Bitcoin supply vs money supply
According to http://www.usdebtclock.org/ the total amount of money that is being circulated is approx 3.5 trillion dollars.
Just imagine the value of a dollar, and how much it can currently buy..
This is the reason why cryptocoins like Ripple and Dogecoin are worth less than a penny, because their available supply is in the 36+ billion for Ripple, and 107+ billion total coins for Dogecoin (according to https://coinmarketcap.com/)
The more that there are.. the less valuable a "single one" is worth.
However Bitcoins available supply is only 21 million.
So if you do the math Bitcoin is 167,000x more rare than a dollar, and also more dollars can be printed whereas Bitcoin cannot.
I think it's time for the world to ask ourselves..
What's the REAL value of Bitcoin?
The price of STEEM is 0.161469 USD per STEEM
Seems like a good time to Power up!
:D
What do you think? They say its undervalued.
I think there are a lot of factors to consider, and to see Bitcoin at $167,000 would not surprise me.. but then again neither would a million dollar Bitcoin.
Sounds good to me.
It is worth what people are willing to pay for it in fiat currencies. Without the fiat currencies a bitcoin is worth a bitcoin. If the U.S. government withdrew half the dollar currency from circulation, each dollar note would become worth two dollars each? The value of a currency is solely based on what you can exchange it for, the lack of supply makes for a bad currency as much as too much supply. That is why we longer use gold as a currency. It is all a question of balance, not of absolutes.
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ColdMonkey mines Gridcoin through generating voluntary BOINC computations for science...