Yes, but what fraction of that is "economic" stuff that goes into a GDP? With cryptocurrency you have clearly non-economic transactions that get registered in t

Yes, but what fraction of that is "economic" stuff that goes into a GDP? With cryptocurrency you have clearly non-economic transactions that get registered in the global blockchain, like someone reorganizing their wallet internally, or a group shuffling bitcoins in circles as a money laundering method. Bitcoin transaction volume could be orders of magnitude higher than the Bitcoin "GDP'; it's not a measurement of it. "They estimated a transaction volume of 82,659.87740705 BTC for the previous 24 hour period. Multiply that by 365 and divide by 12.5 million, and you get 2.4x. 2.4x is less than half 7x, but it really ain't bad." I think that's off by a factor of four: the Fed uses financial quarters (3 months) as the time interval.