I'd argue no. It's definitely some kind of valuable and/or dense, but it's not that simple. The value is purely held up by what value people ascribe to this in

I'd argue no. It's definitely some kind of valuable and/or dense, but it's not that simple. The value is purely held up by what value people ascribe to this information. This can change rapidly (and it does), so the precise measure of value isn't really known until you actually convert it. If you actually try to convert in a short amount of time, it'll rapidly destroy its own value, because the market doesn't have the kind of depth to absorb a hundreds of millions of USD conversion, so the only way to satisfy that bitcoin volume would be a rapid drop in price, which would lower the amount of USD in order to satisfy it, or conversely, increase the purchase power of everybody on the market. The true value of this stash is thus, in fact, some fraction of the current valuation of bitcoin. The larger the stash, the smaller the fraction becomes, because the larger the stash, the less able will you be to realize the value. This is the reason the winkelvii are creating an ETF. They're sitting on 1% of the coins in existence. An attempt to realize profits would take an extremely long time without moving the market quite adversely. So they need to create a vehicle that allows them to massively increase the market depth.