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Assuming it reaches pretty widespread use, an interesting (if extremely back-of-the-envelope) number might be the world's money supply divided by peak bitcoin (
by fishtoaster 13y ago
Assuming it reaches pretty widespread use, an interesting (if extremely back-of-the-envelope) number might be the world's money supply divided by peak bitcoin (21 million). That is to say, if all the world's money were replaced by bitcoin right now, that's about how much value each bitcoin would have to cover.
I'm to lazy to track this down for the world, but a quick search indicates that the US M2 money supply is about 10.5 trillion. Replacing that with bitcoin would require each bitcoin to be worth $500,000.
- throwaway9848 13y agoMakes the $1M+ target votes all the more absurd.
- clarky07 13y agoYeah I suspect the only way bitcoin gets to $1 Million is if a load of bread is several thousand.
- gibybo 13y agoM2 is probably not the right number to use. Bitcoin will have an M2 far greater than 21 million. It's the M0 of Bitcoin that is fixed to 21 million. But the world money supply is also much higher than just the US money supply.