Million Dollar Bitcoin In 2024?

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In this video, I discuss Samson Mow's "Bitcoin max pain" theory that suggests that BTC melting up to $1 million per coin in 2024 would cause the maximum amount of pain to the maximum number of people, who both hold and don't hold BTC.

I also discuss Veblen goods, thin order books, and how you don't need $1 trillion to enter an asset in order for it to increase in market cap by $1 trillion.

Bitcoin's inelastic supply makes it especially prone to short squeezes.

Not investment advice! Consult a financial advisor.

Samson Mow:

Samson's million dollar Bitcoin tweet:

Veblen good:

Hunt brothers cornering silver:

Adam Back on the Bitcoin bull in the china shop:

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
#crypto

Disclaimer

[Bitcoin_University]

There's a mistake in this video. I should have said that there is only enough BTC for each millionaire to have 0.35 BTC. So it's even scarcer

[JasonChen]

I really hope it doesnt, cause im not done stacking. But then again, ill never be done stacking

[psychedwellness]

Won't hold my breath on that, although that would be amazing! Still wouldn't sell. I'm looking at maybe 10-20 yrs then possibly borrowing against. I want this to be something that also sets my children up for financial freedom. Always wake up looking forward to your content Matthew, thank you!

[AndrewK]

Glad to have made it this far with you Matt. I was learning swing trades from you 5 years ago and never imagined getting to this point. Congrats on being a trendsetter for so many of your subs👏🏼👏🏼

[RadenVijaya]

I don't think it can reach 1 mil in 2024. But I'd be super happy if that happened!

[jamesthompson]

I'll play devil's advocate here. I think we will go down even farther prior to the halving, possibly below $40K. We have climbed too far too fast since the bottom and need a breather. BTC has dropped over $5K since yesterday. I think we could break $100K before the end of the year but that's about it. Last year an analyst was asked on CNBC what he thought the price action would be for Bitcoin when the ETFs were approved. He said, "Everyone will want it and you won't be able to afford it." Now Vanguard, Citi, et al have banned their clients from buying it and the price is dropping. "Most pain for most people" indeed! $1M is coming but not this cycle. Maybe the next one. That said, I am buying the dip and HODLing for the win.

[georgez]

I saw a dream the other day. I was watching the price pump 50, 80, 90K and the minute it hit 110, I was trying to sell, by the time I was about to push the button, I saw it going to 1million. Can't imagine the feelings. And then I woke up to go to work. :(

[BriansWealthJourney]

I'm very bullish on Bitcoin, but don't think it will reach 1M by the end of 2024. I feel it could easily reach it by 2030. Adoption in certain aspects will be slow, but it will happen. I love listening to Samson Mow.

[Bolazer]

Hey there Matthew, I was wondering if you might be able to do a video on the mechanics of the ETFs. What do they do with new money coming in, and when does it need to settle into the underlying asset? Every trading day? Every week?

Who are the APs involved and what purpose do they serve?

Where does Coinbase come into all of this as the majority custodian? Are they serving up bitcoin straight from their OTC reserves, or are they actually placing orders on the open market?

What happens when the OTC seller list dries up, and these ETFs run out of available supply to match their 1:1 reserve requirement? Are new shares no longer listed? Are they forced to put in ridiculous offers until they find sellers? What are the legal ramifications for not upholding the 1:1 backing?

Sorry for the barrage of questions, but your expertise would be very much appreciated.

[robertgallagher]

Nice run through. Watched Gensler on CNBC this morning. It was amazing to see how overtly hostile he still is to BTC. Flat out lying about the "illegal" use cases. He couldn't even pretend to be happy about the approval. It tells you everything. They are terrified of it.

[dylan]

Gensler was just interviewed by CNBC. Interesting watch. He is the master of avoiding the question!

[renaud]

Possible of course but $1M by 2028 more likely based on historical data.

[fusion]

It's 59 million millionaires now? That's crazy! It was around 40 mil in 2020. I guess we know where the 6 trillion in stimulus went...

[karanrandhawa]

Recently came across your channel Matt. I’ve always been a believer in BTC although I’ve not been able to understood how truly important it is. After viewing your videos I now understand the importance of why I should stack as much BTC as I can. I shouldn’t have sold the BTC I had when I was 21, although now at 27 I’ve been slowly but surely stacking BTC for the last 6 months, regardless of the price. The work you do on this channel is so damn valuable. Keep up the work, you’ve helped a lot of people understood the truth about our economy

[Dajlec]

It is very simple.
1.) Buy bitcoin
2.) put it on cold and forget about it for 5-10 years...or until you really know what you want to do with it's purchasing power...
I protect myself from my impulsive selling thoughts simply by keeping my coins on cold storage. If I had anything on exchange where the sell button is a click away I would make a lot of mistakes.
Besides, as long as you are not holding your own coins, they are not really your coins.

[aa]

I've been following you for 5+ years. I mainly watch your channel for bitcoin info. Moat other channels are noise. Thank you for your service 🙏🙏🙏

[billyr]

People seem to be addicted to fiat, no matter how much pain they experience.

[jeremylind]

1M is certainly possible, but 220k was possible last cycle and we didn’t get close. Still haven’t. Maybe make a video explaining why we still need to almost 6x to get to your last cycles prediction? And a bear case for this cycle too to better prepare listeners?

[derikuk]

Looking back *after 11 days:* The price spike has not materialized yet. The in-kind switch was not allowed, forcing *cash* sales out of GBTC for several reasons: FTX has to sell its GBTC shares; GBTC transition from trust to ETF requires cash sales; Old GBTC sellers in tax-sheltered investments are taking profits in $, watching the price drop to under $40k, and then buying it back at a lower price. Not all the sellers will come back to BTC. Raging optimists will have to be patient.

[ChristopherWalkenActor]

I do not care if the price of BTC tanks 90%... i will keep buying more forever.