If BTC did ever get to $3 mil its market cap would be greater than the GDP of the entire North and South American Continent.
fomo_god
⋅
@dRends35, Market cap is only a calculation of highest bid x supply. It can have that market cap with low liquidity since bitcoin has fixed supply. You don't really need that much liquid cash to pump the price. Probably if that happens maybe when there is only less than a hundred thousand coins in circulation, and a five figure move in price is only a few percent and can be considered "low volatile" days.
dRends35
⋅
@fomo_god, Its a quote from John MacAfee so youre effectively saying he's wrong.
fomo_god
⋅
@dRends35, Yes he's wrong. Ultimately the price is decided by the buyers and sellers, not the supply or available liquid cash. If there is not enough sellers then the price can pump to 3 million even if there is only 1 dollar in liquidity same for the lowest end if no one is willing to buy and there is still some available bitcoin then it can go to 3 dollars. Though the latter is more unlikely, unless the bitcoin protocol is fundamentally broken, you're betting bitcoin will eventually lose interest and be forgotten and the ratio of available bitcoins in circulation in regards to fiat will remain the same or get higher and not decrease despite the deflationary nature of bitcoin and the inflationary nature of most fiat currencies.
A case study of this is 42coin from coinmarket cap. Only 42 in supply almost 0 demand but 38k in price simply because it is scarce.