Money velocity is an aggregate phenomenon: if a single dollar is passed around a billion times, it is treated the same as a billion dollars passed around once.

Money velocity is an aggregate phenomenon: if a single dollar is passed around a billion times, it is treated the same as a billion dollars passed around once. Under BDD, if i understand it correctly, the single dollar case would result in a nearly 100% BDD while the billion dollar case is much more modest. It looks at each bitcoin independently. The dollar analogy would be if we kept track of every single dollar bill etc.