If Bitcoin hits $1,000,000 per coin – Where does DEMAND come from?
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Timestamps:
0:00 – Where is DEMAND gonna come from?
4:20 – Implications of a $100M Bitcoin
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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
