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Title: Bitcoin is currently only 0.03454% used (in the world), what if we reached 1%? Post by: bitcoinsrus on June 06, 2014, 12:31:42 AM If there are (around) 7,238,160,000 people alive on this planet.
Assume there are 2.5 million bitcoin holders, then that is: 2,500,000 / 7,238,160,000 = 0.00034539164 times 100 = 0.03453916464% of the world (math is correct because for example 500 / 5000 = 0.1 times 100 = 10% (so 500 is 10% of 5000 which is correct) 1% should be 72,381,600 people (# people / 100 = 1%) Price is currently 657 at this current rate (0.03454% (ish) (people involved in btc) (more than 3 hundredths of a percent) if that reach 1%, then 1 / 0.03454 = 28.95193978 (times more to reach 1% of world adoption) so 657 times 28.95193978 = $19,021.4244354 per bitcoin. I know that the price would probably not be this (most likely higher) (Price depends on how much they would buy, if it stays in (or gets immediately converted via bitpay or something etc. - was just testing the math on that one) Thoughts appreciated Title: Re: Bitcoin is currently only 0.03454% used (in the world), what if we reached 1%? Post by: Crindon on June 06, 2014, 01:23:15 AM Your calculation seems correct, but I prefer the Winklevoss value of $40,000 to $50,000 each.
In time, they will release their ETF and there will be a lot of attention on Bitcoin. Institutional investors will go in and there will be a frenzy. The media will be all over it. Title: Re: Bitcoin is currently only 0.03454% used (in the world), what if we reached 1%? Post by: fallinglantern on June 06, 2014, 01:37:30 AM don't forget the effects of metcalfe's law on BTC pricing (https://bitcointalk.org/index.php?topic=400235.msg5882283#msg5882283). The relationship of BTC price and number of users is actually exponential, not linear ;D
Title: Re: Bitcoin is currently only 0.03454% used (in the world), what if we reached 1%? Post by: dannyspk on June 06, 2014, 02:05:32 AM Your calculation seems correct, but I prefer the Winklevoss value of $40,000 to $50,000 each. In time, they will release their ETF and there will be a lot of attention on Bitcoin. Institutional investors will go in and there will be a frenzy. The media will be all over it. I've heard so much about the ETF now that the information gets blurry. When exactly is it suppose to go live? Title: Re: Bitcoin is currently only 0.03454% used (in the world), what if we reached 1%? Post by: gentlemand on June 06, 2014, 02:12:12 AM It's not in the bag yet by any means. Their lawyer, who has plenty of experience in ETF creation, reckoned it might be sometime late this year but wasn't absolutely certain.
It's likely the SecondMarket one will be first but they're taking a different approach to being approved and cutting a few corners in comparison. Title: Re: Bitcoin is currently only 0.03454% used (in the world), what if we reached 1%? Post by: Swordsoffreedom on June 06, 2014, 02:37:45 AM Your calculation seems correct, but I prefer the Winklevoss value of $40,000 to $50,000 each. In time, they will release their ETF and there will be a lot of attention on Bitcoin. Institutional investors will go in and there will be a frenzy. The media will be all over it. I agree even Fxopen my signature campaign is the Forex for Bitcoin, that and other institutional investors will start building funds the Winkeveli are listing for the Nasdaq and the countries not banning derivative trading in virtual currencies are highly interested in the technology. Such as Citi Bank and its report on bitcoin. So it is only a matter of time in trend analysis to see that 1% but how long it will take is the question. |