True, very unlikely but still, not impossible.
Considering if bitcoin goes mainstream the demand it will generate can easily take it above $100,000 at least. To give you an example, not a single non-techie friend of mine owns a bitcoin, even today.
Considering if bitcoin goes mainstream the demand it will generate can easily take it above $100,000 at least. To give you an example, not a single non-techie friend of mine owns a bitcoin, even today.
1) Bitcoin alone has enough liquidity to handle $100,000/coin or even more and this would not affect its usability as people can still use the smallest denomination, a satoshi. So the finite supply is not a concern at even $1m/coin.
2) Global acceptance will have an important part in making it go mainstream. Right now, online/office vendors have started accepting bitcoins but thats too little, just like how paypal was in its initial days and compared to this, very very less business are accepting other crypto currencies. I know a lot of business who plan to start accepting crypto currencies soon and all of them mean bitcoin. So, why would other crypto currencies go mainstream when you can't actually use them around the Internet?
3) No one would mind buying bitcoins at a higher price, eliminating the need for other crypto currencies. This is so because all vendors peg the bitcoin with USD or some other currency. So if bitcoin prices soar, it really doesn't affect the new buyer much.
But people should'nt forget that bitcoin has thousands of GigaHashes per second pointed at the network and litecoin (nor any other altcoin) doesn't. Therefore, in the short term future (next 3-5 yrs) I would says that 25 percent of of the market cap will be altcoins and 75 percent will be bitcoin.