governments right but uh uh 
you know the short of it is is I think it will be   A realignment of the values of society uh and they 
those values will be realigned behind what made   Bitcoin succeed in the first place and so I think 
that's ultimately a bullish thing for for everyone

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OUR TAKE

Coinbase is a popular cryptocurrency exchange. It makes it easy to buy, sell, and exchange cryptocurrencies like Bitcoin. Coinbase also has a brokerage service that makes it easy to buy Bitcoin as easily as buying stocks through an online broker. However, Coinbase can be expensive due to the fees it charges and its poor customer service.

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