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Well right now the entire bitcoin economy is valued at $1.6B so if a bitcoin rises to $1M the bitcoin economy would reach $12.3T . I'm no economist but that se
by colwem 14y ago
Well right now the entire bitcoin economy is valued at $1.6B so if a bitcoin rises to $1M the bitcoin economy would reach $12.3T . I'm no economist but that seems like it might be an unrealistically huge percentage of the world economy. I really don't think there's enough investable money in the world to get there.
- wyager 14y agoIt's true, 12.3T represents a large portion of the world money supply. But not an insurmountably large portion.
- icebraining 14y agoActually a bit more, since more coins will be mined until then.
- davidjohnstone 14y agoThere are about 11 million Bitcoins in existence now[1], so if they were worth one million dollars each, the Bitcoin economy would be worth 11 trillion dollars now. We're already halfway through mining all the Bitcoins that will ever be mined, so that doesn't affect the numbers massively (it'll be a 21 trillion dollar economy). Apparently[2] there are about ten trillion US dollars in existence, and I'm not enough of a Bitcoin believer to expect the Bitcoin economy to approach that amount. 1. http://bitcoinwatch.com/ http://bitcoinwatch.com/ 2. http://money.howstuffworks.com/how-much-money-is-in-the-world.htm http://money.howstuffworks.com/how-much-money-is-in-the-worl...
- EwanToo 14y agoI hadn't really considered the limits of bitcoin prices in this way, it's a great way to explain the "Why not?" about future price rises!
- genwin 14y agoThe price of a Bitcoin can rise regardless of investment in it. For example if the US pulled a Cyprus-like move, Bitcoin could triple instantly.