Categories: Blockchain Investments
Topics: Cryptocurrency

How Bitcoin Gets to $1 Million Per Coin

There is a finite amount of Bitcoin that is ever going to be mined and put onto the market. 

Many of the coins that have already been mined are not changing hands, meaning people are buying them and holding them for very long periods of time. 

These people, in crypto parlance, are called HODLers. Originally an acronym for ‘Holding On for Dear Life’, it has now morphed into a term for long-term holders of crypto, of which I am one. 

I own my Bitcoin on a physical device in a safe just like I own my physical gold. 

I have no intention of selling. 

I don’t own altcoins or memecoins. And I don’t own NFTs.

Crypto investing only has to be as complex as you make it. For me it’s very simple. 

I recently asked our in-house crypto expert, Chris Curl, about HODLing and its implications for the crypto market. 

Specifically, I asked him how HODLing plays into the current Bitcoin price rise. And I also asked him how or why people should HODL.

What follows is his answer...

Call it like you see it,

Nick Hodge
Publisher, Daily Profit Cycle

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You certainly don't have to buy speculative coins. 

You can just buy Bitcoin. I was telling readers of Crypto Cycle to dollar-cost-average into Bitcoin when it was under $20,000 the whole time. 

It’s possible to accumulate Bitcoin and then sell it near the cycle top because Bitcoin is a very cyclical asset. And it's all related to the Bitcoin halving.

There's a lot of upside potential because as you said, there's a limited supply that can ever be mined. That's 21 million, the vast majority of which have already been mined. 

And the difficulty in mining increases exponentially. You used to be able to mine Bitcoins at home on your PC. Now you're seeing massive companies sprout up with these huge data arrays that have GPUs that are just constantly doing the computational work of mining these Bitcoins. 

But in this cycle, we're seeing that the people who own and hold Bitcoin are holding it for the long term. Over 70% of Bitcoin supply hasn't moved in over a year. And more than 41% haven't moved in over three years. 

So people like Nick and I who are smart and see the writing on the wall here, we're continuing to accumulate and we know what's ahead for Bitcoin in the long term, especially in the face of the kind of monetary debasement that we're living under globally. 

And that's only going to continue as smart investors realize that even if they don't understand all this crypto stuff, they understand what’s happening to fiat currencies. Having gold is a good idea, but we’re probably gonna see more upside in Bitcoin over the long term. 

I think in the 2030s, we're probably going to see Bitcoin trading between $700,000 and $1 million. That’s just for one Bitcoin. 

So buying it now near $40,000 and holding it long term is probably not a bad strategy.

It’s certainly part of how I plan on turning our $50,000 real money crypto portfolio into $1 million over the next few years. 

And I can show you exactly how to buy and hold Bitcoin as part of our Million Dollar Crypto Club. You can learn more about that here.