Bitcoin to hit $1 billion/BTC by August

The economists have spoken. There is no more refuting it. Soon Europe will switch to bitcoin completely after the Euro hits hyperinflation and the US has announced that they will soon accept payment of taxes in BTC. Russia has nothing that anyone wants to buy, so they are irrelevant, but Japan has promised to start selling Touhou sex dolls and hentai in BTC as well. According to OPEC, all oil trades will be switching to BTC as well.

Why haven't you taken out a mortgage and spent your life savings on bitcoin yet?

Bitcoin enthusiasts enjoy rejecting rumors that bitcoin is inherently flawed or a bubble and they may be right to do so, however the majority of potential buyers have more practical concerns and it is they who determine large price swings such as occurred over the past few days.

It is unlikely to reach 1 billion until after a few years even if the potential size of the bitcoin economy would warrant such a price due to lack of investor confidence. It takes time for a market to stabilize and digest price swings and 1 billion is a phenomenal figure requiring daily growth rates in the 15% to 25% range.

I do not believe bitcoin will crash, however since the first major dip on the 3rd of April I believe that bitcoin has run out of prospective buyers and stalled and will act erratically from now on. It is no longer a good investment for me, I sold at 100 believing it to be a psychological barrier and believed waiting for the first major dip was an unnecessary risk, however I am sure many of you have financial considerations beyond currency speculation and you will have to decide for yourselves what is best. If bitcoin surges again over the next few days feel free to lambast me for my error and tell me where I went wrong.