Bitcoin At One Million

$1 million per Bitcoin gets mentioned a lot. It’s worth thinking about what would actually need to happen for it to be true.

At $1 million, every Bitcoin in existence would collectively be worth about $21 trillion. To give that a sense of scale — all the gold in the world is worth roughly $13 trillion. All the money in all the bank accounts and cash in the world is somewhere around $100 trillion.

So Bitcoin at $1 million would mean it had become one of the most important stores of value on earth. Not the only one. Not replacing everything. Just sitting alongside gold and property as a major place where people park wealth for the long term.

Is that possible? It needs a few things to stay true. Bitcoin’s properties need to hold — no technical failure, no successor that does it better, no regulatory cage that neuters the sovereignty features. Institutional adoption needs to keep going — pension funds, governments, sovereign wealth funds adding Bitcoin the way they’ve started to. And the world needs to keep providing reasons for people to want something whose supply nobody can inflate.

None of those are guaranteed. All of them are currently moving in the right direction.

$1 million isn’t a prediction. It’s just the answer to a simple question: if the last five years continue for another decade, what does that look like? And the answer is numbers that sound absurd right now.

Which is roughly what $100,000 sounded like in 2020.

Tomorrow: Bitcoin at zero — what would need to happen.

— The Daily Bit