Bitcoin Value

[No1]

Couple of questions:

1. Can I today spend ~$17 and get a bitcoin ?
2. Current world GDP is ~$60T. Assuming in 20 years from now we have same GDP and 0.001%($600M) of it is traded as BTC(I am trying to be an optimist here) and BTC converge to 21 million coins..
   Will the value of 1BTC=$600M/21M=$30 in today's dollar ?

[1715049754]

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[dan_a]

1. http://bitcoincharts.com/markets/ shows that yes, you could go onto one of the exchanges and pay $17 for 1BTC

2. I'm no economist, but I think there are far too many variables to say.  The value of a bitcoin is in part based on how useful it is.  If it is easier to spend 1BTC than $1 then that's going to count in Bitcoin's favour.  That's definitely not the case at the moment but who can say what it will be in 20 years.

[gtabmx]

If only economics were that easy that you can guess a percentage and apply it directly to your calculations.

-Mike

[Devilz253]

yep.

[Ellen Alemany]

Interesting question I will definitely take a look at (might reply here):

Since we know the amount of bitcoins today,
i) How many % of world GDP are they worth at current price?
ii) Is this percentage reasonable? To large/small?