You might become a bitcoin millionnaire much sooner than you think! Check how many bitcoins you own. Look the number up in the first column of the table below. You can see not only what bitcoin price you need to get to a million dollars, but also, when this is likely to happen. Of course I had to make some assumptions, which may turn out to be incorrect. You can see the assumptions below the table.
Just to be sure that those who are commenting actually read this blog, please include the word "hodl" in your comment, and I will be sure to upvote you with my mighty steempower!
Look up how many bitcoins you own in the first column. Find the answers in the next columns.
Assumptions:
- Current bitcoin price is $6600
- Price trend growth of 2017 continues at the same pace as it has since the start of the year. For this I dervived a daily compound rate of growth of 0.63% (i) using the formula i=(FV/PV)^(1/N)−1, where FV=todays's price of $6600, PV= closing price of 2016 of $963.66, and N = number of days so far, i.e 305 days.
To calculate the date on which you will become a millionaire, I used the formula: TODAY()+n, where N=LOG(FV/PV)/LOG(1+i).
In the above example, PV= the present value of your bitcoins and FV=$1 million.
Disclaimer
This is for fun only. It is not financial advice. The future growth rate may be different from that derived by looking at the past. In fact lots of things could even cause the price of bitcoin to fall to, or near to, zero, or there may be no market at all. It is after all, nothing but a series of digits in the ether that you can't eat of use for firewood. Don't invest more money than you would be willing to completely lose. Imagine you are betting on a three-legged donkey, or a fat greyhound. How much would you risk?