$440,000 Each, A Best Case Scenario for Bitcoin

Hmmm…not sure where I stand with this one but seems interesting

MaxwellMedium

I believe that each Bitcoin could someday be worth about 440,000 dollars. This may seem like an outlandish claim, but it is very possible. Imagine that tomorrow the whole world adopted Bitcoin as the currency used for pretty much every transaction.

Here is the reasoning. The world’s GDP is about $55,000,000,000,000, 55 trillion for those of you whose eyes can’t handle that many zeros. In 2012 the annual velocity of the average dollar was about 6. The average dollar changed hands about six times. I will admit that for the sake of ease of my calculation I have assumed the same velocity for all other nation’s currencies as well as the whole world using dollars (the values of the other currencies are taken into account). I take the 55 trillion number and divide it by six to get the number of dollars in the world economy. I get 9.61 trillion. Divide…

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