Some Basic Facts about Bitcoin and Bitcoin Price
Market cap when Bitcoin price Moon to $1,000,000
Lots of famous people like Antivirus legend John McAfee has predicted boldly that bitcoin price would go beyond 1 million. If bitcoin reaches to 1 million, the idea total bitcoin value (cases like private key loss excluded) will be 21Trillion US dollars.
Currently, the US national debt is projected to more than 26 Trillion. The GDP of the US in 2019 was $21.43 trillion. It would take a long time for bitcoin reaching 1 million.
Gold market cap
Bitcoin as assets or currency?
Bitcoin has its own PoW based issuance standard, as an update of the gold standard, is independent of the Money issuance power of central banks. We can expect bitcoin has all the functions of money has, like medium of exchange and payment method.
But sometimes, we consider bitcoin a "digital asset". What is the difference between money or an asset? Back to the gold standard or earlier, besides gold, several other heavy mentals had functioned as "money". After the collapse of Bretton Wood system, the last end of the gold standard, money is issued in most countries by Central banks and backed by a government or in other words national credit. This type of money is enforced into circulation by law and government. So we call "fiat money". In era of fiat money, any else except fiat money can only be seen as an asset, be it physically asset or digital asset.
What's supporting bitcoin Value?
This is quite misleading when talking about such a topic. This question can be reduced to the "issuance standard". Let's take a look at history. On fiat money, it is backed by government and it is a "national credit" issuance standard. In gold standard periods, money is issued by the reserve of gold. The circulation of money was actually the circulation of virtual or paper gold. So what is the issuance standard of gold? Nothing! Unless we have high technology that synthesizes gold at much lower price and thus abounds in gold supply, in other words, the gold supply and thus inflation is stable, the gold will still function as value standard for itself.
So the gold as the value standard is because of its natural properties. Back to bitcoin, if the bitcoin supply is stable, bitcoin itself can function as a "value standard".
Consensus and future exploration
Actually, the traditional money concept is defined in terms of its functions. We can use such functions to value bitcoin prices in terms of US Dollars.
On PoW consensus, I think computing power is the most basic benchmark in fact. We can expect that the most important thing in future society is computing power. So we need to introduce a new computing power based ruler to measure all other things like the US Dollar has been done. When we change gear to the new "ruler", everything built around US dollar will be reshaped and recalculated. And there is no doubt it is a disaster for the de facto world currency - US dollar.