Comment · Fri, November 22, 2013

@SUBWAY just retweeted me to their 1.6 million followers mentioning /u/techguy90's Bitcoin purchase in one of their stores, linking to his article.

What they were answering

BenSBernanke · -4 points

Mr. Dumb,

This will be a million dollar sub well before we hit 21,000,000 coins.

How do you figure the "current total capitalization of the entire planet?"

There's ~$60 trillion in American equities alone, not to mention the $17 trillion out there in US Treasuries. That's not even counting foreign and lower magnitude markets.

u/MisterYouAreSoDumb

Mr. Bernanke,

I suppose I should have been more precise in my sarcastic reply. $71 trillion is the gross world product. So saying it was the total capitalization of the world was wrong. Total global capital flows are estimated at around $300 trillion.

So let's say we compare the hypothetical market capitalization of the maximum number of bitcoins at $44 million each, to the entire capital flow of the world. Well $924 trillion is over 3 times that number, making the likelihood of Bitcoin reaching that level slightly less than certain.

Let's say that we magically reach the $44 million per Bitcoin valuation within a years time. That would be around 12 million total BTC in circulation. That puts us at a much more reasonable $528 trillion market capitalization. That's less than twice the entire world's total capital flows. Perhaps if we asked the ToTheMoon dude his thoughts, he might agree that Bitcoin could reach almost double the worlds capital flow in a year. I'd give it a lower chance; perhaps 50/50.

But why are we comparing Bitcoin to all capital flows, instead of the world's leading currency? Shouldn't we compare currency to currency? Well as of July 2013, there is a total of around $10.5 trillion in US dollars in existence. That's just slightly less than $528 trillion, and a few ticks under $924 trillion.

Perhaps we should compare it to gold. The total estimated value of all the gold mined in human history is $8.2 trillion. Obviously not all of that is in reserves, but I think that number is even less than $10.5, if my math is right.

Let's say I am really stupid, and my reference numbers are all off. Because if I am really honest with myself, I am either really stupid or just a little stupid. Are we really talking about between $525 and $925 trillion dollars in Bitcoins in a non-sarcastic manner?

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