> Yup, and that is the great irony of Bitcoin in my eyes. In the long term, the value of Bitcoin will probably continue to stabilize around the price of electri

> Yup, and that is the great irony of Bitcoin in my eyes. In the long term, the value of Bitcoin will probably continue to stabilize around the price of electricity, which is of course defined in US dollars. No, you have completely misunderstood how bitcoin mining works. The bitcoin value won't ever stabilize to electricity, the rewards of mining will. The effective reward per Ghash can go up or down independently of the bitcoin price, and tends towards costs (ie, electricity). Electricity costs have no bearing on the actual bitcoin value.