Understanding the importance of allocation
There are some things to consider to see Bitcoin hit 1 million dollars. Right now about 10% of Americans own a meaningful amount of BTC, and I think that is a little bit low based on what Coinbase and Kraken data said. It is not about the number of people in the U.S. owning BTC, the allocation is also very important.
A lot of that 10% in the US that owned BTC didn't have a little of their net worth in Bitcoin, most of them have a higher percentage of their net worth in it. So when we are talking about Bitcoin hitting $1 million, it is not only the adoption in terms of people trading it but it is about people seeing it as a financial asset that they are willing to use anytime. In other words, instead of people 10% of their net worth in Bitcoin, they will be comfortable putting 90% of their net worth into Bitcoin.
We are seeing countries like Nigeria that have implemented CBDG and have limited cash withdrawals. Let us not forget that this is already a country that is adopting Bitcoin at are significant rate. With the way things are going, I see a lot of people moving to Bitcoin. Bitcoin is a settlement layer for anyone that wants to carry out International trade. Bitcoin is a much easier way to do International trade, you do not have to go through any banks or worried about your money getting seized. Very soon we will start another country start holding BTC as the balance sheet massively. El Salvador has tens of millions of Bitcoin on their balance sheet and they are trying to issue a Bitcoin bond for a billion dollars.