...and BTC buys ~1700% more? Does not compute
It buys you 1700% more, but is it overvalued? Let's do a little math:
How much would
BTC be worth if there were as many in existence as there are dollars?
Total USD around: 829000000000
Total
BTC around: 11247000
829000000000 / 11247000 = 73709
BTC Price in USD: 120
Real BTC Price in USD: 120 / 73709 = 0.0016
Still overvalued? As long as that number is below 1, it's undervalued!
TL;DR: It's not a bubble, It's limited edition!
PS: How do you like my reality distortion field?
$908.6 billion in the
M0 (only cache, there is 307,212,123 Americans alive. If you took all the cash and divided it up equally, each person should have about $3,000 in cash)
M1 represents all of the currency in the M0 money supply, plus all of the money held in checking accounts and other checkable accounts, as well as all of the money in travelers' checks. In July 2009, the M1 money supply for U.S. dollars equaled about
$1,655.6 billion
All told, anyone looking for all of the U.S. dollars in the world in July 2009 could expect to find around $8.3 trillion in existence.
$8T / 21M = $380k/btc :-)