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 Hyperbitcoinization: When the bitcoin will cost $100,000,000

We present a translation of an article from the Coinmonks blog, in which the author ObiWan Kenobit considered the scenario of achieving a bitcoin value of $100,000,000 and the onset of general hyperbitcoinization, i.e. a situation in which the cryptovrency will become the dominant form of money in the world.



Hyperbitcoinization is a theoretical situation in which Bitcoin will replace traditional currencies and become the dominant, if not the only, means of value transfer.


Daniel Kravish writes in his article for Satoshi Nakamoto Institute: "Hyperbitcoinization is a voluntary transition from the worst currency to the best one. It is spread through a series of separate actions by entrepreneurs, rather than through a single monopolist dominating the system".


He calls hyperbitcoinization a form of dismantling. This is what it is, because when hyperbitcoinization is used, bitcoins are so superior to all other currencies that their value begins to tend to zero.


This transformational event is also referred to as the "critical point" where the rapid mass acceptance of bitcoin is facilitated by the economic crisis, which causes the need for monetary stability and liquidity. During a catastrophic hyperinflation of national currencies, people decide/forced to use bitcoin to conduct personal and business transactions.


Bitcoin maximalists call hyperbitcoin the ultimate goal. Bitcoin "wins", while all other currencies are out of circulation. Andreas Antonopoulos warns that such a scenario could lead to a full-scale currency war. Personal interest will oppose fundamental changes in the principles of the monetary system. The advantages that the establishment enjoys will be significantly reduced or eliminated by hyperbitcoinization.


However, bitcoin uptake of Fiat may not be as unimaginable and catastrophic. This process can also be organic and mutually beneficial. This article describes how Bitcoin can become the world's first universal currency, partly because of the voluntary driving forces in society and its inherent wealthy monetary policy. Monetary policy, which in a sense resembles the early era of the gold standard - a reliable form of money is chosen by the market and governments do not control its issue or value. I will also present a model of hyperbitcoinization growth and examine the range of prices and dates that illustrate the process of "original" bitcoin formation.


In the article, the term "hyperbitcoinization" refers to both the process and the end result of the global spread of bitcoin.


Socially related money


In our united world, there has been a significant change in the understanding of time and space. Today, a person with widespread social connections has the potential to come into contact with millions of people around the world. Influential individuals engage their followers in the distribution, purchase and joint promotion of products and ideas in their own social circles in near-real time. Consumers trust the recommendations of other consumers more than any other form of promotion.


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How does Bitcoin fit into this paradigm?


For starters, let's look at the diffusion model of Everett Rogers' innovations. It explains how the diffusion of innovative ideas and technologies happens. The bell-shaped curve is divided into several consecutive psychographic stages. The blue line reflects all the stages over time and is called the S-shaped diffusion curve. In this discussion, the S-shaped curve can be considered as a bitcoin course graph.


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